How You Can Prevent Data Overload With ERP Software 

06.08.21 08:00 AM Comment(s) By Assetsoft

How You Can Prevent Data Overload With ERP Software

Data is extremely valuable for the real estate industry. Companies process huge amounts of data to finalize important decisions. In fact, 7 out of 10 businesses think data discovery is very important. But what happens when there is too much data? Your software experiences an information overload which can decrease its data processing efficiency.  

 

Contrary to popular belief, huge amounts of data are not equal to better analysis.  


As a property manager, your monetary decisions usually depend on data analysis. Real estate ERP systems can be useful in preventing data overloads in the CRE industry. Read on to know how you can utilize ERP software to prevent information overloads. 

How to tell if my software is overloaded?

Software data overload can be detected by analyzing a few metrics. Even though it is capable of handling a lot of data, it won’t function as effectively if there is an information overload. 

 

Efficiency: Does your software work as efficiently as it did initially? Are the performance results unstable? A decrease in software efficiency could be a sign of data overload.  

 

User review: If you cannot detect overload through measurable metrics, ask the software users for insights. Are they finding the software difficult? Do they find too much irrelevant data in the software? This junk data might have occupied the place of valuable information. 

Steps to prevent data overload

Data preparation

The first step for data overload prevention is to prepare the data. This helps you identify the problem areas and analyze data based on priority. Some steps to prepare your data are:  

Identify data sources

Identifying where your data is coming from is crucial to filter out bad data. This data can be anything from emails and contact information to market analysis and tenant messages. Typically, this data comes from social communication tools, websites, or other data capturing software. If a particular source is constantly sending bad data, you can block it at the source and reduce the amount of data collected.

Eliminate bad data

When using ERP software, the quality of your data matters. According to Garter, organizations lost an average of $15 million in revenue due to poor quality data. Bad data is anything incomplete, inaccurate, irrelevant, or duplicate. Such data occupies more space without providing any value. Remember, for ERP systems, quality matters more than quantity. You can filter out bad data by analyzing all information and rejecting or deleting irrelevant data. Early elimination of bad data can prevent further complications such as lower productivity and increased expenses.  

Make data ERP-ready

Data migration is not as simple as copy-pasting information from one place to another. Depending on your original data storage, your data needs modifications to be compatible with the new storage solution. You can opt for step-by-step data migration or move all the data at once.  

Automation

Once your data is ready, you can automate your data management through ERP software. Depending on your requirements you can decide on the ERP implementation solution. Certain platforms have pre-made templates for various businesses. Your ERP solution should adapt to the company’s data management requirements. You can either train your in-house team or hire an outsourcing company to migrate data on your new ERP software. For smooth data management, you can take the following steps: 

Divide the automation into stages

Automating is easier when done in steps. Start by dividing your data based on priority. If tenant data is more important than anything else, migrate it first. Automation isn’t an instant process. It can stretch from days to months. Planning your automation strategy beforehand can ease the actual process.  

Streamline your software

Every company has different goals and requirements. Off-the-shelf software does not have custom features that suit your business. Through RPA tools, you can integrate various features to build custom software for your company. Platforms like UiPath make integrations easier through their various tools.  

ERP modules for data management

There are different ERP modules you can utilize to automate real estate processes. By combining all the modules, you can streamline your data management and prevent data overload. 

Task manager

A task manager lets you organize your real estate tasks using a single platform. Through this tool, you can view and assign tasks to your employees. You can view all your tasks on the dashboard which makes it easier to plan them. The software keeps track of all the tasks and stores the data in its own backup. 

Artificial intelligence

Data management has become easier and more accurate with AI. A PwC report states that artificial intelligence will change the real estate decision-making process. Using artificial intelligence, you can easily reduce the amount of bad data in your storage. The AI will analyze all the information and filter out irrelevant or duplicate data. It will also organize the data so you can access it easily. 

Cloud storage

Local storage can hold only a limited amount of data. Moving to the cloud gives you a larger storage space that is also more secure. Moreover, you can remotely access the data through a connectible device. Sharing the data with your employees and clients also becomes easier.  

Visual reports 

Instead of the bulky analysis reports, AI can display the same through simple visual representations. Using pie charts and line graphs, it can show you all relevant information. This helps in easier understanding, comparison, and storage. These reports can also be conveniently shared with clients. This eliminates unnecessary analysis data, while still keeping the important information. 

Prevent data overload through Assetsoft

With efficient data management, you can prevent your software from getting a data overload. At Assetsoft, we provide you with the tools and resources required to build a good data management ERP. Through platforms like Yardi, UiPath, and Procore, we integrate the best features into a single platform suiting your requirements. Our team of experts provides support and information throughout the process. From data migration to AI forecasting--we have all the services you need! 


For more information about data management, reach out to Assetsoft!  

Assetsoft

Share -