From Data Overload to Data That Drives Results May 09, 2017 Multifamily real estate is an incredibly metrics-driven industry. Property owners and managers compile reports weekly to review property performance and look for opportunities to grow and optimize their portfolio. However, the multifamily industry tends to equate reporting with complex and time-consuming Excel spreadsheets. And, as you probably already know, Excel isn’t always a reliable source of data. In fact, a whopping 88 percent of spreadsheets include errors, most of which are caused by avoidable mistakes such as typos or faulty mathematics. Given that spreadsheet discrepancies can take weeks to spot and even longer to correct, relying exclusively on Excel files can be a gamble when trying to efficiently operate a multifamily property. Even those who use business intelligence platforms in lieu of Excel can find themselves buried in an excess of data and unintuitive analytics if they don’t choose the right solution or receive sufficient training and onboarding. At Rentlytics, we believe there should be a better way for multifamily professionals to compile reports and understand their portfolio performance. Here’s how we’re solving some of the multifamily industry’s biggest problems with analysis and reporting. Business Intelligence: Expectations vs. Reality When selecting a business intelligence platform, you expect it to do one fundamental thing: help you solve problems. Most analytics platforms do attempt to simplify the problem-solving process, but they’re not without their drawbacks. Most notably, many business intelligence platforms flood users with an overwhelming amount of data. These users are often unsure of what data is important to their role, how to sort through the unnecessary information and how to make use of the actionable data. In this way, the reality of business intelligence platforms can be very different from users’ expectations. Focus Your Business by Focusing on Data The critical path to getting the data you need at your fingertips is to eliminate the noise and data overload and focus on the metrics that matter. That’s why we’ve released Pinboards—customizable, shareable dashboards that enable users to centralize their most critical KPIs and charts, providing a faster, easier and more collaborative user experience. Having all your essential metrics arranged in one convenient place makes it easy to find the answers you’re looking for, so you can spend less time on reporting and more time taking action based on your data. To try out Pinboards for yourself and revolutionize the way you analyze your metrics, request a free Rentlytics demo today. Go Recent Post Key Steps to Consider Before Making a Multifamily Tech Purchase Making the Switch from Traditional to Active Asset Management Secret’s out: Introducing Rentlytics BI 2.0 Subscribe Tell us your email address and we'll add you to the list. Subscribe If you are human, leave this field blank.