Business Intelligence (BI) stands as a pivotal game-changer, revolutionizing the approach of industry leaders to challenges and opportunities alike. Join us as we delve into three compelling success stories, offering a glimpse into the transformative power of BI in optimizing multifamily operations.
Boosting Maintenance Tech Engagement
Matt Diehl, Senior Vice President of Maintenance at Brookfield, encountered a common industry challenge: inconsistent use of mobile technology by maintenance technicians. "Mobile maintenance is a potent tool for creating visibility, allowing for better planning. However, for various reasons, techs often don’t use the technology available to them," notes Matt Diehl, Senior Vice President of Maintenance at Brookfield. To address this challenge, Diehl spearheaded the development of a dashboard leveraging BI. The results were astounding, with usage rates soaring from 39% to an impressive 95%. This success story illuminates the virtuous circle where Key Performance Indicators (KPIs) enhance data quality, leading to operational improvements.
Operational Excellence Through Data
In a transformative property redevelopment project, Jason Kessler of Edward Rose underscores the pivotal role of data, stating, "When you can see something in reports, you can also find it on the ground, enabling us to think operationally instead of relying on gut instincts." He emphasizes the importance of choosing the right metrics for different stakeholders, moving beyond mere compilation to operational insight.
Kessler highlights the need for a common language of KPIs, especially in achieving organizational goals like revenue targets. Monthly sales and renewal targets require endorsement from the operational team, preventing cross-purposes and ensuring alignment across departments. According to Kessler, success in projects relies on setting clear targets from the outset, with everyone involved understanding and working towards the defined goals.
He concludes with a human-centric perspective, stating, "Ultimately, it's about relationships. People drive reports; reports don't drive people. Accountability for specific metrics is essential for achieving high performance, even among the highest-performing teams."
Collaborative Partnerships for Property Performance
Genevieve Bauer, COO of MAXX Properties, sheds light on fostering collaborative partnerships between management and ownership. "We are streamlining the process, offering analytical tools for real-time data manipulation," explains Genevieve Bauer, COO of MAXX Properties. Leveraging BI tools, regional managers engage in substantive discussions with asset managers, streamlining reporting processes. The shift from emotionally charged discussions to data-centric problem-solving illustrates the power of BI in eliminating the blame game and driving collaborative success.
In these BI success stories, multifamily professionals are unlocking the potential of data-driven decision-making, propelling their operations to new heights.
Explore the transformative potential of Business Intelligence in multifamily operations by delving into more client-success stories in our recent white paper.
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