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Traditional reporting vs business intelligence
Reporting is an essential part of a successful business culture. Looking back on performance and identifying what worked and what didn’t is at the heart of how agencies refine their strategies. After all, it’s hard to know if you’re growing (or shrinking) as a business if you’re not measuring it.
The problem with traditional reporting, however, has been the breakdown between organising information and being able to effectively analyse that information.
If you’re used to reporting manually, you’ll typically start by asking a specific question about performance, and interrogating your data to answer it. Setting aside the time-consuming process of actually doing all that, the limitations of this method are that it rarely answers the questions you never thought to ask, nor helps you make sense of information that doesn’t add up. You’ve reached the end of the road.
Business Intelligence pros and cons
Business intelligence helps decision-makers both organise and visualise their data so that they can make better business decisions, and grow more productive and profitable as a result. And while business intelligence as a tool is an attractive option for agencies, it does come with this caveat: they are not all built alike.
At the lower end of the market, insights tools will show dashboards of certain information, but that’s it. It might not be the information you need or want to see, and/or you may not be able to manipulate that data effectively. It’s hard to use it to get a complete snapshot of your agency’s performance if your business intelligence tool limits you in this way.
On the other hand, business intelligence can be just that: intelligent.
Insights Plus make short work of your unwieldy data
This is where Insights Plus comes into its own. It’s a business intelligence tool built into Console Cloud that allows users to visualise, customise, and organise their own data—and it provides a lot more than just KPI reports.
Users can filter their views of information, include or exclude parameters, drill down into it, change date ranges, customise how all of that information is visualised, and export these views to CSV.
In other words, it provides the kind of insights into business performance that have hitherto been out of reach for all but the biggest agencies, and all but the most skilled Excel users. It provides the real deal: meaningful, actionable insights.
Export filtered data to CSV
Insights Plus also allows users to export filtered data to a CSV format. Being able to filter views of data before exporting it means Console Cloud users spend less time manipulating and fiddling with numbers in spreadsheets, and less brain power trying to manually filter out irrelevant information.
Identify performance trends over time—from multiple offices
Spotting trends as they emerge helps agencies make better decisions. In Insights Plus, users can quickly identify if they’re losing (or gaining) business, how profitable their properties are to manage, and other key findings that can help them tweak their strategy for growth.
And for businesses with more than one office, Insights Plus lets you roll this data up into one simplified high level data set without losing the ability to view granular metrics for a single office in the network— the best of both worlds, so to speak.
Users can also quickly filter data to their area of interest, and interrogate it to understand what’s causing certain results. Here are some other examples of what Insights Plus can drill down into:
- Reporting across all Properties
- Lease Renewals
- Gained and Lost Managements
- Maintenance activities
- Owner Communications
- Owner Withholds
- Rental and Maintenance Revenue
- Tenant Agreements
- Tenant Communications
- Tenant Deposits
- Vacant Properties
The future of Insights Plus: predictive analytics
Possibly the most exciting aspect of Insights Plus is what it will be able to do in the next 12-24 months. Insights Plus has been designed to start processing data so that it can use algorithms in future to predict business performance.
Incorporating machine learning into the design of Insights Plus means that over time, and as it begins to process larger sets of data, the technology that powers it will become more intelligent. Part of that intelligence will be being able to identify and predict performance trends.
In particular, Console is focusing on being able to deliver insights such as identifying which of your properties under management are the most work (and least profitable to manage), as well as helping you calculate your real break-even point, and where surprising profits can be found.
Insights Plus latest in raft of major improvements to Console Cloud
Despite the impacts of COVID-19 and other significant events around the globe, it has been a hugely productive quarter for our business (possibly, we all got tired of baking bread).
Insights Plus is just one of a number of significant upgrades to our flagship platform, Console Cloud. In the last three months alone, we’ve launched:
- Self-inspections and other inspections improvements
- A Console Cloud native (and free) net promoter scoring tool Yardstick
- Significantly improved owner statements (including the launch of our single consolidated EOFY statement for customers migrating from Gateway),
- A Fraud detection system, and
- Launched Console’s new learning platform, and home to real estate and property management courses, Nebula.
You can keep up to date about the latest Console Cloud news and resources by subscribing to our monthly product update (no spam, promise).
Wondering what to read next?
Get a copy of our ungated (read: no email address required) ebook, The Buyer’s Guide to Property Management Software.
Or, read about WA-based agency Manjimup Property Management Services and their move to Console Cloud. Don’t forget to check out what growth looks like with Radi Estates, or learn about Ray White Rockhampton’s journey to Console Cloud. We think Cassie’s insights are worth their weight in gold—and we hope you do too.