There is so much discussion around data. What data points are the most meaningful, what is the best way to capture it and on and on. These are important conversations to have, but the most important is what to do with all of the information you have gathered. How can you use it to guide your decision making to produce stronger results over time? Let’s take a look at how data analytics can return dollars to your bottom line.
No Need to Ask Why
One of the most valuable pieces of information you will be able to glean from your data is why something happened. If your leasing costs increased without warning, you will be able to backtrack through your data. This exercise will often reveal unwarranted and improper charges on your leases, bleeding your company of capital. Without a thorough examination of your real estate portfolio data, you would not be able to recoup these costs.
Optimize Like Never Before
The use of prescriptive analytics forces you to acknowledge the reality of what the data is revealing to you. It also gives you the foundation to wonder what to do next and plot a course to reach your new goal. In the context of industrial lease management, this can be as simple as realizing that your current lease holdings have suboptimal placement in relation to your suppliers and distributors on to much more complex decisions such as which options to exercise within a given lease.
Looking Ahead
Given that all of your data is recorded from past events, it may seem counterintuitive to believe that it could help you forecast the future. However — when you have a complete and accurate data set — you can do just that. You will be able to mark trends that may help you as you decide which leases to renew and where to look for new spaces should you decide to move from a building your organization is currently using. Without this eye towards what has happened, you would not be able to chart the strongest path forward for your organization.
Analyze Your Lease Management
Tracking and analyzing your lease data is a difficult task to handle effectively in-house. You need a partner who can capture all of your data accurately and help you understand what it all means. Scribcor can make it easy. Reach out today and we can discuss how to get the most out of your real estate portfolio.