Every corporate real estate (CRE) organization follows its own data strategy path. Identifying business intelligence (BI) or data objectives is the first step on that journey, but many companies get stuck when it comes to the next phase: implementation.
Once you identify data objectives—whether they involve operational efficiency, gaining a competitive edge, taking advantage of cost savings, or improving employee experiences—how should you move forward?
You know what you want to do with your BI. Now you need a plan to accelerate it. Following these steps can help you get started.
1. Define who’s responsible for what
Data and BI may involve software and apps, but that doesn’t mean IT is the only department held accountable. Similarly, data and BI could involve financial information, but that doesn’t mean the accounting department should take on the full responsibility.
Data comes from many places, so it’s important to identify your specific players and their roles in achieving BI goals. Consider these questions:
- Who are your stakeholders?
- What types of data do they need to meet objectives?
- Who should maintain your CRE data ecosystem?
- Who will maintain your processes?
- Are skills upgrades needed to help employees perform their best?
2. Establish processes to ensure data quality
Every year, poor-quality data costs organizations an average of $12.9 million, according to Gartner. Dirty data can lead to negative impacts on revenue, poor decision-making, lost productivity, and wasted resources.
For this reason, data quality must be prioritized to meet BI goals. An important part of moving your BI strategy forward is establishing expectations for data accuracy, completeness, consistency, and recency. To accomplish this, you may consider establishing data quality standards for business units to follow.
3. Identify necessary tools and technology
Implementing technology for technology’s sake won’t get you to the finish line: You need specific tools and technology to support the people and processes you put in place to meet your unique CRE data goals.
Start by creating a roadmap of business requirements to define what you need from potential tools and technology. The roadmap can guide you toward solutions that connect you with data and insights to support BI objectives.
Ready to accelerate your BI plan?
A successful data and BI system for CRE delivers rapid, accurate, and actionable results. If you already have a BI or data objective in mind, then JLL Technologies’ Data and BI Readiness and Roadmap offering can help you accelerate implementation.
Together, we can create a roadmap that will deliver the technology and data you need as well as identify the people, processes, and controls to build into your plan.
Ready to talk to a real estate analytics expert about your data and BI roadmap? Contact us.