Asset management is a data-driven business. So much so that these businesses invest millions of dollars in technologies each year to help them capture and gain insights from their data.
Insights are only valuable if they are grounded in reliable data. And unreliable data is a rampant problem. Gartner’s Data Quality Market Survey in 2017 revealed that organizations believe poor data quality is responsible for an average of $15 million each year in lost earnings. It’s safe to say that this figure is only rising.
Ensuring data integrity is complicated
The reasons businesses have so much poor data vary. Entry errors and faulty collection methods are the most common sources of problems. And storing data in disparate data sources, which many asset-management businesses rely on, tends to result in problems linked to data duplication—another common occurrence. Many businesses running Yardi platforms employ over 100 separate databases. Unless businesses are incredibly disciplined in how they use the platform over the years, problems are bound to creep into their databases.
Whether inaccurate, incomplete, inconsistent or duplicative, poor data quality can require tremendous time and effort to resolve. But without resolution businesses risk gathering flawed insights, implementing failed migration projects and losing organizational efficiency—all resulting in a significant loss of time and money.
On the flip side, businesses can utilize high-quality data to improve marketing, sales and compliance. Marketing departments can confidently reach the right targets with relevant offers and sales can reliably contact customers. The company can avoid penalties related to GDPR and other data protection regulations while gaining the peace of mind that comes with assured compliance.
So how do businesses produce transparent, trusted and integrated data when their data system is complex? How do they make the most out of their investment and spend less time and effort to clean up their data?
33Floors turns understanding into action
That’s where 33Floors Yardi Operational Review (YOR) comes in. Developed to uncover raw facts about businesses’ Yardi configuration and provide details that allow customers to understand their data and their opportunities more thoroughly, YOR reports capture key diagnostic information that is not readily available to Yardi end users:
- Common errors. YOR aggregates statistics about system errors. This can reveal steps in a process where additional training or a straightforward redesign could improve day-to-day efficiency.
- Permissions gaps. YOR highlights opportunities to enhance a configuration. This can lead to more flexibility, ease-of-use and increased efficiency.
- Data health metrics. YOR identifies areas where key information is missing. This can provide a clear idea of data issues and form the foundation of a plan to solve the problem.
33Floors offers several specialized YOR processes to address customers’ pain points:
- Basic. In just a few hours, develop a high-level picture of a configuration and a set of specific recommendations to improve performance.
- Security and Permissions. Conduct a deep dive into the integrity and optimization of a configuration’s internal safeguards.
- Accounts Payable. Gather and analyze invoicing, workflow approval and payment processing data to identify opportunities for improving procedures or tapping into unused tools within Yardi.
- Vendor Management. Thoroughly analyze the company’s vendor database to identify data issues, activity levels, vendor engagement and needed steps to clean the data and limit the population to only the necessary active vendors.
- Executive YOR. The complete package of YOR analytics, designed for clients with complex configurations.
Whether our clients have been working with the Yardi platform for years or want to uncover underlying problems in a recent implementation that isn’t meeting their needs, 33Floors turns these insights into meaningful, actionable plans for enhancing the Yardi experience. Contact 33Floors to schedule an appointment with one of our experts today.