BIMCO Shipping KPIs to introduce a new benchmarking concept

BIMCO Shipping KPIs to introduce a new benchmarking concept

Further embracing industry needs and user feedback, BIMCO Shipping KPI Expert group in which SOFTimpact is a member, has decided to implement an alternative benchmarking method to facilitate KPI interpretation and communication between internal and external stakeholders.

The BIMCO Shipping KPI System, which is a tool for defining measuring and reporting information on shipowners’ and managers’ operational performance to compare their business performance against the industry standard, identify where efficiency improvements could be made and clearly communicate their ship operational performance, both internally and externally, has been created and it is maintained and supported by SOFTimpact Ltd. We provide consultancy, training and integration for the Shipping KPI System to help you reach the desired level of performance as a shipowner, technical and crew manager and differentiate yourself from competitors.

The new benchmarking method will be based on the so called “Ranking” concept where each KPI value is compared to all other values on the same KPI, hereby creating a result list of all KPI values where each ship is given its rank on the list. As a result, performance is regarded as relative to the rest of the industry. That could be compared to a race, where the fastest runner is on rank 1, the next person on rank 2 etc. irrespective of the absolute time. In fact, the new “Ranking” concept will replace KPI “Ratings” in place.

As part of the new benchmarking method, the BIMCO KPI expert group also decided to introduce new visualization tools to simplify interpretation and expression of KPI performance. That would help users to understand how top or bottom lines are performing and investigate potential improvements.

The updated version of the Shipping KPIs standard is currently in progress and expected to be available for the users in the 2nd quarter of 2020.