Creating, collecting, and analyzing data
Did data exist hundreds and thousands of years ago?
Of course, but the standards and the value we assign to the data has only recently become prominent in our day-to-day lives, especially in business. The story of how big data became what it is today has roots back to before we swapped data buzz words at our lunch tables. The roots of big data lie in books, statistics, and the increasing interest in academic research. But the first attempts to quantify the growth rate of information goes all the way back to the ’40s.
Since then, computers and the internet have expanded the amount and availability of data. Computers are built for creating, collecting, and analyzing all data. Our modern lives are built on data. It makes the perfect loop – create the need to have data, so we get and to learn from other data to create, again, more data. That’s the basic truth.
There has always been data and its development has followed a few basic steps:
- The data existed, was found, and then acknowledged.
- Tools to store and manage the data were established.
- The value of data started to emerge and the focus becomes utilizing the data.
- Data started to learn by itself and utilizes itself. This includes robotics, AI, IoT, machine learning, and everything in between.
In other words:
- There is data.
- We want to store it. We really do!
- We need to use it.
- We want it to work for us.
The perfect match
It can not be said which came first, digitalisation or data centricity. They are like a t-shirt and jeans – they compliment each other perfectly. These last few years have been an era of digitalization. The transition to data centricity and the digital environment has affected every single industry, organization, and person today. The pace has not been relaxed, but instead, steadily accelerating. And it still is. The environment that every one of us operates in has been changed and the change has not been small but rather significant, with lasting adjustments required.
This cannot be blamed solely on digitalization, but it played a significant part. Especially after the “second generation” of the digital world created the markets of data with user content. Digitalization is not something to be afraid of. However, we still need to transform businesses, operations, and even ourselves to keep up with the speed of development.
Data for all fields of businesses, companies, and departments
Today’s world has new rules, either for or because of digitalization and the role of data in a business’s operations must be seamless and adaptable to cover all fields of businesses, companies and departments. Do not doubt- the data is there. So bigger concerns are where the data is and where it is created.
In recent day-to-day business, the role of data has been highlighted and underlined. One reason for this may be the increasing number of different tools created to utilize the data. But, more importantly, the role of data is now a huge part of decision making and everyday actions. The secret is to employ the numbers and data efficiently, and that is easier said than done.
Data – The basis for healthy decisions
When burrowing down to a business’s basic operations – like investments and properties – the role of data cannot be highlighted enough. It creates the company’s foundation to support decision making, to navigate, and to evaluate the future. This is why KPIs are followed; to get the overall representation of performance levels and the effect of previous decisions, operations, and actions. Numbers are followed and stream-lined to estimate and plan the future. It could be said that despite strong walls and magnificent buildings when it comes to property investment management, the results are created with paper and screens.
The company is only as strong as its ability to utilize and learn from data
In a data-centric business, the tools for data management should be in their proper place – in front and centre. Data for business operations must be easily available for people to understand and utilize the data. Think of it as a navigator or even Google Maps. Data helps you compare and find the routes to different results. It can also be used to get to know with the environment. It shows where you are at the moment and with GPS, you also find where others are. In the end, the benefit of Google Maps or a navigator is that it’s in real-time, easily available, and used for different purposes.
Likewise, your tools for asset management and business operations should be accurate, up-to-date and available. When evaluating the various tools for your company, keep a few things in mind:
As there is an endless amount of things to measure and follow, you evaluate the accuracy of the data. What are the KPIs that are truly guiding the business forward? What do we need to know and follow to get the metrics measured? It’s crucial that your data is always accurate to ensure your decisions are being made with the right tools.
How many hours are wasted to create another excel sheet with data that is not where it should be and unable to be found when needed. To eliminate these moments of embarrassment and frustration, the online software (like Assetti) is absolute. When you and your colleagues can access the relevant data anywhere and at any time, you are always prepared for surprises and never have to waste hours comparing all the versions of a single sheet.
Last but not least, data should be up-to-date and trustworthy. To ensure that metrics and data are synchronized, the dataflow must be seamless. The best option is usually the one that does not rely on any one person, so integrations are the key to success. As a master software that would fit all everyone’s needs hasn’t been created yet, the best choice is to choose the most competent tools to suit each departments’ needs. The aim is to work efficiently and not to spend time wrestling with incompetent tools. Everyone in the process needs to be up to date, there is a need to refresh the data between different systems.
Assetti is the Google Maps for asset management and can be for your property investment company too. With the numerous functionalities and diverse KPIs, Assetti utilizes your data and guides your business forward. For more information about Assetti, contact us here.
The author of this blog is our Project Manager, Emma Kyyrä.