In self storage, your ability to make the right decisions is dependent on your data quality. If your database contains outdated, inaccurate, or incomplete data, you’ll lack visibility to the information you need to reduce costs, retain tenants and grow your business.
The Business Benefits of Effective Data Management
Despite the risks, poor data management continues to be a widespread problem in self storage. On average, Experian reports that 33% of organizations‘ existing customer and prospect data is inaccurate.
With the right data management strategy, your self storage operation can achieve:
1. Increased productivity: Data management increases productivity by making it easier for team members to locate the information they require. In addition to organizing your data in a logical structure, the right data management strategy securely archives data to be easily retrieved in the future.
Accurate and detailed delinquency reports and automation can make it much easier for a site manager to complete the necessary steps in the collection process.
2. Improved efficiency: Data management improves productivity by eliminating redundant efforts.
With a clearly defined set of accurate KPI’s, marketers can quickly check the pulse on metrics like leads, conversion rates and spending to ensure their efforts are paying off.
3. Operational agility: Access to reliable data allows for organizations to keep pace with the ever-changing marketplace. Data management ensures your entire leadership team has access to the same data, improving both the quality and speed of decision-making.
A dashboard lets regional managers quickly assess the status of security hardware in real-time and take the steps necessary to address concerns.
Stay tuned for the final part of this series as we discuss the benefits of effective data management, how to make the most of your data and how to leverage it to improve your business model.