Windham, NH (PRWEB) June 12, 2014
As they round the bend toward closing their third year of usage, Dynamic Benchmarking is pleased to announce that their partnership with the International Franchise Association (IFA) continues to thrive and grow. A provider of dynamic online business benchmarking and reporting solutions, Dynamic Benchmarking has been the preferred provider of benchmarking and dynamic reporting solutions for IFA members since November 2010 and continues to provide members with valuable insight into how their performance compares with that of their peers.
Recognizing the value of benchmarking for its members, but seeking a more efficient and effective solution than tradition paper surveys and one-size-fits-all reports, IFA contracted with Dynamic Benchmarking in November 2010 to create a financial and operations benchmarking platform. The platform, called OnTrack, launched in Spring 2011 and was well received by IFA members.
“We were looking for a very easy to use, very user friendly type of web based platform, but we were also looking for a company that had a lot of experience in benchmarking and that was the main difference between their company and other companies that we considered,” comments John Reynolds, President of IFA Educational Foundation. “Dynamic Benchmarking has been very helpful to us in marketing and promoting OnTrack and Dynamic Benchmarking."
Designed so that members can quickly and easily input key data and receive useful, relevant and timely information in return, OnTrack requires members to enter only 20 data items to view comparisons of Key Performance Indicators (KPIs) in five areas: Company Snapshot, Franchise Sales, Financial Information, Employees/Operations and Business Practices. Customizable filters allow for comparison of a franchise business to its peer groups by system size, business category, franchise investment cost, total revenue and years in franchising. Members can use these filters to generate a range of reports and charts to see comparisons on franchise leads and closing costs, training/support cost per franchise unit, same store sales, net growth, EBITDA, and employee allocations.
In February 2012, IFA introduced a series of enhancements to the platform to provide deeper insight into how key performance metrics compared to those of their peers. In November 2012, DB worked with IFA to launch FastTrack, a ‘lighter’ version of OnTrack that focused on the key performance indicators of a franchise business. Now franchise owners can get a quick assessment of their overall performance. As of Spring 2014, over 200 member franchisors have used the platform, representing almost 20 percent of total membership, and adoption of the platform among its membership continues to grow.