I was challenged by the Data Analytics community to give a presentation on the Next Generation of Benchmarking I have been making enquiries into the matter. This note summarises the nextgen possibilities that build on my Subject Matter Expert presentation and series of blogs on Benchmarking - one of my passions, particularly in the matter of projects.
There are three areas that data analytics can take benchmarking to the next level.
- Deeper and deeper insights
- Very early intervention
- Instantaneous advice
In my example of benchmarking of project practices - data analytics can provide deeper and deeper insights.
In project creation and delivery -‘doing the right project and doing the project right’ in the matter of real time advice there is clearly scope, based on the deeper and deeper insights in all areas of benchmarking With each of my examples, I believe there is the possibility of deeper and deeper insights and each of the following three examples of benchmarking the I delve into;
- Front end planning performance - leading to data to enhance the PDRI index and workshops
- Elements of Team alignment - leading to data on team functionality
- Sources of complexity - leading to data on risks.
Insights like these could support very early intervention and or instantaneous advice.
The challenge of Next Gen Benchmarking has been highlighted by the IPA (Independent Projects Analysis) in a paper they have published . There are three barriers
- Data competency - half of the organizations interviewed had no data analysis people at all.
- Data processes - many companies have a process, but it requires the project team to gather and record data manually at the end of the project
- Data infrastructure - few companies have automated systems for transfer of data between systems - accounting, scheduling and cost management.
A another useful reference the British Standards Institute (BSI) have published a paper on Digital Transformation. It majors on driving the necessary change through Data Standards In the document they quote that ’47% of construction managers are still using manual systems for data collection’.
When it comes to the yin and yan of benchmarking - where trust is required to work across organisational boundaries - internally and externally; the opportunity to leverage data analytics the challenge to deal with is amplified.
Trust covers three areas
1. To pool data
2. In the quality of the data
3. in the insights that are provided
I am sure I have just scratched the surface but am convinced that there is a powerful Next Generation for Benchmarking and call on you all to join in and share your examples and experience. I am putting together a detailed review of the subject and I will prepare a series of blog to publish during the summer.