Value Of Business Intelligence Tools

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Value Of Business Intelligence Tools – Table of Contents The availability of data sources What is business intelligence? The path to visual analytics What people get wrong about business analytics Why analytics is the key to success Three areas of great data management

The Availability of Data It’s easy to say, “Data is the new oil,” but what does that really mean—especially in the real estate industry? And why should MFH executives care about business intelligence (BI)? We have good answers to those questions, based on almost 20 years of building and working with data sources in the apartment complex. In simple terms, BI allows us to pull data from many databases into a single source of truth. We do this because it provides improved visibility and actionable information to improve the effectiveness and efficiency of everything we do as a business. From operations to finance and data, from customer or experience to acquisition, delivery and development, the better you can be The more data you have, the more control you have over your business. Imagine something as important to your business as the list. To understand how we do it, we need to look at the reports in our property management system. But to find out why it’s doing well or not, we need to pull data from our pricing system and our CRM. Instead of spending time to collect and integrate data from those three systems, the job of BI is to bring it together so that we can present it to the organization in one simple list. Not only does this save us time, but it makes it more clear which elements are driving the performance and which require our attention. Finally, having all that information in one place makes it easier to create predictions about what might happen in the future, allowing us to intervene before problems occur rather than later. considered late. Managers who have never done BI well are often reluctant to invest too much in BI, worrying that they won’t see enough of a return on investment. confirm the investment. However, all the managements that have successfully acquired BI do not hesitate to invest heavily in data systems when they move to companies that do not have or have poor BI!

Value Of Business Intelligence Tools

What is Business Intelligence? Business Intelligence (BI) is a set of methods, processes, structures, and technologies that transform raw data into meaningful and useful information that can better plan, use, and implement information and make decisions. In many families, there is enough confusion about BI, we think it is easier to think about it in terms that are not: BI is not a way to organize and get your information; the information that drives your company’s business BI is not just another piece of software; the key data model that drives value in your BI organization is not an IT hierarchy; a strategic, business-driven IT BI-enabled plan that isn’t a “spreadmart” of Excel sheets; a single source of truth for your BI infrastructure is not a resource that requires the operator to analyze data to know what to do; a fast and efficient way to provide actionable information to improve performance The Path Towards Predictive Analytics Business intelligence (BI) is a journey. Companies are making the best decisions from basic reporting to analytics to monitoring to advanced analytics, with each step to deliver lasting improvements in business performance. The journey usually begins with getting information under control and providing the ability to report. The reports tell us everything that has already happened. While reports are useful, the data they contain is static, and usually doesn’t allow users to dig deeper and view the data in different ways. The retrospective nature of the reports limits their value for forward-looking decisions. Reporting is important (even necessary) but reporting rarely shows what to do on the other side. Reports, questions and research tools give us a good sense of the present or the past, but little. Analysis is the next step on the BI ladder, it allows us to focus on why things happened, helping managers to make better decisions. With analysis, we enter the world of visualization and Online Analytical Processing (OLAP), connecting data elements and presenting them in a way that makes their relationships more visible. The key difference between reporting and analysis is the ability to better analyze data and relationships rather than being limited to a fixed view of data. Observation takes it to another level because it tells us what is happening now. Monitoring allows us to identify problems, obstacles and correct them sooner rather than waiting for a report to tell us what we did wrong. Dashboards, scorecards and alerts allow us to make effective decisions to create better results and avoid pre-emptive action. Analytics is the “holy grail” of BI. Advanced analytics processes data to predict future events. Although not yet widespread in multi-family homes, some of the more sophisticated analytics are in the mainstream tech stack. For example, credit applications predict bad credit. Cost and revenue management to predict the best rents to balance occupancy and yield. The importance of technical analysis is clear: if we know something about the future, we are more likely to take action, or at least prepare. It is part of our decision making process. What People Get Wrong About Business Information Systems Let’s be honest; Multifamily has a unique approach to acquiring and implementing business intelligence (BI) systems. In more than twenty years of experience in providing many BI families, we see two main steps that prevent success: the wrong management, and the use of BI as a program IT (not!) Managers start their BI journey with the best of intentions, but often make the mistake of letting the wrong partners drive the BI bus. Most (in our experience) BI projects are led by IT. The IT team identifies all the data needed to provide a BI framework, typically by creating an inventory of existing reports, and proceeded to build a warehouse to store all the data. Then they build reports, usually recreating existing reports and building an internal portal to deliver them. This may sound familiar since BI is very technological; however, our experience is that allowing BI to be managed too much by IT results in limited success at best, and failure at worst. Read our full white paper to learn more about why this is so. When administrators mistake BI for a piece of software, for example by purchasing Tableau, Power BI or a BI software package provided by their buy PMS, they haven’t solved BI. The software is a useful tool, but just that: a tool. To do BI well, you need the right data model for your business and a good understanding of how to process data in the data model. Your team needs specific information on best practice and a detailed change management plan to ensure commercial use. Just buying a BI tool may feel like a solution, but the only thing you know for sure is the price, which often results in a return. sad. Why Information Modeling Is Key to Success While many organizations have BI, many are right. ! The key to a great BI is its data modeling. Here are some of the features of BI best practices: Data modeling (no integration) in the future to validate your BI framework through not allowing you to target any metric in the future, even if the metric was not considered during the initial design of Dashboards and reports. that 1) is based on the experience of the world, 2) develops the way that the directors, asset managers and directors manage their business; and 3) provide key performance indicators to make it easy to see what actions to take Flexible user interface: Instead of four Users are encouraged to adapt pre-configured displays to existing roles, they can create their own dashboards to suit their roles, or use c. their own display tool of choice on the data model An extended data set allows users to combine any information they can. Bendor-managed integration should not limit users’ ability to expand the database to include multiple partners. The data allows professionals to perform special analyses, including the creation of metrics, by being accurate in all aspects and Metrics Access to the cloud. data, ensuring that users do not need to maintain any “plumbing” and can access data anytime, anywhere on any machine Third View of Project Planning Information GREAT Staff for successful analysis. If you think of business partners as “blue” people and IT people as “red” people, then what you need are “purple” people – that is, people who can see the border in the gap between the two. These people are out there, but

The End Of Business Intelligence

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