Data Makes the World Go Roun
Adapting an old adage for the modern-day age, nothing could hold this much truth: Data makes the world go round.
Digital to be specific. It dominates almost every facet of our daily lives from the mere activity of posting an update on our Social Media accounts to sorting out sensitive and confidential content for the companies we work for. Talking about the latter, digital data drives growth for organizations across industries. These are responsible for assessing certain protocols or processes currently employed by an organization. The level of effectiveness of such would either lead to its further operation or total disregard.
To help in the cause, building a Data Dashboard is recommended for every company or organization to aid in the efficient measuring its performance across its functioning facets.
But What is a Data Dashboard Exactly?
Paragraph 2As already suggested earlier, a Data Dashboard is a professional tool that allows companies to monitor, measure, analyze, and extract significant business data across various datasets found in relevant fields within the business. Data Dashboards are ideally built to be neat, dynamic, and easy to use.
Data Dashboards should contain an overview of a company’s operations, protocols, projects, and how each internal department functions. Basically, the information contained in the visualization tool gives proprietors, owners, and shareholders a comprehensive look at how the company could grow further and what improvements could be administered.
Digital Data Dashboards are especially helpful as these are replete with analytics that can be navigated through immediately, streamlining the necessary steps toward upscaling a company’s area of services that needs it the most. This provides a way for organizations to measure their successes continually. The dashboard should be fortified so that it may be safe from data loss.
But what Data Dashboards ultimately provide are sound and easy reportage practices as it allows to view multiple data that would otherwise be too taxing to sort through.
If we are talking about Rental Businesses, the need for a Data Dashboard could not be stressed enough. Property Managers who overseer multiple properties, regardless of the nature of the rental business, are susceptible to data overload. As such, enlisting the help of a highly visual dashboard is greatly recommended.
Using a Data Dashboard To Advance Rental Businesses
While starting a Rental Business varies depending on what type one chooses to delve in, all businesses of this type need the guidance of well-recorded data. In this regard, Property Management can be quite a dive, leaving plenty of room for lapses. An automated dashboard in the context of a Rental Business extracts data from various types of reports integral to the performance record of each rental aspect. These may be as follows:
Actual and Budget Fiscal Year Analysis Report
This report is used to compare budgeted amounts and actual expenses across revenue activity in accordance to a specified timeframe.
You can use this report to generate a summarized report that compares budgeted amounts to actual expenses and revenue activity during a specified period. For each account, the report lists budgeted amounts, actual expenses or revenue, a mortgage from orders, and pre-encumbrance amounts from requisitions. In addition, this report also lists the remaining funds from the company’s accounts.
Budget Comparison Report
This report lays out the comparison between the current budget with the posted commitments and actual amounts. The report gets into the details of the actual values by commitment item for every transaction.
Customer Listing Report
Customer Listing Detail reports serve the purpose of reviewing the details of all customer information held by the company. The particulars provided herein gives access to the customers’ names, contact number, civil status, and other pertinent client information.
Accounts Receivable Aging
Lodged periodically, the Accounts Receivable Aging report compartmentalizes all the accounts of a company’s accounts receivable based on duration wherein a certain invoice has been outstanding. Simply put, this determines the financial health of the company’s clients.
Delinquency Analysis Report
As the name suggests, this report shows the status of all delinquent loans and all efforts exerted to make amends to the default.
Rent Roll and Recurring Charges
This pertains to a comprehensive document that allows landlords and property managers to easily access the details on which rents are due and which were already collected on an investment property. This report focuses mainly on the collected gross rent namely, insurance, monthly mortgage, taxes, or utilities.
Given the amount of detail included in each of these reports, looking at all these is not only time-consuming but is completely impractical.
While making informed decisions do require time, it would also be in the interest of Property Managers, owners, and business owners to be provided with a document that encapsulates all the significant numbers, digests them, and highlights only those that matter within the time of the review. In this regard, professionals deserve quick access to actionable analytics that would allow them to come to sound decisions in a shorter timeframe.
It goes without saying that being meticulous and mindful of your business’ data is integral to its success. For what it’s worth, companies should be data-driven regardless of industry or niche. Taking a hard look at your data regularly to examine it for possible departures in patterns or irregularities is more than just advisable. Data Dashboards, in its ideal comprehensiveness, ensures that business proprietors need not go through overwhelming data.
Developing a Data Dashboard for a rental business is essential for Property Managers who might be way in over their heads with the multiple properties that they manage. Data Dashboards can provide them with a comprehensive knowledge of their rental business’ data enough to make the decisions that would drive their sales further.