What Is Business Intelligence?
Business intelligence (BI) combines business analytics, data visualization and infrastructure to help organizations to make more data-driven decisions.
It is important to note that this is a very modern definition of BI. Traditional Business Intelligence emerged in the 1960s as a system of sharing information across organizations. It further developed in the 1980s alongside computer models for decision-making and turning data into insights. Today's BI solutions prioritize flexible self-service analysis, governed data on trusted platforms, empowered business users, and quick insights.
Today’s advanced phase of BI combines:
Reporting
Data mining
Data visualization
User experience
Much more than a specific “thing,” business intelligence is an umbrella term that covers the processes and methods of collecting, storing, and analyzing data from business operations or activities to optimize performance.
What Is MRI Analytix?
MRI Analytix Portal empowers real estate organizations to transform data into actionable insights, to move from reactive decision making to proactive planning.
To appreciate and understand the modern BI tools, it is important to learn a little about the traditional methods such as reports and static dashboards. Graphs, charts, and static dashboards tend to create most questions as it is normal for any thinking mind to ask “Why?” after seeing any piece of information. But due to the static nature of the traditional, it is not possible to interact with the dashboard or go deeper into granular levels to get an answer.
Getting actionable insights in traditional reporting tools usually means running more reports or exploring the application for the answers. This results in a waste of management’s time and delays in decision-making. Moreover, there is no guarantee that the next set of reports will result in something of use. Proper BI tools like MRI Analytix seek to eliminate this cyclical and unending process.
Within the MRI Analytix interface, the visualizations can be explored, modified, and drilled into. The interface is designed so that users can move forward and backward through the data sets without leaving the application or a requirement to commission a completely new set of reports.
Analytix Insights Dashboard Overview
The MRI Analytix Insights Dashboard offers Accounts Receivable, Occupancy, and Advanced Retail functions. Every section contains all the information required to make decisions in such key areas. The dashboards are simple and quick to set up, which means minimal disruption during implementation and a short learning period.
Accounts Receivable Dashboard
The Accounts Receivable (AR) dashboard offers easy-to-understand visual representations of receivable data sorted by asset, asset manager, date, amount owing, or other filters. Such insights allow you to design policies and processes that keep the AR Aging (the length of time an invoice or amount owed has been outstanding) from exceeding decided thresholds.
Occupancy Dashboard
The Occupancy dashboard offers occupancy related data of properties in your portfolio such as actual leases, occupancy statistics region, lease changes, and leases to expire soon. Occupancy insights are crucial to a robust budgeting and forecasting exercise.
Advanced Retail Dashboard
The Advanced Retail dashboard offers detailed insights into occupancy and retail metrics. Such insights provide a peek into tenant type performance, comparison between different tenant categories and more. The objective is to understand the reasons behind the good or bad performance of specific tenant groups to bring in changes.
Insights Dashboards for Reporting
You can export data from your Insights Dashboard and cross-reference the data with point of interest (POI) data for reporting, budgeting and more. Data can be exported as an Excel file, CSV, or PDF.
Using BI for Budgeting and Forecasting
Detailed awareness of your trends, accounts, and asset performance is required to build an annual budget and forecast your financial position for the next year. MRI Analytix can be configured to pull relevant budgeting and forecasting information easily and automatically. Moreover, processes can be automated that would otherwise have had to be done manually.
With insights into average aging and a clear look at AR delays you can predict not just cash flow, but also the liquid assets you will be able to apply to future projects and investments. Moreover, insights into occupancy metrics can help you understand your typical occupancy rate at any given time and take steps to improve it, as well as understand occupancy to performance factors. Such actionable insights help you make smarter decisions to ensure that every asset in your portfolio is creating value for investors.
Supporting Your Journey to MRI Analytix
Assetsoft can help to implement a business intelligence solution like MRI Analytix or to train your staff on the tool to maximize your ROI.