New PRSM White Paper Promotes Use of Key Performance Indicators
December 12, 2012
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DALLAS – Dec. 12, 2012 – The Professional Retail Store Maintenance Association (PRSM), the authority on retail and multi-site facilities management, this week issued a new report aimed at helping Retail Facilities Managers (FMs) plan, manage costs and improve functionality of their operations.
“KPI Applications in Retail Facilities Management” is a new, 20-page report derived from research and interviews conducted with PRSM Association Members across a wide range of industry segments, from big- to small-box retailers. Designed as a resource for both FMs new to the concept of using KPIs, and those who have established measurement programs, the report provides an in-depth analysis of the value of measurement programs and step-by-step detail on how to establish or upgrade an existing program.
The white paper also outlines how Retail Facilities Managers can play an important role in driving corporate and operational results, especially when a KPI is used as part of that process. According to the white paper, “It becomes very important that stakeholders involved with the process clearly understand the details behind the measurement.”
The report categorizes KPIs useful in managing Retail Facilities:
- Financial – topping the list of most-used because of their ability to help directly measure cost
- Functional –indicators centered on the process
- Directional – most commonly used by big-box retailers helping to identify trends
The primary attributes for all three, according to the report, are that these particular KPIs are both quantitative and actionable.
“Retail Facilities Managers are increasingly challenged to provide more strategic direction from their position in the organization and we see evidence of more time spent there on data collection and analysis. The content of this white paper organizes a wealth of experience in data management and will help guide Facilities Managers, no matter how far along they are in the process of better understanding the impact of their programs on the corporate bottom line,” said Patricia Dameron, Executive Director, PRSM Association.
The white paper also outlines other aspects of using KPIs, including:
- Identifying and selecting KPIs
- Steps for instituting a KPI program
- Typical problems associated with KPIs
- Keeping KPIs relevant and up-to-date
At PRSM2013 National Conference, white paper author Steve Lord, of the Kasota Group, LLC, will present a talk, “KPIs: The Right Way To Get The Right Info,” to help FMs understand the importance of KPIs by reviewing proper usage, implementation and success stories.
PRSM Association’s Resources program provides management tools for the Retail FM and its Vendor Supplier Community. Resources include quarterly white paper releases; the annual Best Practices Manual, representing a wide spectrum of FM industry trades; and the Retail Facilities Benchmarking program, along with other research-based Trends Reports, Buyer’s Guide resources (print and online), and online Toolkits that feature learning, combined with practical guides to problem solving. Resources also include the bi-monthly magazine, Professional Retail Store Maintenance (print and electronic), and PRSM Weekly (an electronic, news-focused newsletter).
About the Professional Retail Store Maintenance® Association (PRSM)
PRSM Association, the authority on Retail and Multi-site Facilities Management, is the leading membership organization for retail facilities and vendor professionals. PRSM empowers the Retail Industry facilities management with best practices, benchmarking, education, discussion forums and trusted partnerships. Chartered in 1995, and with more than 850 member companies, the PRSM community values are founded on a spirit of innovation, resourcefulness, the quest for knowledge and ethical business relationships. Members depend on PRSM to help them achieve greater success and a competitive advantage through quality programs and resources.