A ‘Black Hole’ Of Data

Elik Jaeger President & CEO at SuiteSpot Technology, Streamlining maintenance processes with a single mobile platform PropTech solution 

The proptech revolution is here, but not all transformations are equal. In the race to digitize finances and upgrade customer experiences, operators tend to ignore the importance of digitizing and optimizing their maintenance processes. As a result, data that could otherwise be used to enhance operations and drive asset value is not being captured or analyzed at the level it deserves.

For this reason, it’s little wonder why maintenance is referred to as a “black hole” of data. Between the initial maintenance request and final report, back-office teams often have little visibility into how those tasks are being carried out or how project outcomes impact the organization. Sure, the work gets done, but valuable insights are lost to the void.

Illuminating Maintenance

This problem is not new, and operators have been working to solve the problem for years, yet little true progress has been made. As the president and CEO of a digital maintenance management platform, I believe the reason for this is that operators are using yesterday’s playbook to solve today’s problems. The complexity and lag inherent in maintenance work mean that anything other than real-time orchestration isn’t going to solve the problem. It requires operators to utilize technology in new ways, eliminating friction and empowering people, while simultaneously increasing the control and insight to manage these important processes. And by supporting these human processes with data harvesting tools, everyday maintenance activities can become key sources of actionable business insights.

Think of it as turning on a light in a dark room. With greater visibility into maintenance costs, timelines and outcomes, property teams can create practical benchmarks and key performance indicators (KPIs). And yet, illuminating maintenance data is about more than measuring your teams’ output and quality of work; it’s about spotting and mitigating risks, accelerating service request resolutions, upgrading reporting and generating more accurate budget forecasts based on measurable historical trends. 

In short, there are many advantages to bringing maintenance data into the spotlight. Unlocking them, however, requires a more tech-savvy approach than the analog, paper-based processes of old. Tools such as process automation, artificial intelligence, mobile apps and cloud-based platforms give property operation teams the means to collect, document, manage, analyze and report on actionable maintenance data to unlock a number of benefits, including:

• Reduced maintenance times: Data harvested throughout the maintenance process helps operators identify sources of friction and opportunities for increased efficiency, set realistic performance benchmarks and address the root causes of delays and deficiencies throughout the workflow.

• Cost control: Tracking, assessing and benchmarking expenditures across all maintenance functions (e.g., inspections, repairs, replacements, etc.) enables smarter budgeting, data-backed procurement and getting the most from your internal maintenance hours.

• Increased accountability: The ability to collect real-time activity data throughout the maintenance process gives operators greater visibility into vendor and staff activities. 

• Preserving (and increasing) asset value: Preventative maintenance programs are key to maintaining asset value, assuming they are designed with a building’s specific specs, amenities, equipment and capabilities in mind. At the same time, enhancing maintenance processes using real-world comparative data has the desirable side effect of making the asset more valuable in the eyes of potential residents, buyers and investors. 

• Data-driven strategies: With the tech and skills to leverage maintenance data comes the power to identify opportunities that will improve net income, reduce unwanted liabilities and, ultimately, add to the sustainability of the building.  

• Enhanced resident experience: It’s a simple equation: Quicker response times, stronger communication, greater transparency and better outcomes add up to happier tenants and residents. And in the age of instant service apps and same-day deliveries, residents expect their maintenance requests to be handled with the same level of immediacy and quality as everything else in their lives. 

The Big (Data) Picture

Big data has big potential in property management, and that extends well beyond individual properties. In our work with multifamily customers, we see how data and KPIs from a high-performing property can be used as benchmarks for other properties to strive toward. More importantly, we’ve learned from experience how data from property inspections, turnovers, preventative maintenance and other maintenance projects can inform best practices that lift entire portfolios.  

Certainly, if maintenance data can be wielded to unlock savings and efficiencies at a single building, imagine how it can benefit entire operations. This is possible when teams have the tech and skills to back their business strategies with data-driven insights as opposed to anecdotal evidence. Only then can they truly gain the confidence and stakeholder buy-in to use big data to tackle the bigger picture. 

Beyond The Black Hole

It’s no revelation to say that property management has changed. Workloads are swelling, expectations are mounting and the demands of the job are becoming more complex. The cumulative strain can lead to black holes of data throughout any organization, but modern data analytics tools and approaches bring critical insights out from the shadows. 

True, investing and implementing new technologies into any operation is a journey, but I believe that operators and managers that commit to digital transformation will find themselves on the path to future leadership positions.


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