KPIs and benchmarking
This section introduces the use of key performance indicators (KPIs) and benchmarking. Both benchmarking and KPIs are tools that support business improvement. They are increasingly being used within the construction industry.
A benchmark is a level of performance with which we can compare ourselves. First, this section broadly defines KPIs and benchmarking so you can identify the difference between the two, since the terms are commonly misunderstood and used interchangeably. Following this the terms are examined in more detail, and where they should be positioned within the organisation, the aims and objectives of each and how they should be measured are discussed.
A scenario is used for the introduction of these tools in relation to the points discussed. The aim of the section is to show how a company’s objectives can be set out as benchmarks and how the subsequent use of KPIs enable the company to introduce a regime of improvement that will meet the aims.
This section is maintained by Maxwell Wilkes of Bilfinger GVA.