24 Jul Scrutinizing Decision Making: How Housing Associations Can Use Data and Analytics to Thrive
The demand for digital transformation among Housing Associations is increasing. Like many other organizations, these companies have been forced to update their technologies in recent years. According to one report, 67% of HAs have invested in new IT solutions to accommodate the need for hybrid and remote working practices. Many others are looking into technologies to help streamline processes, reduce costs, and improve efficiencies in a time of economic turmoil.
Following the release of the Government’s Charter for Social Housing Residents, the pressure on Housing Associations to invest in new technologies is likely to increase even further. This charter outlines various measures HAs must prioritize in the years ahead, in order to become more citizen and resident-centric. We’ve discussed a few of the concepts outlined by the Charter already. Today, we’re looking at an area many companies are already aware of – the need to scrutinize decision making.
In any business, intelligent, data-driven decision making is critical to ensuring consistent profitability and growth. For Housing Associations, decision-making is particularly important. The ability to assess information correctly and make intelligent choices about projects, initiatives, and strategies not only influences the economy they serve, but the residents that rely on their services.
However, to make more intelligent decisions in today’s complex landscape, business leaders in the Housing Association landscape first need to overcome a core problem: data chaos.
The Current Challenges Facing HA Decision-Making
Scrutinizing decision-making practices is just one of the ways Housing Associations can update their processes to become more resident-centric. At a time when many of these organizations are facing the challenges of a “reputational crisis”, it’s never been more important to ensure decisions are being made carefully, and with access to the right information.
Unfortunately, many Housing Associations are struggling to effectively leverage the data they need to make more intelligent decisions. For years, HA groups have struggled to collect information consistently and cohesively, in environments which typically rely on a distributed system of digital tools and services. By 2019, data quality and governance was still ranked as one of the top risks and challenges facing Housing Associations worldwide.
The problem for most organizations lies in the use of legacy systems. Old-fashioned technologies are rife throughout the housing sector. Often, these inflexible tools leave information distributed in siloed environments throughout the organization, making it harder to maintain a clear view of business processes and crucial metrics. Siloed, unmanageable data prevents Housing Associations from acting in the agile flexible manner required by their residents.
Without access to the right systems to unify data, companies are left with inaccurate, and often incomplete reports of HA operations. This often leads to poor decision making, which further damages the reputation of the organization, and harms the experience provided to residents. In order to scrutinize decision making correctly, according to the guidelines introduced in the Government Charter, Housing Associations need to digitally transform.
Leveraging Data with the Right Technologies
By bringing crucial data and metrics from multiple environments together into one unified space, Housing Associations can eliminate the chaos, and streamline their processes. Analytical tools and reporting systems capable of unifying information from across the contact center, service desk, and many other crucial tools within the HA landscape are becoming increasingly popular in these areas. With an all-in-one omnichannel tool, companies can bridge the gaps between disparate systems.
A comprehensive ecosystem for data management and reporting unifies data in a way that unlocks new opportunities for Housing Associations. First and foremost, it gives them an opportunity to preserve compliance and security across the digital landscape, by tracking the right information required by today’s regulatory bodies. Secondly, it ensures teams have a centralized environment where they can effectively scrutinize data to make better decisions.
An intelligent ecosystem can provide:
• Automation capabilities: With automation, Housing Associations can collect feedback and insights from customers rapidly, across multiple channels, allowing for insights into crucial factors which can influence decision making. The right automated tools can also sort through responses and data in the HA system, to find trending topics and concerns.
• Artificial Intelligence: Many of the top tools for analytics and reporting in the landscape today already come with AI solutions built-in. These tools can provide insights into customer or citizen sentiment. They can also provide automated insights into the best ways to improve regulatory compliance, or respond to issues facing residents.
• Agent support: Unified reporting and analytical tools provide agents with a comprehensive insight into the core metrics they need to consider when making decisions. They can offer information on everything from the available budget for new products, to customer satisfaction scores in different areas. Some tools even offer real-time agent assistance through AI bots, designed to keep agents on-message when interacting with citizens.
• Shareable reports: The right tool can allow companies to create highly customizable and shareable reports for different use cases and situations. These reports can be shared with regulatory bodies for compliance purposes, as well as stakeholders and business leaders. Business Intelligence reports can even assist companies in making more intelligent decisions about future programs and opportunities.
• Process improvements: With AI solutions built into analytical and reporting tools, companies can track trends and collect insights which offer information on how to improve the performance of the business. Not only can they find ways to improve resident satisfaction scores, but they may also encounter opportunities to boost employee or agent engagement, reduce operating costs, and increase efficiency.
Using Digital Transformation to Drive Better Customer Experience
To scrutinize decision making, and pave the way for better choices for both residents and HA business leaders, companies first need to tap into the power their data can provide. This means looking for ways to bridge the gaps between different ecosystems in the workplace, to provide a holistic view into crucial company information.
Tools for reporting and analytics, as well as enhanced solutions for customer service management, such as end-to-end CCaaS platforms which integrate with CRM and reporting tools, can deliver excellent opportunities to Housing Associations. With the right technologies, organizations can improve service delivery, understand resident needs, and make intelligent decisions based on historical, real-time, and even predictive data.
Of course, unlocking this innovative new technology comes with its own challenges. Finding the right platform for your needs, implementing the best tools, and even sourcing funding can be more complex than it seems. Fortunately, UC Advisor can help. Not only can we help you find the vendor best-suited to your data analytics need, but we can also offer our Transformation Fund to ensure you have the finances required to take the next step in your Digital Transformation project. Contact us today to find out how we can help you adhere to the expectations of today’s Housing Associations.