Pub. 4 2019 Issue 3

10 www.ctaahq.org 5 We noticed that the pace of the adoption cycle for BI has differed from the technology mentioned earlier. Those were clearly led by owner-operators and followed a path where early innovators spent years getting just a handful of customers before hitting a tipping point of rapid adoption. surprising given a 10-year bull-run in apartment perfor- mance doesn’t exactly leave metaphorical sales muscles at their peak level. For executives peering into a future rife with possible slowdowns, it seems wise to improve those capabilities in preparation for potential clouds ahead. Business Intelligence (BI) Adoption Several interviewees mentioned BI projects as a key area of focus though few were completely satisfied with their results to-date. We noticed that the pace of the adoption cycle for BI has differed from the technology mentioned earlier. Those were clearly led by owner-operators and followed a path where early innovators spent years getting just a handful of cus- tomers before hitting a tipping point of rapid adoption. In contrast, BI is following a slow, steady pace of adop- tion with no rapid increase and seems to be equally led by fee managers as by owner-operators. The motivation for fee managers is the need to meeting their clients’ expecta- tions for quantity, quality, pace and customization of data and reporting. Candidly, most BI projects are not set up for success. They tend to be IT-led and/or report-centric rather than business-led and focused on dashboarding and predic- tive analytics. A company driven by analytics is highly recommended. PRM Turns Eighteen This month is the 18th anniversary of the very first prop- erty that went live on LRO (for any trivia buffs, it was Hunters Run in Austin, Texas). When asking executives what they thought was missing in PRM, CIOs told us they haven’t been involved in PRM for years and COOs struggled to articulate any driving needs. It’s concerning that executives have become complacent about PRM. Other industries (e.g., hospitality) view PRM as a Sisyphean task and never stop working on refining models and processes. At a minimum, there is opportunity in better lease-up pricing, unit amenity eval- uation, renovation return analysis and ongoing develop- ment of PRM associates. Source: Originally published in the March 2019 issue of units magazine from the National Apartment Association. 4 Continued from page 9