Business Intelligence, the Smart Way
- Mar 12, 2009
If gathered efficiently and used effectively, business intelligence translates into faster decision-making and organizational success. Underscoring this fact, a 2008 Aberdeen Group survey found that best-in-class companies—the top 20 percent of aggregate performance scorers—using business intelligence applications decreased the time between delivery of information and resulting action by an 8 percent mean average over 12 months. These companies, which represent several business sectors, also gained a 12 percent mean average improvement in employee productivity over the same period. A 2007 Aberdeen survey found that 25 percent of best-in-class retail companies using business intelligence increased their gross margin by 10 percent in a year. How can commercial real estate managers seeking such gains transform the cascades of information available to them, quickly and reliably, into actionable insights? That’s where advanced business intelligence tools come in. Sitting atop a core property management system, they pull integrated, real-time data from a single, centralized database, instantly illuminating changes to an underlying property database and enabling well-informed, timely responses.Business intelligence toolsets boost business oversight by delivering real-time analytics on such performance indicators as occupancy, lease renewal rates, net operating income and net asset value. Dashboards display the analytics on single-screen overviews, including the full breadth of analytic reports, charts and graphs, all of which are configured to user requirements.Equally compelling, advanced, integrated business intelligence technology offers drill-down capabilities—all the way to the transaction level, if necessary–letting managers anticipate problems and quickly address concerns. To summarize, benefits of business intelligence reporting and analytic systems include:• Better-informed business and management decisions enabled by fast access to pertinent information• Easy tracking of key performance indicators• Streamlined property operations• Global enterprise visibility presented in reports, charts, graphs and Web sites• Immediate notification of underperforming assets and other issues• Satisfaction of investors’ oversight needs and increased investor confidence• Insight into growth and profit opportunities without accelerated costsCommercial real estate professionals seeking to increase their understanding of their own operations and gain a step on the competition would be well advised to explore the latest integrated business intelligence offerings. It’s just smart business.Richard Malpica is vice president & general manager of the Eastern region for Yardi Systems.