Benchmarking tool to crunch housing data
Midland Heart has helped develop an industry leading benchmarking tool for housing associations looking to drive efficiencies and reduce costs across their organisations.
Working in partnership with Vantage Business Solutions we have helped develop Global Accounts Plus - a tool which collates and uses published financial accounts information from the top 150 providers and 40 Arm’s Length Management Organisations (ALMOs) to compare a wide range of sector efficiency measures.
Midland Heart is a founder member of ‘The Performance Improvement Club’, an online community of 20 housing providers that is sharing the most recent financial and non-financial performance data from across the sector; helping providers to understand their cost per unit by taking account of specific factors such as income generated activities which are not related to the number of units or considering stock that they own but don’t directly manage.
Glenn Harris, Executive Director of Corporate Resources at Midland Heart, said: “Global Accounts Plus provides by far the best comparison of sector costs and efficiency metrics by organisation anywhere in the marketplace, whilst taking account our diverse business model, that includes support options that help people to live independently.
“This new benchmarking tool offers a simple, intuitive solution to accessing global accounts data with the ability to dissect the information in a number of different ways.
“For the first time, we are able to compare the data from financial accounts as they are published, providing users access to key metrics approximately six months earlier than before – which is invaluable.,” says Glenn,
The data is managed by Vantage allowing users more time to focus on analysing key measures. The new tool is a significant shift away from previous mapping of cost data that the housing sector is accustomed to.
The Performance Improvement club was launched in December with a keynote speaker from the HCA.
"As the housing sector changes, best-practice and the sharing of financial data is a necessity to drive cost efficiencies. Vantage has worked closely with Midland Heart and helped members of the Performance Improvement Club to fully understand how the data is segmented and used to improve their financial modelling.,” said Tony Bryan, chief executive of Vantage Business Solutions.
“The group benefits from industry experts and a strong peer learning network. Along with standard access to Global Accounts Plus, members can easily adapt and tailor the online tool to include new measures ensuring that it supports providers’ ongoing performance improvement plans. The key is to measure what matters,” says Tony.
Founder members involved in the development of the club include: Accent, Genesis, Great Places, Torus, Longhurst Group, Symphony Housing, Walsall Housing Group, ASRA, First Ark and Gateshead Housing Company.
The group now meets quarterly to discuss topical issues facing the housing sector.
To find out more about Global Accounts Plus or The Performance Improvement Club for housing providers and the membership packages available visit their website.