Housing associations have to navigate a complex environment, balancing the needs of their tenants, stakeholders, funding partners, and regulatory authorities. In this challenging context, organisations that harness the power of data analytics are increasingly gaining a competitive advantage across financial, operational, and service delivery metrics. In this blog, we explore the best practices and techniques that housing associations can use to leverage data for optimised decision-making, enhanced risk management, and improved service delivery.
Streamlining data management
A fundamental element for successful data analytics entails establishing a dependable and thorough data management system. This includes the consolidation, standardisation, and integration of data derived from multiple sources within the organisation, including finance, asset management, tenancy management, and records of repairs and maintenance. A centralised data warehouse ensures data quality, data security, and compliance with data protection regulations. Data governance frameworks must be established to ensure data accuracy, completeness, timeliness, and accessibility.
Building a real-time dashboard
With the right data consolidation, housing associations can build a real-time dashboard that provides key decision-makers with the ability to access and analyse data quickly and accurately. Such dashboards should feature real-time financial reports, operational performance metrics, and tenant satisfaction scores, enabling managers to monitor and evaluate performance against goals, objectives, and KPIs at any given time. Dashboards that are accessible from mobile devices like smartphones and tablets can improve operational agility and increase users' satisfaction.
Optimising operations through data analytics
Housing associations can leverage data analytics to streamline and optimise various aspects of their operations, such as licensing, resource allocation, and property maintenance. For example, by analysing historical data on license usage, associations can better predict future licensing needs and adjust accordingly, avoiding over-provisioning and reducing costs.
Similarly, data analytics can inform decisions on scaling resources up or down based on demand patterns. This can lead to significant cost savings and efficiency improvements, as resources are deployed where they are most needed.
Furthermore, data on property maintenance and repairs can be used to create optimised schedules and prioritise tasks. Using analytics, housing associations can identify which repairs are urgent and which can be deferred, ensuring the efficient use of maintenance resources.
Improving tenant services
Data analytics can enhance tenant satisfaction by informing key service delivery decisions. The data can be used to map the tenant journey and identify areas of difficulty and friction, which can then be addressed. Analytics can also improve communication with tenants, build an effective communication strategy, and enable prompt action where necessary. Informed decision-making based on predictive analytics can help housing associations to anticipate future demand, plan new services, and create innovative tenant engagement programmes.
How to get started
Managed service providers (MSPs) are an invaluable resource for housing associations looking to leverage data analytics for improved decision-making. MSPs can provide comprehensive data management solutions, offering the expertise and resources necessary to consolidate, standardise, and integrate data from multiple sources.
These services also encompass the development and implementation of real-time analytics systems, enabling housing associations to swiftly and efficiently derive actionable insights from their data. Collaborating with MSPs allows housing associations to optimise their data utilisation, fostering advancements in service delivery, operational efficiency, and strategic planning.
Furthermore, MSPs can provide robust cybersecurity measures, ensuring that all sensitive data is handled with the utmost care and protection, thereby minimising the risk of data breaches. Therefore, through holistic data management and analytics solutions, MSPs empower housing associations to fully exploit the potential of their data, fostering intelligent decision-making and elevating organisational performance.
To learn how MSPs can help your housing association overcome key technology challenges and meet your objectives while achieving higher levels of service delivery and tenant satisfaction, download our free eBook now.