The most valuable asset to a commercial real estate company is its data. With data, you can make better business decisions in a fraction of the time that it would usually take. The problem with data is that it is rendered useless if you cannot easily access and analyze it. This is the case with most companies that have siloed data. A data management platform, or “DMP,” can help.
What is a DMP?
A data management platform is a tool that helps you collect, organize, manage and prepare data to be analyzed. With a DMP, users can access all of their data as well as third-party data to have one single point of truth to make decisions with greater precision. Having access to your data allows you to analyze it and learn more about your properties and tenants and make better decisions.
How does a DMP work?
So how does a data management platform work? It starts with collecting all of your data in a centralized location. Once your data is centralized, the best data management platforms standardize the data, so it is easy to find and work with. The DMP will store the data allowing you to pull from it whenever you want to run analysis or modeling.
What are the benefits of a DMP?
Other than the fact that your company may lag behind without a data management platform, there are countless benefits of having a DMP. We listed a few of the main benefits:
- Store and organize your data
In order to take full advantage of your data to help you make better business decisions, you need to be able to access it easily. Data management platforms help unify your data from multiple sources in one secure location.
- Extract the information that matters to you
One of the best parts of a data management platform is having the ability to extract the data that you need to answer questions you have or to help you make data-driven decisions in real time. By removing the manual process of collecting, organizing, and analyzing data, companies remove the silos across their organization and are able to derive greater value.
The best DMP solutions have top-level security in place to prevent loss of sensitive information. They also include the ability to set user permissions allowing you to control who has access to your data.
Data is a crucial part of making better and faster business decisions. With a data management platform, CRE professionals will foster a data-centric culture, get ahead of their competition, and find the best opportunities
Wondering if a data management platform is right for your company? Read 5 Signs You Need Asset Management to identify how software can address your challenges and create value for your company.