Using benchmarking in your analytics

Earlier this month, we talked a little about benchmarking, and how you can set that up in BIME. 

This dashboard, based on data around an art shop, shows one of many potential applications for this feature. Imagine that we have different product lines (designs) that we want to compare - but also different product categories, which have may have different cost, pricing and demand profiles. To work out which design is doing best, we want to compare results on a 'like-with-like' basis, having a different benchmark for each category, which is also flexible over time.

This is shown on the column chart - for each category, the benchmark is fixed by using a calculation level of [year]+[month]+[category], so we can easily see how each design is doing, and also that while 'Waterfall' is performing well across the board, 'Beach' is showing different results in different categories. This is shown in more detail in the grid view, which also uses our new arrow display, and shows the percentage difference against the relevant category benchmark - the results for the Card category show that while Beach is still underperforming, it is much closer to the benchmark than in the other two categories.  

New Feature - positive or negative arrows on the grid visualization

In BIME v5.2, arrows can now be added to the grid visualization to show whether a value is above or below a certain metric.  

The arrow display is a simple way to add stress to your comparisons, and make it easy to take them in at a glance. In the customize menu, simply choose 'arrow visibility' and select the columns where you want your arrows to appear. We've also used color weighting to add heavy stress to the really over- and under-performing results (50% above or below the benchmark). 

See the fully interactive art shop benchmarking dashboard by clicking the screenshot below.

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