Silos Belong on the Farm—Not in Real Estate
Silos Belong on the Farm. Sage Intacct Real Estate can help break down the information silo.
A Lesson from the Midwest
I remember the first time I traveled to Iowa and came across a grain silo. It was a massive structure that stood like a giant monument to our agricultural communities. And it had a purpose: to store grain. They are truly effective containers to hold commodities.
Silos in Agriculture vs. Real Estate
In the world of agriculture, silos are an important part of doing business. However, if you are not in agriculture, silos are not a good thing. In the world of real estate, easy access to timely and accurate information is key to making informed and educated The Consequences of Information Silosdecisions. Whether it is an acquisition, moving forward on a lease, or planning next year’s budget, having that information at your fingertips is imperative to successful operations.
The Consequences of Information Silos
In real estate, information stuck in silos will cripple your business, frustrate your team, decrease staff efficiency, and will negatively impact relationships with your stakeholders such as owners, investors, lenders and others.
Steps Toward Information Transparency
There are ways to minimize information silos and create information transparency across your entire organization. The first item in breaking down silos is to make sure that your technology infrastructure can easily manage multiple inflows and outflows. This could be through automated/scheduled reporting, the ability to create ad hoc reports or queries, and import and export capabilities.
Centralize Your Data
Your technology infrastructure should also be a central repository of information. When all your information is in one database, it is easy to pull information as needed, by the parties who need to see and interpret that data. Financial and operational information should be secure, but accessible for those who need to access it.
Refine Policies and Workflows
Policies, procedures, and workflows should be continually reviewed and refined to optimize workforce efficiencies and provide guidelines on the collection, dissemination, and retention of essential information.
Make Data Visual and Actionable
Finally, visualization of information allows stakeholders to receive information in a form and format that is best for the individual who needs to interpret that information. We all view data differently; in today’s world it should be easy to provide stakeholders with what they want to see, when they want to see it. Using easily configurable dashboards allows information to flow to the appropriate parties in a timely manner.
Break Down Silos with Sage Intacct Real Estate
Silos have their place in the world of agriculture. They do not belong in the world of real estate. Break down those silos for your accounting and management teams. Reach out to Sage Intacct to learn how the Sage Intacct Real Estate solution can help your organization and your portfolio.
Already in a position to find out more about a modern, cloud-based property management solution? Ask for a demo or talk to one of our specialists to get the details HERE >>>
