Efficiency in business is often defined by the speed at which things are completed. How fast people work and their capacity to take on more work continues to be the profit battleground for most organizations.
One question in the pursuit of efficiency that often never gets asked though, is “do my teams have the right tools to be efficient?” The concept that human capacity is at the core of efficiency is no longer relevant in today’s digital age. Instead, it is the tools themselves that drive efficiency.
In the case of real estate data, this concept cannot be truer. Here are five questions all CRE executives should ask about their firm’s data and workflow strategy.
1) How many people control the real estate data?
Understanding the full spectrum of data control is vital in reducing user error and creating efficiencies. Without full knowledge of how data is entered, stored or used, an organization faces significant risk with day-to-day workflows as data standards and continuity can quickly unravel.
2) How many people use the data and how frequently?
Knowing the full spectrum of users can be beneficial in building a data platform where information standards are easily used and interpreted by multiple groups. Often data can be siloed by departments, resulting in many different data systems and operating inefficiencies.
3) How can the data be built up in different ways to benefit multiple departments?
Redundancy of data remains a key issue for many organizations. Reducing the number of different systems, and using a single standardized and centralized platform can drive significant efficiency.
4) Is the way the data is stored and organized beneficial both now and in the future?
If you were to look at the real estate data five years from now, is the level of detail enough? All too often, information is too structured so that historical analysis or data transfer is difficult. Key to standardization and efficiency is keeping data at a flexible level so that it can be easily analyzed over time.
5) What are the sources of data and their inputs?
While a lot of focus for a data platform is on the analysis and summary of information, understanding where the data comes from initially is equally important. The ability to automate the input and entry process is another step in driving significant data efficiency.
To help streamline your answers for those five questions, we created 4tell’s asset-centric software for CRE firms, reducing the inefficiency of multiple sources, silos, departments, vendors, spreadsheets and files. By consolidating this information, not only do you build a clearer picture of your portfolio, but you maximize the efficiency of your employees as well. The right tools, when matched with a great team, make for a winning combination in any company.
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