7 Important Features in Peer Benchmarking Software

7 Important Features in Peer Benchmarking Software

7 important features of peer benchmarking software
7 important features of peer benchmarking software

Peer benchmarking software isn’t your average software scenario. Built on top of the underlying assumption that companies are sharing internal data with one another, immediately, there are obvious concerns around data security, member anonymity and naming conventions that are critical to success.

And that’s just to get started.

Are you sure if your current peer benchmarking solution has the right features? You could be breaching confidence, exposing yourself to federal antitrust risk, or, simply, giving bad data and insights (especially, if you’re using Excel!).

With that in mind, peer benchmarking software has to address the following unique aspects of the benchmarking process with the corresponding must-have features:

1) User Concern: “How is my identity and participation kept anonymous?”

Features needed:

  • An automated system for assigning IDs or tags to members of your group
  • If a “sponsor” brought them in and oversees the process, ensure only the MemberID is used to display performance results
  • Controls to prevent collusive behavior amongst members

Baromitr Feature Deep Dive: Member Anonymity

2) User Concern: “How is my data kept secure?”

Features needed:

  • Inability for peers members to see the data of any specific member
  • Do not enable downloading of user-specific data, anywhere
  • If a “sponsor” exists, ensure raw data is not available to be accessed
  • Graph controls that prevent member identities to be reverse-engineered

Baromitr Feature Deep Dive: Data Security

3) User Concern: “Is there any federal government risk in competing companies benchmarking one another?

Features needed:

  • A foundational understanding of expectations in the Anti-Trust Safety Zone of 1996
  • Controls to respect data age requirements
  • Controls to respect data quantity per statistic requirements
  • Use of a third party organization, or platform, to mitigate risk

Baromitr Feature Deep Dive: Anti-Trust Compliance

4) User Concern: “How am I supposed to get data into the system?”

Features needed:

  • A range of data delivery methods that are built to be the right tool at the right time
  • A survey, non-credentialed data delivery method for use cases around qualitative data and sentiment
  • A secure, manual entry interface that ensures well structured data and supports; ideal for up to 100 records per batch
  • When data is 100+ records, or if data is already in a well structured, uploadable format, a csv uploader with column header mapping controls to ensure data quality

Baromitr Feature Deep Dive: Data Delivery Options

5) User Concern: “How will I know when to supply the data for the upcoming benchmarks?”

Features needed:

  • The concept of a “data deadline”: a clear point where data is due
  • Automated email notifications that go to the user before the data deadline
  • The ability to customize the number and frequency of update notifications for a user
  • Confirmation notification to the user when data is complete

Baromitr Feature Deep Dive: Automated Email Notifications

6) User Concern: “We have our own classification in our business. Won’t other participants have their own? How will we standardize?”

Features needed:

  • Readily-available taxonomies for common use cases, such as geography, industry, occupation, commodity codes, and more region, states, provinces, that are backed by federal standards
  • Ability to create custom taxonomies, unique to each group’s use case
  • For smaller data, a manual entry interface that has pre-fill controls using this taxonomy
  • For larger data, via csv upload, an automated data transformation process that leverage the API version of the taxonomy

Baromitr Feature Deep Dive: Taxonomical Standards

7) User Concern: “Benchmarking is all about understanding my performance versus others. Can I easily see that?”

Features needed:

  • Clearly quantified over and under-performance scores per benchmark update, ensuring users easily understand resulting insights
  • A time-series view, as data updates allow, to confirm for a user if they are improving over time
  • A goal view to give user a deeper understanding of how they are performing against their own goals and any advised goals by the group sponsor

Baromitr Feature Deep Dive: Trend Views and Goal Views

These seven features are the critical features needed to ensure a great experience for users of a peer benchmarking platform.

Without them, you risk user confusion, lack of trust, declining participation and potentially, even federal antitrust risk.

Make the right choice. Invest in peer benchmarking software that has been built from the ground up.

Garrett Schemmel
Garrett Schemmel
Baromitr CEO and Founder

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