Benchmarking in Beta
In this doc, we dive into the details of Peer Group Benchmarking and explain how to get started. From a high level, with Peer Group Benchmarking you will be able to create a Dashboard that looks like this!!!
Underneath the Gauge number, peer group rankings will be displayed. The value is showing your position in the peer group ranking. By clicking on the peer group ranking, you can drill down to view where you rank in comparison to those in your peer group...
Our goal with this feature is to share aggregated data back to you in order to help you make sure you are on track! We call this Benchmarking feature in beta because it’s only the beginning of what we can do.
Getting Started with Peer Group Benchmarking
To get started, we first need to know what peer group you are in. To enter your peer group, head to the General Settings menu in BrightGauge (the circle in the top right of the BrightGauge menu bar) and you will see Benchmarking as an option.
Once you navigate to Benchmarking, you’ll find the Benchmarking Form.
The Benchmarking Form asks for your peer group as well as some additional information. In order to build up this feature, we are seeking additional data that will provide you more contextual information at a later date (including population benchmarks). The most important field to get started with Peer Group Benchmarking is the peer group.
Note: If you do not find your peer group listed, email email@example.com and we’ll easily add it in.
Once you submit the Benchmarking Form with a peer group, your Benchmark Gauges will be in a Pending status and you will see this banner on the Benchmarking Form.
Our support team will review your submission and check against our master peer group lists in order to approve or deny based on that list. Once approved, you will receive an email from us saying Benchmarks are now approved and you will see this banner on the Benchmarking Form.
Note: You can always change your peer group at a later date. Because your Benchmark Gauges are attached to your peer group, they will be removed after you submit your request to change peer groups. Once approved for a new peer group, you will receive a new suite of Benchmark Gauges.
Once approved to a peer group, you will receive a group of NEW Gauges. These Gauges work exactly the same as your current Gauges except they have the Benchmark rank as a label underneath the Gauge number.
Note: Only Number Gauges can be benchmarked at this time.
In any list of Gauges you can differentiate Benchmark Gauges from normal Gauges by their compass icon. You can filter Benchmark Gauges in the same way you filter normal Gauges. This additional filtering may be necessary in order to present an accurate Gauge value to your peer group. We have created a separate suite of Gauges intended for Benchmarking, so that you can update your Benchmark Gauges while leaving your original Gauges unchanged. You may have a Benchmark Gauge with the same name as a normal Gauge and that is intentional.
Benchmark Values & Snapshotting
Benchmark Values work a little differently than Gauge values. They are viewed when you drill down to see your ranking in respect to the other companies in your peer group and most importantly, they determine your rank within the peer group. While Gauges typically have a sync cycle of a few minutes to a few hours, Benchmark Values are synced at 3:30 AM in the timezone specified by your account details. We call this nightly sync Snapshotting. Because of Benchmark Value Snapshotting, it is possible when you compare your rank with those in your peer group, your Benchmark Value will not reflect the value of your Gauge. But not to worry, your Benchmark Value will be updated to reflect the new Gauge value on its next Snapshot.
Occasionally your Benchmark rank may display as N/A, or you may see the words Processing Benchmarks. When you drill down you may not see your company name and Benchmark Value or it may be inaccessible. This occurs when the first Snapshot of your Gauge has not yet happened due to a newly distributed Benchmark Gauge or being added to a peer group. Your Benchmark Value will be Snapshotted that evening and will appear as normal the following day.
The intention of Peer Group Benchmarking is to create a bit of a self policing mechanism. We do not restrict customers from updating their Benchmark Gauges, however updating a Benchmark Gauge may cause the rankings to not be reflective of actual outcomes. At this time, we do not edit Benchmark Values once they have been Snapshotted. So whatever value the Gauge reads during its snapshot, that is the number that will be displayed in the peer group ranking. Additionally, we do not store historical Benchmark Values.
If you and another company in your peer group have the same Benchmark Value, you will receive the same ranking.
Custom Benchmark Gauges
If you would like to create a custom Benchmark Gauge, you can create a Gauge as normal, then email BrightGauge support with your request and the Gauge name. With these custom Benchmark Gauges you can create competitions within your peer group that are specific to the KPIs you care about.
- Admins have access to all Benchmark Gauges.
- Viewers have access to Benchmark Gauges that exist on Dashboards they have access to.
- Analysts do not have access to Benchmark Gauges at this time.
As of November 2017, we only share your Benchmark Gauge Values with your peer group if you OPT IN to a peer group. No one else has access to those Benchmark Gauge Values.