Business Intelligence (BI) has ancient roots. Measurement, visualization and analysis tools can be traced back thousands of years. Egyptians communicated through hieroglyphics. Astronomers illustrated their views of the cosmos. Maritime explorers used charting and mapping tools to discover new worlds.
Humans have always been interested leveraging the tools of their era to make effective decisions. In technology there is an ebb and flow. Some things stand the test of time, while others are here today and gone tomorrow. The large impact on humanity by the aforementioned tools is instructive. They are encoded in today’s emerging apartment technology. Apartment managers and owners are already utilizing their data to reduce uncertainty, guide decision-making, and capitalize on opportunities for growth.
The apartment technology landscape is evolving quickly. In any revolutionary event or time period, there are certain change agents that help shape what’s to come. One of the less talked about forces is a philosophy among many new apartment software developers and some key veterans. This philosophy works off of the premise that it is possible to build a castle without walls, while simultaneously protecting it and taking care of your people.
In other words, data silos and difficult integrations that stifle innovation are the antithesis. These elements only hinder growth and, unfortunately, when the music stops, it is the entire industry that is left standing.
This new philosophy is built on openness, access and customer-centricity, and helps you answer questions with your data—a great way to conduct business.
Ingrained in this belief is a prioritization of interface and experience. Entrepreneurs with first-hand accounts of bad software are building emerging software tools. The central idea is that making the daily jobs of your users easier, in turn makes their lives easier. Further, costs to create software have never been lower. The advent of cloud computing and scalability are leading to highly crafted solutions offered at the reasonable prices they should be. For this reason, new solutions in the apartment industry will provide value for managers and owners with a wide variety of portfolio sizes.
The key takeaway from the evolving technology landscape, new thought processes and emerging BI tools is that apartment managers and owners will be the largest benefactors. Like history’s most famous maritime explorers, they will create new opportunities, build new communities, and make very fruitful decisions. Apartment managers and owners will reach new heights with the help of 21st century tools built by entrepreneurs who hold a healthy understanding of industry history and insight on the direction to go in the future.
Rob Whitley is the Founder and CEO of Leaselytics. Leaselytics allows apartment managers and owners to analyze the leasing performance of their portfolio. Contact Leaselytics to request a demo.