Industry Benchmarking
Industry associations and other 3rd-party providers accumulate data through manual surveys on specific industries to make information available in reports that can be accessed by association members or others. Traditionally, these industry reports reflect previous-year’s results and is compiled over the span of that year. At publication, the data is only a static representation of an industry. Change in the economy can often be rapid making a year-end report less relevant and less consistent with current conditions.
iLumen’s industry benchmarking is recalculated consistently as data is received creating a dynamic industry view that reflects current conditions.
Banks, accounting firms and industry associations submit data on thousands of business clients into iLumen’s relational database on a daily basis. The benchmarking system collects statistics on aggregate financial performance of industry groups without revealing, or even storing, the identity of a specific customer. Because companies submit financial data on a regular basis, the iLumen system contains industry financial statistics that are current, reflecting up-to-date financial trends in a large number of industries.
Research has confirmed that companies find that accurate comparisons to industry peers are a valuable business resource that identifies challenges and opportunities within their own business. Banks and accounting firms using Portfolio Connection can generate reports containing industry financial statistics to better educate the customer on their own financial performance.
Customer Connection’s secure web portal not only serves as a mechanism to upload and transmit financial data to the bank or firm, it also serves as a portal to access industry benchmarking reports available on the industry of a particular business client. These reports change dynamically as new data is submitted enabling, for the first time, a real-time view of industry conditions.
Associations have discovered that real-time industry benchmarking offers significant value to its membership. Many associations have chosen to provide the Customer Connection portal as a mechanism for members to submit their own financial information in return for access to industry reports compiled automatically by the collective data of association members. Unlike periodic reports, this data changes monthly reflecting current trends and industry analysis.