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Data is important – you get it. You read about it in the news. Consultants advise you on “leveraging it”. You know that leaders in other advanced sectors – like finance, retail and transportation – use it constantly to strengthen their business, take market share and drive revenue. But you’re curious what exactly data can do for you – someone managing complex real estate projects – and how you can put it to use.
At its core, data empowers teams to make smarter, more informed decisions. Instead of guessing or going with a gut feeling, data enables a project team to make confident and accurate choices at every critical juncture. Just like you wouldn’t buy a car without knowing gas mileage, MSRP, horsepower or safety ratings, you shouldn’t make strategic decisions for your ground-up development without knowing the facts.
Once you take control of your treasure trove of data (believe us, you have even more data points than you think), you’ll be able to quickly refer to it when:
- Deciding whether to pay an invoice
- Evaluating a change order or proposal
- Monitoring your project budget
- Making sure a vendor’s liability insurance has not expired
- Reviewing a contract
- Checking the status of your project contingency buckets
- Keeping track of your project schedule
- Assigning responsibilities for key tasks on your projects
- Forecasting cash spending over the next several months on your project
- Negotiating with a vendor
- Using data to plan the next project
- Answering your client or joint-venture partner when they ask for a report on how soft cost contingency was spent
- Creating your monthly cost report or draw request package
- Sharing an update with your partners and/or clients
- Determining what your total anticipated cost is for the job in real-time
- Confirming none of your critical vendors are trending over their commitments
- Reallocating funds within you project budget
- And much, much more
The Big Picture
Harnessing data for day-to-day decision-making will supercharge your project team and give your organization a competitive edge. Thinking proactively sets you apart from your peers and strengthens your reputation as an industry leader. More specifically, taking advantage of your data will help you:
- Win new clients. Modern clients are looking to partner with forward-thinking firms that are using the latest data-empowered strategies to run projects and save them money.
- Impress investors. Financial partners are more likely to fund additional projects if they trust you are using modern and sophisticated processes to deliver projects on time and on-budget.
- Increase returns by at least 2%. Leveraging your data will reduce (if not eliminate) poor decision-making, which typically leads to delays along the critical path, derailing the project and increasing unexpected costs to course-correct.
- Beat the market. Your historical and current data is a wealth of knowledge that will inform your approach on each unique development project.
Interest piqued? Now that you’re seeing the value of data, you’re probably wondering how to extract it and store it for easy access. For that, you’ll want a platform - like Northspyre - that handles it all for you. By smartly indexing all key commercial real estate data and financial points, Northspyre makes it easy to quickly search through your information when making fast decisions. And that’s just one trick Northspyre has up its sleeve. Upgrade today.
Tag(s): Best Practices , Real Estate Development
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