CPT launches new cost monitor
CPT has launched a new Cost Monitor replacing the Cost Index that tracked industry costs before the pandemic.
The new Cost Monitor is designed to allow operators to benchmark their costs and performance anonymously against their peers, as well as inform CPT’s policy discussions with governments and industry stakeholders.
“Once collated, we can use up to date evidence to better influence government on the economic climate our members are operating in, as well as share with CPT members to help them run their businesses more efficiently” – Keith McNally, Operations Director at CPT
Keith McNally, Operations Director at CPT, said: “To help inform the new Cost Monitor and ensure the most accurate data possible, we are calling on operators to supply a week’s data from both February and June 2022.
“Once collated, we can use up to date evidence to better influence government on the economic climate our members are operating in, as well as share with CPT members to help them run their businesses more efficiently. And of course, the Monitor will track movements in industry costs, enabling local authorities and others to increase contractual payments by appropriate amounts.”
As with the previous Cost Index, the analysis of the change in costs will be updated on a twice-yearly basis and be split by region. CPT is also working with industry data specialists 2FM, owners of the Bus Industry Monitor database, to collate the information and ensure individual operator data is protected.
CPT is working on a more straightforward version for coach operators and this should be available shortly.
For more information or details of how to submit data for your operations, contact [email protected].
- The deadline for initial submissions is 31 January.