Navigating through Uncharted Waters with Data as your Compass
Uncharted waters and uncertain times bring challenges that cause pause, concern and change. Further still, they can lead to situations where important decisions can be made as a knee-jerk reaction without knowing all of the facts or potential consequences.
Yet the one thing that remains static is the fact that we must continue moving forward with a plan as effectively as possible through any crisis or challenge in life and business. To successfully accomplish this goal, we ALL rely on the use of data as a compass for direction on how to navigate calm or rough waters, through clear or foggy skies for current stability and future growth and success. Purpose-driven data is therefore a necessity for proactive decision-making in our lives and businesses.
Today, the senior living industry’s forward thinkers increasingly understand that a business intelligence solution is vital to meet business initiatives. By gaining immediate access to performance-based data from across their company, such professionals recognize that they are able to obtain a real-time representation of the current state of their business operations and environment. This allows them to make informed judgements that lead to enhanced efficiency, greater revenue-earning potential and the ability to improve the experiences of residents. To obtain and bolster such an ability, organizations are learning that they can thrive by integrating disparate data-generating systems used to make effective and time efficient decisions for optimal performance in their senior living portfolio. Simply relying on past experience without having reliable accurate and automated data will compromise the organization’s stability and ability to successfully adapt to sudden market changes. Moving from experienced-based to decision making to analytic-based decision making will help operators to define a strategy for success through their purpose-driven data, whether if attempting to identify company growth opportunities during good economic times or seeking to implement the most effective response during times of hardship.
While adopting an analytics-based approach has long been associated with labor intensive data retrieval, consolidation and sharing efforts, today’s most advanced business intelligence platforms are equipping senior living professionals with the means to fully automate the process. With such platforms able to integrate with multiple systems used throughout a community and portfolio, staff members can effortlessly obtain the vital analytical data that they need the very moment that it is needed. An advanced business intelligence solution can significantly consolidate and roll up all of your communities across regions and operators into a single database, providing company leadership with instant access to real-time performance metrics throughout their entire portfolio. It can also allow superb functionality as far as drilling down per community and department, or to specifically compare communities by ownership or care type. With each community or employee often possessing separate objectives when it comes to how they can make the most out of their data, a modern business intelligence platform can also be fully customized to meet whatever the need is for operational efficiencies.
Critically for the industry during moments of urgency when time is one of the most valuable of assets, a state-of-the-art software management solution will dramatically decrease the time spent manually gathering data and will instead increase operational success by allowing operators to focus solely on the implementing of effective business plans while also providing a greater ability to address the needs of residents and staff. As the country rebounds from the current health pandemic, an effective business intelligence platform is one solution you will want to consider as an asset to your organization that will not only result in a higher ROI and NOI, but also enhance your overall operating performance with occupancy, care, labor management and resident satisfaction.
Contact ProfitSword to learn more about how advanced business intelligence abilities are giving senior living professionals back vital time that can re-appropriated toward ensuring the wellbeing of residents, families, and staff while maintaining ongoing business success.