Authored by - Asha Mathew
“Business intelligence is just as relevant to property management as any other business because it helps an enterprise to make informed decisions based on analysis of data at hand,” believes Mr. Prabhu Kumar, one of the founders of Raksha Property Management. “That’s why we insist upon proper reporting and documentation of on-field data also. Raw data is like a gold mine waiting to be tapped. How we tap it is the intelligence we are talking about here.”
So, what kind of data is looked at and prioritized?
It’s not just the key performance indicators but also the ‘cost to serve’ that needs to be meticulously reported. Key performance indicators are most of the time long term quantifiable based on revenue and profit. Equally important are the costs incurred in the day to day working for the service provided. A lot of times ‘cost to serve’ gets overlooked and thus the data that is being actually analyzed is skewed. “Especially in property management which has a lot of variables that come under ‘cost to serve’, this is an important piece of data that needs to be analyzed. Something as simple as how many visits have been made to a property to manage it in a given month is a very crucial information. It helps to decide what the servicing fees should be without having to either compromise on quality or viability,” adds Mr. Prabhu Kumar.
How does all this data help?
Well, to start with, it helps to see present performance objectively. You can look at the performance of each property manager individually or look at the company’s overall performance – as the situation demands.
Collecting data over a period of time and looking at it collectively can also help to identify patterns that were probably not obvious to start with. These could be patterns that have either been catalytic in nature or subtly hindering the business process. An identification of such a pattern can greatly alter the action plan for the future.
Meticulous monitoring of data available can also go a long way in predicting customer behavior and choices. These insights can be used to come up with greater customer centric services which helps an enterprise to stay ahead of competitors and record high on customer loyalty.
Business intelligence is at its best when data is transformed into usable information that can help the enterprise to get more insights into the current market trends, customer behavior, loopholes to be plugged and lots more. All this should further empower the decision makers to make informed decisions and worker in the field to work with optimal productivity.
“You don’t need to have very complex tools and calculations to work around your data,” says Mr. Prabhu Kumar. “A well-maintained dashboard which is scrutinized at regular intervals with the key indicators in place will itself go a long way in efficient use of business intelligence to further an enterprise.”