By providing reporting data on both the big and small components, company management can focus on what’s really significant as well as what they can control, like payroll or insurance expenditures.
WIndham, NH (PRWEB) September 06, 2017
Dynamic Benchmarking, a provider of customized online benchmarking and reporting solutions, is pleased to announce the launch of CAMMetrix, a comprehensive finance and operations benchmarking study for the Alliance of Community Association Managers (ACAM). The first-of-its-kind business intelligence tool for the property management industry, CAMMetrix will provide valuable data to ACAM members that can be used to compare their operations to that of their peers across the nation.
Started in 2011, ACAM is a specialized group serving the needs of proprietors and senior executives of community association management companies. ACAM is dedicated to providing the tools, services and education needed to operate profitable and innovative communities. Recognizing the need for benchmarking in the property management space, ACAM, along with several of its business partners, agreed to sponsor the CAMMetrix platform.
“Prior to CAMMetrix there was really no benchmarking information for our industry,” comments Mike Egelston, CEO of Cities Management and an ACAM Board Member. “Property Management companies have essentially been operating in a bubble with no consistent means of comparing metrics across markets.”
The new CAMMetrix platform will focus on financial and operational information for property management companies including data on payroll, maintenance, project costs, and overhead costs.
“One of the reasons we wanted this study was to provide a ‘big picture’ view of our members’ operations,” continues Egelston. “Many times, people focus on the profitable components of their businesses even though they may not account for a large percentage of their operations. CAMMetrix will provide a better idea of the holistic health of the company.”
Egelston continues, “For example, ancillary income is one area that may be very profitable, but it only accounts for a small amount of a company’s financials as a whole. By providing reporting data on both the big and small components, company management can focus on what’s really significant as well as what they can control, like payroll or insurance expenditures.”
In conjunction with the new study, ACAM has also developed a new standardized chart of accounts to promote better reporting and standardization across the industry. ACAM provided demonstrations of the customizable, on-demand reporting features of CAMMetrix and unveiled the new standardized chart of accounts at their annual networking experience and leadership conference, ACAM-CEO Mindshare, in late July.
“Our annual conference was the perfect time to showcase the robust reporting features of CAMMetrix to their fullest,” adds Egelston. “This was also a great opportunity to encourage leaders in our industry to start adapting their chart of accounts to match our standards for easier data input and comparison, better reporting, and standardization of data across industry.”
Additional efforts will be made to promote CAMMetrix to the property management industry through presentations at numerous industry events as well as promoting the new benchmarking platform through Community Associations Institute (CAI) chapters and through the national CAI organization.
About the Alliance of Community Association Managers (ACAM)
Started in 2011, the Alliance of Community Association Managers (ACAM) is a specialized alliance of the proprietors and senior executives (CEOs, CFOs, COOs, Presidents) of community association management companies dedicated to providing the tools, services and education needed to operate profitably and at the leading edge of the community management field. Additionally, through networking experiences, executives can share and learn in a supportive, nurturing environment. For more information, please visit http://www.acam-ceo.org.
About Dynamic Benchmarking
Dynamic Benchmarking is a New Hampshire-based startup that delivers real-time benchmarking and data analysis solutions with the features and capabilities of custom software in a format that is easy to use and quick to deploy. Founded by a team of women entrepreneurs, Dynamic Benchmarking combines powerful, web-based technology with unparalleled industry expertise and customer care to provide best-in-class, peer-to-peer data comparison for small businesses, associations, large enterprises and any organization looking to tap into the knowledge of the crowd. Dynamic Benchmarking builds web-based solutions that are flexible, scalable and allow for meaningful comparison of financial and operational performance in a dynamic and interactive manner. For more information, please visit http://www.dynamicbenchmarking.com.