As we continue on our path to change the narrative from VOLUME to VALUE, it is important to explore the concept of industry benchmarking and its importance to success. Benchmarking practices allow organizations to estimate their performance in specific areas compared to the performance of other peer organizations. Industry leaders are often focused on the measures of success that have been defined by other entities – elected officials, the media, or simply the loudest voices in the room. As an industry, we must change this narrative by defining success based on factors that matter to us… to our customers and communities. Then industry benchmarking platforms, such as TransDASH, can be used to measure progress towards increasing VALUE to taxpayers across the industry.
Read on to explore how benchmarking practices can guide the transition to focusing on value over volume.
In past editions of this newsletter, we have shared how TransPro, along with a group of partner transit agencies, is working towards establishing TransDASH in mainstream transit dialogue; working to measure the value agencies bring to enhancing the customer experience and improving the quality of life in our communities. We have also further explored the importance of peer benchmarking and its role in this transition.
The definition of a particular organization’s success is often modelled after success as it has been defined by industry decision-makers. Industry leaders hold the power to shift the focus to Value by identifying key performance indicators that monitor both quality and quantity. Once the key industry metrics have been identified, agency leaders are then in a position to say, “This is how we choose to define success. This is how you – elected officials, the media etc – should measure our performance.”
As this discussion continues and the TransDASH tool enters common transit discourse, we hope to see a shift in the industry’s approach to benchmarking and measurements of success.
