“Identifying patterns, anticipating outcomes and proactively optimizing a response will be the basis for competition in the future. In the next 10 years, the companies that don’t have analytics deeply embedded in their business model will most likely cease to exist.” – Gartner, Horizon Watch Trend Report in 2015
There can be no doubt of the reality that data will be the silent driving force behind effective business operations of the future. This is particularly true within the structure of complex organisations such as commercial and residential real estate companies.
If utilized effectively, the insights gained from data collection serve as a blueprint from which to build and maintain a successful business. The incoming data umbrella stretches across all aspects of the real estate value chain from valuation to acquisition to development to operations and, finally, divestment.
In theory, collecting data sounds simple enough, but in practice the sheer volume generated on a regular basis can often be overwhelming and difficult to decipher.
The importance of data visualization tools
As much as we believe in the value of a good spreadsheet, it is not the most effective tool for business agility. Studies indicate that language is decoded on a linear level, while images are deciphered on a simultaneous level. This means that language takes time to analyze whereas visuals can be understood immediately.
Visual representation of data allows:
- Faster decision making
- Recognizing negative patterns in advance
- The easy identification of trends
- And clear, actionable insights
This results in increased operational efficiency and the optimization of internal processes over the long term.
How do you access these benefits? Through the use of business intelligence tools that specialize in data visualization.
Data visualization in real life
Recently, the CIO of a multinational organization occupying over 2.58 million square feet integrated an easy-to-use data visualization tool into the company. His aim was to drive meetings through visual and appealing dashboards with an eye on facilitating more intelligent and collaborative discussions.
This near real-time access to visualized business data allowed for quicker fact-based decision making at both an executive and middle management level. As his go-to person for obtaining key data, I was struck by how relieved he was that his vision of embedding easy-to-access data visualization was finally taking off. Instead of accessing each system individually, pulling tabulated reports, painstakingly combining the data, and then analyzing it in Excel, the entire process was transformed by giving his business the agility needed to navigate a tough global economy through visualized data.
The only question remaining is, which data visualization tool should you use?
Power BI: from data to insights in minutes
Developed by Microsoft, Power BI is a secure, cloud-based business analytics service which enables data visualization and analysis with speed, efficiency and understanding.
With Power BI, the interrogation of data becomes interactive as the platform allows users to visually explore data in different ways through accessible dashboards. The custom-crafted dashboards can also be shared with colleagues on any device, including mobile phones.
Essentially the “new kid on the block”, Power BI has had the opportunity to take the best learnings from older more established platforms, and deliver a design approach that is relevant to today’s business needs.
Not only is Power BI easy to manage, it is not short of the power needed to handle complex requirements. Our custom software team is particularly excited about Power BI’s drill-down and scenario capabilities as well as its practical utility in helping businesses identify multivariate causality.
If your company is looking to simplify data correlation and get a 360-degree view of your property business, get in touch with us today. Our team will gladly help you apply Power BI to your business, securing your ability to derive data-driven insights and resilience for the future economy.