Data Driven companies are companies that proactively use data to make informed business decisions. As the PropTech industry booms, real estate companies have access to a wealth of data related to their properties from building systems, smart devices, ERP systems and more. Many companies collect this data but fail to have a strategy or comprehensive plan of how to manage and view the data. Rather than just collecting data as a byproduct of the business cycle, Data Driven real estate companies see the inherent value in such data and incorporate data-driven decisions into their company culture.
According to IDC research 83% of CEOs want their organization to be more data driven but only 25% of organizations are data leading.(1)
Below are key pillars institutions must implement on their journey to becoming a Data Driven company.
Develop a Company Vision and Strategy
Set a clear vision and get buy-in from team members across the organization. From lease analysts to facility managers to executive leadership, identifying a diverse group of key stakeholders will create a shared vision that leads to data-backed decision making as an ingrained part of company culture.
Establish Data Governance
For data to be trustworthy, it must be high-quality. Adopt company-wide policies and practices for managing your data assets, including identifying systems of record for your pipeline, building and lease data. The goal is to keep data trustworthy, accessible and actionable.
One way to start this process is to establish a data stewardship team, made up of people from across your organization. These employees serve as experts who are intimately familiar with the data related to their business area, and are responsible for ensuring that data remains accurate, consistent, usable and compliant. This includes monitoring data to identify duplicates and inconsistencies, and reconciling these so the data can be used confidently by other parts of the organization.
Create and Execute on a Project Plan
Establish milestones and KPIs for execution and success measurement tied to your operational and business goals. Start small and create a phased implementation plan to ensure project success. Keep in mind that financial benefit is not the only measure of value.
A JOURNEY, NOT A SPRINT
Becoming a Data Driven real estate company doesn’t happen overnight, it is a journey marked by small wins and incremental change. This guidance is just the framework to help you stay on course to your digital transformation goals.
To learn more about how Fortimize can help your team optimize your digital transformation plans with a focus on collecting, managing and sharing your data, contact us.
1. IDC WHITEPAPER, SPONSORED BY TABLEAU, HOW DATA CULTURE FUELS BUSINESS VALUE IN DATA-DRIVEN ORGANIZATIONS, DOC. #US47605621, MAY 2021.