Following on from our second Blog (here) we by will exploring at how sector participants can leverage the Power of Data in order to best respond to these challenges. As highlighted in the challenges in the first 2 blogs (see links here and here), data has a crucial role to play in ensuring that Housing Associations are well equipped in meeting each of these challenges.
The speed and scale of technological innovation in recent years in analytics, artificial intelligence and machine learning means that exponentially more data is being created and shared faster among ever more connected devices in the ‘Internet of Things’. At DTSQUARED we see data as the foundations
upon which successful organisations rely on in order for them to thrive as we advance through the twenty-first century. Managing and governing data should not be considered a “luxury” but rather an essential element of business strategy. Being able to create confidence and enhance reputation
may seem intangible benefits, but as the global challenges of Covid-19 reporting demonstrated, inaccurate or conflicting data only serves to create mis-trust.
This has created an urgent need for organisations to develop a Data Management framework. By working with various organisations across a variety of industry sectors we have identified a number of common data issues that need to be resolved in order to allow firms to start taking
advantage of the data available to them:
- Lack of control and standards over data
- No clearly defined data ownership
- Poor or unknown data quality
- Lack of golden sources of data
- Limited understanding of where data is located across the business
- No clear reporting/analytics strategy
- Shortage of exec sponsorship promoting the importance quality data at all levels
- Lack of understanding around the potential of data
In order to help remediating some of these issues DTSQUARED has created a number of tools and
techniques that have been successfully used with a number of clients to help with their data journey.
Please see HERE
Using some of these techniques we can start to illustrate how this may allow Housing Associations to develop a clear set of capabilities and services that will enable them to best serve their residents going forward. An example of these business capabilities is shown below:
As the above representation illustrates, a robust and comprehensive data platform is a key component in allowing organisations to progress to more advanced levels where data may be optimised and used to drive real business benefits for both the Housing Associations and for their
residents. Processes become more automated, there is a much higher level of STP (straight through processing) and manual checks and errors are reduced. This allows organisations to also reduce longer term operational running costs and puts residents front and centre of the offering.
As this Blog Series hopefully highlights, data is becoming an increasingly important commodity for the Social Housing sector. Understanding more about residents’ current and future needs allows Housing Associations to tailor their service more effectively to meet their organisational goals. This is especially important given the social and economic challenges brought about by COVID-19.
By establishing a strong data quality, data architecture and data governance framework, organisations will also be able to take advantage of this to work more efficiently and deliver better value for their tenants. There are now a number of tools, platforms and techniques now available to help Housing Associations to fulfil their objectives and DTSQUARED is pleased to help deliver these to our clients. If you would like to talk to us to understand more please contact us using the button below and we would be happy to speak to you.
We will be discussing these and other issues further in our upcoming webinar series for Social Housing.
To find out more please click on the following link