What does the benchmark mean?
Understanding Category Benchmarks in Hedgi
One of the key benchmarking features in Hedgi is comparing your spending by category to average industry levels.
The Transactions tab in Hedgi displays helpful benchmark comparisons from our partner, Bizminer, so you can evaluate your business performance versus key industry standards.
The benchmark is presented on the sliding scale of 5% variation from the benchmark.
- Your KPI is less than 10% of the benchmark (material difference)
- Your KPI is less than 5% of the benchmark
- Your KPI is within 5% of the benchmark (matches benchmark)
- Your KPI is more than 5% of the benchmark
- Your KPI is more than 10% of the benchmark (material difference)
This benchmark indicates how your spending for that category compares to typical spending by other companies in your industry.
You can use the category benchmarks to identify if your business is over or under-spending in certain operational areas relative to industry norms.
For example, if your repairs benchmark is higher than average, you may evaluate whether there are opportunities to optimize repair costs.
Conversely, lower than average spending could signal you are under-investing in key categories.
The category benchmarks provide an invaluable perspective for evaluating spending compared to common industry patterns. Use them to inform strategic budgets and spending decisions.