Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Financial Benchmarking On Its Way For Dairy Ind.

For Immediate Release

Financial Benchmarking Database On Its Way For The Dairy Industry

The dairy industry’s leading funder of research and industry-good activities, Dairy InSight, is behind the development of a new database benchmarking system to assist farmers in growing their businesses profitably.

Dairy InSight Chief Executive, Peter Bodeker, says “The Dairy Industry Financial Database and Benchmarking project was included in the 2004/05 funding round because Dairy InSight believes it to be of great benefit to farmers and rural professionals alike. Its aim is to bring together a wide range of valuable information and key performance indicators (KPI’s) by which farmers and their professionals can improve the management and profitability of their arming businesses and ultimately helping them to sustain their international competitive advantage.

Currently the information is fragmented with a small number of databases operating completely independently, thereby hindering useful comparison on a national or regional basis. Accountants and Farm Consultants will be the primary users of the National Dairy Industry Database in conjunction with their farmer clients. The information will be accessed only by accredited rural professionals. The key areas of focus are:

Standardised Financial KPI’s and Benchmarking Reports, including a financial benchmarking annual report for individual dairy farm businesses produced by rural professionals. The objective is to achieve widespread adoption and understanding of the reports.

Establishment of a National Dairy Industry Database, including tools for farmers and their professionals to improve knowledge of business performance in relation to industry “best practice”.

Strengthened Economic Survey and Industry Reporting with national statistics available more quickly as a result of collection of farm financial data at source from Accountants and other accredited providers.

A KPI Working Group was established in 2003 with participants from ICANZ, NZIPIM, Dexcel and Massey University. Out of this group came the proposed Dairy Industry Financial Database and Benchmarking Project aimed at producing a National Dairy Industry Database.

Following this, a Steering Group was established in October 2004 with Graham Brown from Brown Glassford and Co Ltd, Chartered Accountants, as its Chairman and a Project Manager was appointed. The committee has undertaken a series of consultations with stakeholders such as Accountants and Farm Consultants working to define detail around the process, data and outputs.

Mr Brown says “Now that we have a defined set of standard KPI’s and a Financial and physical Benchmarking Report, the next step is to work with a vendor on the development of information systems and establishment of an operational platform to support both the National Dairy Industry Database and Industry Reporting.

We are currently advertising for “Registrations of Interest” for this work. Closing date for receipt of the ROI’s is Friday 17th December and we should have the vendor selected and on board by the end of March”.

This project has come about due to collaboration and cooperation between professional groups serving the dairy industry and will take business performance measurement to a level of focus not previously seen in the New Zealand dairy industry.


© Scoop Media

Business Headlines | Sci-Tech Headlines


TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>


University of Auckland: Pest-Free Goal Won’t Be Achieved Without New And Better Tools

New Zealand’s goal to become predator free by 2050 will remain an unrealised dream unless new technologies and advances in social engagement continue to be developed, researchers who first promoted it say. A team from the University of Auckland has ... More>>

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>