Data silos are not a new challenge for organizations, but rather a growing one. Real estate professionals need to break down data silos to build a more sustainable business and meet stakeholder demands for non-financial data.
See, sustainability has three pillars – economic, social, and environmental. To build a sustainable business, you need to look at all three pillars holistically and understand their links to make informed decisions based on data. In real estate, this means that cross-collaboration is integral to success. Vast amounts of data need to be looked at together to make decisions, including your financial data, employee data, tenant data, property and operations data, and new environmental data such as emissions that you may not have been tracking before.
To do this manually, integrate the data in one place, normalize it, visualize and make sense of it comparatively, and use it to make decisions is a difficult process. Luckily AI can be used to automate this process, breaking down data silos and leaving you with seamless data access across departments.
Understanding Data Silos
Many challenges come with data silos, especially in real estate where vast amounts of data are generated daily from every property and the overarching organization. Some of these challenges include:
- Incomplete Data Sets: Data silos restrict access to essential environmental, economic, and social data, leading to incomplete sustainability reports and flawed decision-making.
- Inconsistent Data: Different departments, such as financial and property management, may record and format data differently, leading to inconsistencies. Errors in one department may go unnoticed in another, affecting overall data quality and integrity in sustainability reports.
- Reduced Collaboration: Siloed data limits opportunities for cross-departmental collaboration and data sharing, making it difficult to compile comprehensive sustainability data that includes environmental, economic, and social aspects.
- Property Management Challenges: Isolated property management data can result in inefficiencies in monitoring and reporting on property-related sustainability metrics. Being able to benchmark properties and create a baseline can seem nearly impossible.
The Role of AI in Overcoming Data Silos
Over the past years, there have been serious technological developments that can enable companies to overcome data silos. The main driver of this is the development and use of AI.
An AI-driven data management platform can integrate data from various sources without manual effort. When meeting new sustainability reporting requirements, you will no longer need to gather data from various departments, as the entire process can be automated. Your teams will have high-quality, complete data to make informed, holistic decisions, and that’s not all. There are many benefits to using AI in your data management strategy.
Benefits of Using AI for Data Integration
Not all AI is built equally. We cannot speak for every platform in speaking to the benefits of AI for data integration. Below are some of the benefits of ScriptString.AI’s data intelligence platform and patented technology.
A Consolidated View of Your Data
Say you are focusing on finding ways to lower your portfolio’s energy consumption. You want a consolidated view of every property, the consumption, and the financials tied to that. ScriptString can do that and more. Whether you manually upload your utility bills or have us get the data directly from your providers, you will have all the necessary data points in front of you in no time. Want to bring in other company data to compare and enable better decision-making? We can do that, say goodbye to data silos.
Scalable and Flexible
Many in real estate aspire to grow, ScriptString is there for you as you do. As a scalable solution, we grow with you, no matter how much data you need. Meet all stakeholder demands with configurable dashboards. Display and communicate your data in a way that makes sense to you.
Improved Accuracy and Efficiency
Our AI data automation doesn’t only provide efficiency through time savings of analyst hours but also improves the accuracy of your data. From anomaly detection to quality checks, you can be sure that you’re working with high-quality data without the extra costs.
Real-time Data Ingestion
Instead of waiting to comprise your yearly report, work with real-time data to understand your performance as of now. Understand progress towards goals and adjust your strategy to ensure you meet them.
AI-driven Advanced Analytics
Take it a step further than just data integration. Our AI can aid you in getting more out of your data. Take your data to the next level with predictive analytics and benchmarking capabilities to ensure you are fully informed about your next decisions.
Overcoming Data Silos With ScriptString
Data silos can be a persistent challenge for many in real estate, but it doesn’t need to be that way. Partnering with ScriptString can solve these challenges. We will provide you with high-quality consolidated data to make informed decisions for a more sustainable future.
