Making Data-Driven Decisions Through Utilizing Dashboards to Manage the Resident Lifecycle
The saturation of data collected from our use of the Internet and other technologies is both fascinating and overwhelming. Even with numerous analytical tools at our disposal, 63 percent of marketing professionals say that data-driven personalization is a difficult strategy to execute, leaving 95 percent of businesses in need of more efficient ways to manage their unstructured data. This begs the question: where do we draw the line on how much information is too much?
To give some context to the size of this issue, more than 150 zettabytes — or 150 trillion gigabytes – of data will need analysis by 2025. This means commonly measured results, detailing website sessions and online referrals, only accounts for an extremely small fraction of the info captured. Since we’ve become so infatuated with all things data, the industry surrounding it will be worth an estimated 77 billion-dollars by 2023.
Even though access to data is crucial to all operative aspects of the multifamily industry, most of it remains massive and unstructured, still requiring human eyes to decipher its meaning. This forces us to face the inconvenient truth that big data does not always mean useful data. By filtering large volumes of unruly data, we can bring actionable insight to life, which can bolster decision-making, revenue generation, and even improve resident relationships. With a limited amount of time and resources available, multifamily executives will need a clear-cut solution to parsing information, only utilizing what’s beneficial to their bottom line.
A much-needed resolution can be found in data-driven dashboards, which transforms large amounts of information into bite-sized pieces, which are easily accessible to decision-makers. Those, who have access to these types of dashboards, experience a massive edge over the competition because they can translate raw data into intelligence that drives real-world action. It allows property managers to better approach marketing strategy, unit pricing, services, and lease renewals. In fact, businesses that utilize focused data see a profit increase of 8 to 10 percent, as well as a 10 percent reduction in overhead.
When it comes to marketing, your company can crack the code to deciphering big data by using intel harvested from analytics. This information will aid workflows in multiple departments, such as website performance, content strategies, search and social advertising, and more. How? Because, data intelligence encourages marketing teams to ask the right questions, identify impacts, seize possibilities, and limit recurring task.
Additionally, properly partitioned information can help you view the correlation between marketing spend and conversion rates. Over time, your data should tell you how much you’re spending versus the results of your efforts. The visualization also allows multifamily housing professionals to better understand the correlation between operating costs and revenue performance, while looking for seasonal trends to appropriately adjust pricing. With all of these benefits, it’s little wonder why nearly 50 percent of businesses say big data has fundamentally changed sales and marketing practices.
Aside from serving marketing and financial interests, data-driven dashboards can streamline the leasing and renewal processes, improving resident relationships by simplifying a typically arduous process. Coupled with transactional tools, you can consolidate these traditionally paper heavy processes and deliver important documents to the residents, allowing renters to upload requested documents and sign paperwork from virtually anywhere. Using data analysis tools, property managers can also more accurately predict renewal rates, occupancy levels, and revenue generation.
Data can also be parsed to keep residents up-to-date on their lease details and summarize all their important need-to-know items in a compact, convenient way. Leasing information, such as monthly rental rates, payment terms, pet fees, and related charges, will always be at their disposal at any time of day on any device. By streamlining processes and making data open and accessible to residents, we bring a new amenity to them, enhancing their living experiences, simplifying transactions, and making it more likely that they’ll renew their lease.
Nearly 80 percent of executives agree that companies, who ignore big data, are at risk of losing their competitive edge. Remain at the forefront of these industry shifts and transform your data into real-world intelligence by investing in and utilizing data-driven dashboards. This strategy will strengthen productivity, performance, and most importantly, resident relationships. The intelligence you gain will grant you with robust decision-making tools, and in turn, an analytically driven way to manage every stage of the resident lifecycle – from search to signature and beyond.