Post on 14-Jan-2017
Make An Informed Choice
Leaders in multifamily real estate today already know the value of an investment in Business Intelligence. An investment in BI can pay back $13.01 for every $1 spent, according to Nucleus Research.
But before you start implementing BI for your portfolio you have a decision to make: Should you build your own business intelligence solution, or should you buy it?
BUILD BUY
P R O S
Not custom-built specifically for your business
*according to research from GoodData
Highly customizable toyour business
Build the exact dashboard you need
Takes 17 months on average to build BI in-house
Added costs for development, training, and support
Average first year cost of internalBI is $2 million
C O N S
C O N S P R O S
70% of in-house BI projects fail to finish on time or in budget
Difficult to switch property management/accounting software
May have extra features you don’t want, and not every feature you do
Includes the cost of training, support, and maintenance
Will be up and running in weeks, not months
Time and effort saved with automated data processing
Less expensive to buy and maintain
Built on a technology platform that is easy to update or change
BUILD BUY
There's a reason global revenue in the BI and analytics market is trending up.
Many companies are weighing these two options and coming to the same conclusion — for most real estate companies, it doesn't make sense to build BI. Hopefully this helps you make your decision for your multifamily real estate business.
*according a recent report from Gartner