ARE WE READY FOR BUSINESS INTELLIGENCE IN REAL ESTATE ?

In this era of advanced technology and real team data analysis, where Private Equity and REITs are highly emphasized in Real Estate, don't you think it's the real time to make a way ahead for Business Intelligence in Real Estate Industry? A quick bullets to understand the actual scenario. Let's have a look.

BUSINESS INTELLIGENCE 

The term Business Intelligence (BI) refers to technologies, applications and practices for the collection, integration, analysis, and presentation of business information. The purpose of Business Intelligence is to support better decision making.

ARE WE READY

We need to connect the dots to make it effective. WIP needs to be converted to a finished product.

HINDRANCE IN IMPLEMENTATION

Lack of proper data into the accounting system and the lack of mindset in few of the CXOs. Fear of change, transparency of information, lack of awareness, etc.

COST OF THE PRODUCT

Have you really thought about it?  Let's find out.

CAMOUFLAGE WHICH SEEMS TO BE SUBSTITUTE

Microsoft Excel. Sucking a lot of time and energy in preparing the dashboards, etc. which can be used by only few because all the users are not well versed with advanced formulas in excel. It's not updated by the system itself because it is out of the system. We need to update manually all the time.

REALITY

Company spends a lot of money to implement the best software either it be ERP, SAP, etc. in the organisation for a proper maintenance of accounting records and information on Real Time Basis. But unfortunately, they land up only "showing off" of such a huge investment without using it to the fullest. Instead asking data from the system, they prefer reviewing the reports in excel prepared manually and custom made by the respective departments.

WAY FORWARD

If we really want to grow and compete in the Industry, we have to be tech savy and have all the information and reports from the systems directly. We know, it cannot happen overnight but the management and CXOs need to change their mindset and start working on the systems instead wasting people’s talent in preparing custom report in spreadsheets.

FOOD FOR THOUGHT

Why can't we scale up to power BI? 

• Do we Lack Knowledge? Or Resource? Or A MINDSET?

Are we ready for the Power BI in Real Estate? What is it holding us back? 

• Accounting Software? Or an Inefficient Implementation of an Accounting Software?