Big data is the latest buzzword for most businesses around the world, and it has a major role to play in property management. With the burst of information and data, available today, big data is an apt phrase, and is mainly used for benchmarking, risk analysis, predictive analysis, and business intelligence. Here are certain important points to consider when you think of using big data for property management.
Lay Down Benchmarks
It is pivotal to know where you are starting from, to figure out where you intend to reach. Hence, the first thing property management can do with big data is lay down benchmarks for making improvements and raising efficiencies. For instance, utilities can be managed in a much better way, whether is it for going green or being sustainable. With benchmarks, residents and property management can understand the meaning behind the numbers, so that decisions can be taken more intelligently for creating efficiencies and cutting costs.
Simplifying Business Analytics
Overanalyzing data is not going to produce better results, and in fact, it can sometimes be counterproductive. Once the data has been collected, reach for the goals that are easily achievable first. For instance, trying to figure out Energy Star rating for units might be difficult, but the data can provide many indicators where energy efficiency is possible.
Information is Important
Even though big data has become a buzzword recently, the importance of information has never been undermined or not deemed essential. Collecting information and data has always been a priority for analytics and business intelligence. Hence, it is all about collecting the right information and data, to make the right decisions.
The Importance of Clean Data
The phrase, "Garbage in, garbage out" is popular amongst programmers, and it is equally relevant to data. Property management will have many entry points for data including the vendors, staff, home office, and so on, which makes clean data entry a challenging task.
For instance, property management might need a professional service to clean up utility data. However, steps should be taken to develop a culture for entering clean data. People who enter data should be made aware about the expected quality of data. For example, rather than allowing the staff full freedom to enter marketing sources, a drop-down list of notable sources would make the entries cleaner. When data is clean, the analytics are much sharper for providing predictions that are more accurate.
Intelligence and Right Action
When you are studying a report, you usually want to see another report to take a better decision. This can however, go on and you might not know the full picture ever. Therefore, developing intelligence systems is a priority in businesses, as when this system is functioning optimally, it will compel right action.
In property management, business intelligence will have a big role to play in centralized reporting predictive analysis, risk mitigation, and revenue management. The latest property management software are now not merely data collecting tools but also have robust reporting features that can prompt the right actions.