Peer Executive Groups And Peer Tech Combine Forces To Release Financial Benchmarking Tool
By: Peer Tech
This tool is functionally complete and will go live for all PEG members and beta testers by the end of the month and benchmark Q1 2020 data before being released broadly in July to benchmark Q2 2020 data.
"Originally, we were planning to release this fall," says PEG CEO Dan Crowley. "With the rapidly changing impacts on many rental companies' financials, we decided it was critical to move up the release to give better visibility into what is going on in the market and with their peers." It is clearer than ever that companies' financials themselves don't paint a clear picture. If sales are up 5%, that doesn't mean much by itself, but once that data is compared to the performance of similar companies, it becomes valuable and actionable.
The tool will benchmark three categories on release: Debt & Liquidity, Productivity, and Rate of Change. These three categories and their corresponding KPIs will give users the ability to quickly and visually compare their business to industry averages in a way that creates actionable insights. It will also have multiple filters to narrow the benchmarks to companies with similar operations in many categories like size and location. "We like to compare the reports you currently get from your software to the map books drivers used in the '90s, while the newer dashboards available from top ERPs are like GPS," comments Josh Nickell, PT co-founder. "This tool should function like traffic-aware Google Maps." It doesn't replace the functionality of a high-quality ERP; it enhances it.
While the benchmarking tool will eventually come at a cost, PT is doing its part to help companies who are struggling right now and need access to this kind of data. To support the industry, PT will be offering the tool at no cost to those who sign up for early access at PeerTechApp.com until later this year when things begin to improve. No credit card or contract will be required.
Peer Tech is the sister company of PEG that focuses on data analytics, and benchmarking for the rental industry as well as being a link to the best technological solutions for your rental business.
Peer Executive Groups is a partner of the American Rental Association and provides Peer Advisory Group solutions and support to the ARA Financial Planning and Analysis Report data collection and review process. Peer Executive Groups facilitates 21 groups and has over 200 attendees at their twice-annual meetings.