Big data and smart data are here to stay. They’ve become a key part of property management and investment. That means that real estate database software is becoming critical to organizational success. The right software is a powerful tool for driving efficiency and operating performance.

Are you unfamiliar with real estate database software? Or is your organization still using manual spreadsheets? If so, this article is a must-read. We list five ways progressive organizations are using database software.

Data Management

The sheer volume of data that organizations deal with today is mind-boggling. We’re producing data faster than ever before. How can organizations manage it all?

At its most basic level, real estate database software is a platform for information management. It takes information from many different departments and centralizes it. It creates and manages data architecture. These are the baseline functions of the software.

As we have noted before, data silos are a common problem among large, diverse organizations. Software can help reduce them and encourage a more collaborative approach.

Strategic Planning With Real Estate Database Software

For many groups, real estate is a capital investment. Strategic planning is one of its core functions. You need to look at building maintenance, capital expenditures and reinvestment of funds. Real estate database software helps manage and track these decisions and their results.

People who work in strategic investments use discounted cash flow and cost-benefit analysis. You can apply these tools to commercial real estate, too. Do you want to know what effects your investment could have? Real estate database software allows firms to explore a wide range of possible outcomes. It does so through optimization, scenario testing and probabilities.

Developing Business Objectives and Prioritization

Real estate database software manages all aspects of a firm’s operating data. That means it can also help understand operating performance. Which buildings are top performers when it comes to ROI? Which are the most sustainable? And which buildings share operating resources and staff?

Software helps you develop better business priorities and objectives. They will reflect the actual needs of your properties and portfolios. Organizational goals can be ambiguous. It’s better to base your actions on data.

For example, many firms make commitments to reducing energy consumption. They typically make top down strategies to meet those commitments. Data can help build a more effective approach. You can learn which specific buildings or areas need the most improvement. That way, you can direct capital with more impact.

Front End Reporting and Analysis

Whether you’re an investment manager or a government organization, reporting is now expected. Some common metrics in the industry are financial performance, KPIs and sustainability. Real estate database software helps automate the reporting process. It does this by incorporating new data as soon as it gets updated in the system. Imagine not having to correct or filter your data before you use it in a report or presentation. It’s impossible to overestimate the time savings and efficiencies gained.

Business Intelligence and Visualization

Business intelligence is an emerging area in database management. It is the ability for software to drive meaningful insights with limited human interference. First, you let the software “learn” the data. As it gains understanding, it takes an increasingly automated direction.

For example, you may have a goal to save 10% of your operating costs through better energy management. Business intelligence can help. Its capabilities through real estate database software will show you the best ways to meet that goal. For example, you may be able to save the same amount through improved staffing and productivity with less financial consequence. “Smart data” can drive new insights for an organization.

Driving Meaningful Insights Through Data

Real estate database software is one of the most important tools an organization can use. Those who leverage it effectively are guaranteed to see operating benefits. Is your organization looking to enhance an existing software platform, or to build a new one? If so, please contact 4tell™ Solutions for more information on data strategies and management.

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