Alleviate Growing Pains for Commercial Real Estate with Reliable Data

As a substantial number of professionals have shifted to remote work, and as more consumers shift to online purchases, the future of commercial real estate is very much in flux. Reliable data is even more important then ever before.  Finance experts in real estate and property management need to be nimble if they want to succeed in a changing industry. This is especially true now, as nearly 60% of economists expect to see a recession in 2023.

Real estate business leaders are recognizing more than ever that adaptability is essential to succeed during this period of massive disruption. But traditionally, commercial real estate isn’t known for its agility; it tends to operate on low-volume, high-dollar transactions built around long-term lease agreements.

However, with the threat of recession looming, commercial real estate businesses must do everything in their power to reduce costs and leverage reliable data to make decisions. Dirty data and inaccurate reporting are agility killers and real estate firms need to be adaptable to successfully navigate market fluctuations.

The Real Cost of Poor Data

It may come as a surprise, but human error is the leading cause of accounting mistakes. More than a quarter of professionals reported that incorrect data had been manually input into an enterprise system at their firms. This highlights the pressing need to automate and streamline processes to reduce manual data entry and mitigate risk of error.

In the moment, data errors can seem trivial, especially if caught early before reports have been distributed. But in the long-term, the time it takes to find and fix little errors adds up. According to MRI Software, finance teams lose up to 10 hours per week manually tracking key data in documents. That is one whole day every week that skilled employees lose identifying key information in contracts, resulting in significant productivity losses and distraction from core tasks.

The result? Gartner research shows that $15M is the average financial impact of poor data quality on a business. This is a huge sum of money that could be invested in generating value for the business, not combing through data errors. Additionally, the impact of poor data has further implications beyond financial, such as missed opportunities and higher-risk decision making.

Improve Strategic Planning with Reliable Data

Property owners, managers, and investors require accessible, accurate data to support the strategic planning cycle and navigate the dynamics of today’s market. Leveraging technologies such as MRI Software’s property management solution, investment management software, and AI-powered lease abstraction tools can help rationalize large amounts of data from many sources, aggregate the information, and run scenarios that drive better investment choices.

Manual processes simply can’t efficiently handle these functions. For real estate organizations seeking to improve data quality and reduce manual input, implementing a system of record with a centralized data repository allows for controlled collaboration and visibility while minimizing risk.

The Right Solutions for Your Automation Needs

Spreadsheet Server combines the familiarity of Excel with the power of your MRI platform, enabling users to bridge the operational gap between company data and reporting to understand the story of their business.

Save money and time when you streamline data analysis processes in a secure environment with the power of Spreadsheet Server. While maintaining the functionality of the Excel spreadsheet application, Spreadsheet Server allows you to mix GL and non-GL data from multiple platforms into a single worksheet, creating financial and operational reports with drill-down capability using live data right from your MRI ERP system.

By automating your reporting and connecting it directly to live ERP data, you will dramatically reduce the risk of human error. Spreadsheet Server helps streamline your reporting to keep up with twists and turns in an uncertain real estate landscape.

• Quickly build real estate report templates without relying on IT. Enable your team to build and refresh reports to improve process efficiency and job satisfaction.
• Drill down on your mission-critical business data. Break through the noise and efficiently find and address the root cause of any issues.
• Spend less time manually manipulating real estate data and more time analyzing the results. Making decisions informed by real-time reliable data can lead to better ROI for your stakeholders and improve portfolio performance.
• Become more proactive and less reactive to trends in the market. With real-time data in hand, you’ll be ready to take advantage of any opportunities that arise and get a head start on your competition.
• Increase security and reduce risk. Spreadsheet Server Connector is built by MRI, and exclusive to SaaS clients using Spreadsheet Server. It serves as a data gateway that enforces entity security rules and protects against data modification. Spreadsheet Server Connector can only read and relay the data needed to populate your Spreadsheet Server reports.

With rising interest rates, a looming recession, and increasing demands on real estate finance professionals, it’s critical to your company’s financial health to quickly generate accurate reports to provide rapid business insights. That means having the right technology in place to support agility.

To see how pairing Spreadsheet Server with your MRI Software solutions can speed up and simplify your reporting while reducing the likelihood of data errors, schedule a demo today.