Many firms believe that it is a disruptive process to become a data-centric company. But according to a McKinsey & Company study, organizations that use data effectively enjoy a 5–6% higher profitability than that of their peers. Dell’s Global Technology Adoption Index also found that firms that adopt big data, cloud and mobility strategies enjoy up to 53% greater growth than peers that don’t. It’s no surprise then that progressive companies invest heavily in their data platforms. They understand that information is one of the best competitive advantages.
For a firm with a large real estate portfolio looking to become more data-centric, what are the key considerations? We list four internal strategies.
Understand Data-Centricity
A data-centric approach is not about having lots of data. Instead, it is about the platform, structure and technology guiding the use of the data. More importantly, it should focus on how the information drives business performance. Data-centricity can be defined by the following:
- Developing systems and protocols to ensure all forms of information is captured and digitized at the property and corporate level.
- Taking advantage of software and emerging technologies that help record, store, standardize and organize data.
- Using data for optimization of business processes and driving organizational strategies.
- Looking at data at all company levels. Analysts and executives need to embrace and understand data structures and technology. They should also make information an organizational priority.
Embrace Technology
Becoming more data-centric often involves integrating new technologies such as software and data storage. Firms often fail to adopt new technology because they assume it’s too expensive, cumbersome or permanent. This is quite the reverse. Today’s data solutions can be scalable and customizable based on corporate needs over time. The 4tell™ Platform Solutions can help merge information once shelved away in thick, outdated binders to make it usable.
Enterprise systems are becoming more agile. They need far less infrastructure than in the past. There are also many consultants in the market solely focused on data adoption and technology. Regardless of budget size, one key factor is ensuring data technologies and related costs are a priority in long-term capital planning and investments.
Create Organizational Support
A key barrier to becoming more data-centric is not realizing that technology or processes are only as good as the people that use them. As such, when developing a data platform, ensure proper training and support at all levels. It’s no use if there is a large knowledge gap or lack of standardization within a company. The data strategy then will never get the full support it deserves.
Listen to Input
Lastly, there should be input and collaboration across many departments and levels. Often, poor data strategies start with top-down decision making. They have little input from individuals who use the technologies on a day-to-day basis. Becoming data-centric should be an inclusive, company-wide focus.
If your firm is ready to make an upgrade, learn how 4tell™ can help ensure smooth and efficient changes during the process.
Photos: Dragon Images / Shutterstock.com, Mckyartstudio / Shutterstock.com, Monkey Business Images / Shutterstock.com
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