Blog 2 of 4 in the 'How to Build a Data-Driven CRE Company' Series.
There are times in life where we make decisions based on gut feel – betting our favorite sports team is going to win the big game, deciding between our favorite meal and the chef's special, or picking which size iron to use on the golf course. There is, however, one area where we all should trade-in "gut feel" for cold hard data – decisions about our CRE portfolios.
It's no secret that data can be the driving force for innovation and value creation in our portfolios. Having the right data and the tools to extract value from it can give you a serious advantage over your peers. In the past, long-form calculations and educated guesses were the only ways to make portfolio decisions. The problem with making decisions based on gut feelings should be obvious. And Excel calculations and formulas are prone to human error and take so long that by the time insights are derived, the best opportunities are in the rearview. With data, CRE leaders like you can make revenue-boosting decisions with speed and confidence.
To extract true value from your data with confidence, your data needs to be clean and accurate. While most CRE executives know this, they still rely on problematic management methods like spreadsheets and paper files. According to McKinsey, "Data has become core strategic assets in most organizations, & data management has become a top priority. But data management issues can undermine companies' ability to create value from analytics." Commercial real estate technology can be your ticket to clean data, effective data management, and powerful analytics.
Technology solutions like commercial real estate asset management software can help you build out advanced analytics and real-time reporting to give you key insights into your business. Learn more about how you can use technology to break down data silos and make smarter portfolio decisions with CRE technology.