As a self storage owner or operator, much of your ability to make the right decisions hinges on your data quality. If your database contains outdated, inaccurate or incomplete data, you will lack visibility to the information you need to reduce costs, retain tenants and grow your business.
With technology quickly becoming a determining factor in self storage success, effective data management plays an even more significant role in your operation’s bottom line. But what is data management? And how can you improve data management to achieve better outcomes for your self storage business? Keep reading as we break down the basics and determine best practices and must-haves for data management in today’s self storage marketplace.
What is Data Management?
Data management refers to the capture, storage, organization, security, verification, and processing of essential information in your business. Historically, self storage operations collected data through more informal channels like conversations with customers or forms, and employees manually entered the data into the appropriate systems. In addition to creating a breeding ground for inefficiency, the process was open to human error.
In today’s industry environment, data management solutions automate many of these tasks. By automating the capture, handling and storage of data, these technologies can help you monitor performance, improve processes, and gain a clearer understanding of business opportunities.
Today, most operations are using data effectively in some capacity, whether it be in monitoring pricing through a Property Management System, checking access logs for suspicious behavior or monitoring their website traffic, as a few examples. The newer challenge comes in maintaining quality, quickly and efficiently accessing the information, and determining which data points are your KPI’s (key performance indicators).
Stay tuned for part two of this series as we examine the complications associated with poor data management and how data can be leveraged to improve your business when managed effectively.
