Managing or running a real estate business is a significant undertaking with a lot of moving parts. That is why business decisions must be made based on robust data and accurate insights.
Using enterprise resource planning (ERP) software like Yardi can provide you with the robust data you need to make smart decisions. Generally speaking, the data stored by all ERP software systems can help you if you have employed the necessary methods to analyze that data.
Many of the top companies in the world use ERP software to derive valuable meaning and stay ahead of the game. In the real estate world, business intelligence is crucial. Read on to learn more about the importance of business intelligence software. Today, I’ll introduce you to Yardi Orion BI, an excellent business intelligence tool in the real estate industry.
What Is Business Intelligence?
Business intelligence (BI) is the focus on the analysis of data and how the insights gained from that analysis improve future business decisions. A traditional and simplified example of business intelligence would be a report. Whether financial or operational, the insights gleaned from reports often require many hours of recurring review. Modern Business Intelligence uses advanced techniques to create powerful summaries of data, like KPI’s and succinct dashboards, with easy to ingest data points without having to dig into details for hours and hours. Business Intelligence is about discovering and understanding trends in your business by crunching a lot of data automatically.
Business intelligence (BI) has been in existence since the 1800s, and it has evolved with the advancement of computers and databases. A huge leap forward came in the late 1950s with the invention of hard drives, which allow large quantities of data to be stored. This technical breakthrough has served as the basis of modern business intelligence.
In the early 2000s, the first cloud BI apps emerged. Such software introduced and encouraged smaller businesses to use BI, since it had suddenly become much more affordable. Prior to this only companies with big budgets could afford such technologies.
Business intelligence systems are now available in many frameworks. They can live on your network and may require setup by skilled information professionals, or they can use the software as a service (SaaS) model, allowing for self-service analytics. These solutions allow any user to produce reports and data quickly and easily.
Business Intelligence in Real Estate
When you are managing a real estate business, you need to keep tabs on many aspects at once to drive growth. Your data has the power to transform the way you do business if you know how to use it well. Having a business intelligence solution establishes a framework to enable development and forward momentum.
You might feel as though you have nearly endless data about properties, customers, transactions, and the wider market at your fingertips. But knowing what to do with it is another matter and can seem overwhelming. Enter real estate business intelligence.
How BI Makes Real Estate Business Easier
Real estate business intelligence has numerous advantages for your company. Here is just a small sample to give you an idea:
Finding the right property for your customers more quickly
Using the right real estate business intelligence allows you to provide more comprehensive and accurate information on properties. BI can provide insights on various regions, neighborhoods, and buying demographics. Customers can use this data to find something that meets their needs and is within their budget.
All this can help you match the right buyer with the right property.
Making good pricing decisions
You can use the advanced real estate business intelligence tools to generate accurate property prices. Achieve this by examining average prices, current trends, and factors impacting the real estate sector.
Creating better property listings
Real estate firms use BI platforms to engage prospective buyers. These solutions allow you to present property information that influences buyers in making their purchasing decisions. Good BI software helps you understand and analyze the search history of clients, their areas of interest, and shortlisted properties. It thereby enables your team to create better listings and close deals more quickly.
Yardi Orion BI: A Real Estate Business Intelligence Tool
For both residential and commercial real estate companies that are existing Yardi Voyager customers, Yardi Orion Business Intelligence is available as a unique platform. It offers a full overview of your operations and business. The data-rich platform helps you evaluate the health of an individual property or your entire portfolio.
Yardi Orion Business Intelligence enables you to track the specifics of the business aspects that matter most. You can then tweak and enhance your processes based upon what you find.
Orion’s versatile reports, easy-to-use custom dashboards, and drill-down technologies enable better strategic business decisions. They encourage stronger management, more efficient purchasing and selling, and greater efficiency. The tool also helps you manage and mitigate risk.
Yardi Orion Business Intelligence can display data in chart or graph form, making it easier to understand. Yardi Orion transforms the ERP data stored in Voyager and consequently removes much of the manual work involved in data collection. This frees up your team to focus on other areas of business.
Here are a few key functions of Yardi Orion BI:
Strong Analytics Framework
Orion incorporates the financial, organizational, and auxiliary knowledge found in the Yardi Voyager and Yardi Multi Family Suite products. It gives a detailed view of your practices, including financials, spending, pricing, energy conservation, prospect screening, and much more.
Using drag-and-drop features, easy-to-build dashboards allow action-based tracking of resident, land, portfolio, and business-wide performance. You can do ad hoc analysis, dissect data, and create maps. You can also upload and post files and maps from Excel for anyone in your team to view in Orion.
With Orion BI, you get absolute transparency thanks to the comprehensive and configurable analytics and reporting. These offer specific insights that you can act upon to make business improvements.
Orion provides a tool collection that builds content reports based on the metrics you specify. You can conveniently build your own specific collection of key performance indicators (KPIs).
You can also group and show data by features, such as property type, portfolio, country, and business. You choose exactly what data you need and how it should be presented. Yardi Orion offers flexibility in the display of data including line charts, bar charts, pie charts, and ranking data grids. Simply drag and drop data into your dashboard, and you will be able to see your key metrics at a glance.
The Mobile System
Orion BI is a mobile-friendly system that provides comprehensive reporting and dashboards across a range of devices. This allows your team members to access data even when they are on the go.
With 24/7 availability, you can build personalized data views from an intuitive tablet touch interface. This uses the same reporting that can be created on your desktop system.
The Impact of Yardi Orion BI on your Business
Tools for business intelligence allow businesses to remain competitive and maximize revenue. Yardi BI software is used by companies of all sizes and levels to evaluate, manage, and display business data. Below are some advantages the business intelligence software can add to your real estate business:
Reporting efficiently and precisely
Using data sources including revenue, organizational, and sales data, your team can use templates or modified reports to track KPIs. These reports are created in real-time and use the most vital information so your business can respond.
All these reports provide easy-to-read visuals, such as graphics, tables, and graphs. BI tech reports are interactive so that users can experiment with different variables and view information more easily.
An important objective for all real estate professionals is to increase revenue. Information from Yardi BI software will help you investigate how your business is performing and why. This facilitates comparisons and allows you to find weaknesses.
Businesses must listen to their clients, track their competitors’ activities, and adapt to a changing market. If they do, revenue is more likely to grow.
Competitive businesses evolve rapidly, and it is essential that you make decisions as quickly and efficiently as possible. Failing to identify and resolve problems may lead to a loss of customers and sales.
By using Yardi Orion BI, you can optimize existing information to gather insights and make projections for the future.
Make Better Business Decisions With Yardi Orion BI
Yardi Orion’s business intelligence tools will allow you to easily gather data and insights about your business and its performance. It can help you make accurate and informed decisions. It presents vital real estate data in an accessible and easily digestible format.
Would you like to explore how Yardi Orion BI can take your business to the next level? Get in touch with REdirect Consulting to learn more. Our friendly experts are available to help you!