Data creation, collection and analysis
Although data has existed for thousands of years, the standards and values we assign to it have only recently become prominent in our daily lives, particularly in business. The origins of big data can be traced back to before we were exchanging data buzzwords at our lunch tables. Big data has its roots in books, statistics, and a growing interest in academic research. However, the first attempts to quantify the growth rate of information goes all the way back to the ’40s.
Computers and the internet have increased the amount and accessibility of data since then. Computers are designed to create, collect, and analyze all types of data. Data is the foundation of our modern lives. It creates the perfect loop: we create a need for data, so we collect it and learn from it in order to generate more data.
Data has always existed, and its development has followed a few simple steps:
- The data existed, was discovered, and was then acknowledged.
- Tools for storing and managing data were created.
- The value of data has begun to emerge, and the focus has shifted to data utilization.
- Data began to learn and utilize itself on its own. This includes robotics, artificial intelligence, the Internet of Things, machine learning, and everything in between.
To put it another way:
- There is data.
- We want to store it.
- We need to use it.
- We want it to work for us.
The perfect match
It’s impossible to say whether digitalisation or data centricity came first. They are a perfect match for each other. Digitalization has dominated the last few years. Every industry, organization, and person has been impacted by the shift to data centricity and the digital environment. The pace hasn’t slowed down, but has instead been steadily increasing. It is still the case. The environment in which we all operate has changed, and the change has been significant, requiring long-term adjustments.
This cannot be entirely attributed to digitalization, but it did play a major role. Particularly since the “second generation” of the digital world created data markets based on user content. To keep up with the pace of development, we must continue to transform our businesses, operations and even ourselves.
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 is the foundation for making wise decisions.
When it comes to a business’s basic operations – like investments and properties – the role of data cannot be highlighted enough. It lays the foundations for the company’s decision-making, navigation, and future evaluation. This is why KPIs are used: to obtain a comprehensive picture of performance levels as well as the impact of previous decisions, operations, and actions. To estimate and plan the future, numbers are followed and streamlined.
The strength of a company is determined by its ability to utilize and learn from data
Data management tools should be front and center in a data-centric business. For people to understand and use data for business operations, it must be easily accessible. 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 familiarize yourself with your environment. It displays your current location and uses GPS to locate others. Finally, the benefit of Google Maps or a navigator is that it is always up to date, available, and can be used for a number of purposes.
Similarly, your asset management and business operations tools should be accurate, up-to-date and available. Keep the following in mind as you evaluate the various tools for your company:
Accuracy:
As there is an endless amount of things to measure and follow, you evaluate the accuracy of the data. What are the key performance indicators (KPIs) that are truly guiding the company forward? What should we know and do in order to get the metrics measured? It’s crucial that your data is always accurate so that you can make the best decisions possible.
Availability:
How many hours are wasted creating another Excel sheet with data that isn’t in the right place and can’t be found when it’s needed? The online software (such as Assetti) is essential for eliminating these moments of frustration. You and your colleagues will never have to waste hours comparing all the versions of a single sheet when you have access to the relevant data from anywhere and at any time.
Up-to-date:
Last but not least, data must be up-to-date and reliable. The dataflow must be seamless to ensure that metrics and data are synchronized. Integrations are the key to success because the best option is usually one that does not rely on a single person. Because a universal software that fits everyone’s needs has yet to be developed, the best option is to select the most capable tools to meet the needs of each department. The goal is to work efficiently rather than waste time wrangling with incompetent tools. Everyone involved in the process must be up to date, and data must be refreshed between 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.
