Thinking About Turning Data into a Critical Asset
Data is in abundance and needs to be made sense of in order to realize its full benefits.
Aaron Tan | Executive Editor, APAC
Today, the value of data is well known as effective use can help businesses speed-up decision making and improve the customer experience.
|Data...it's out there! Then, what?|
But.. some might ask: How do I get useful data? and others might say, There's so much data! How can you maximize both data collection and use so there's a positive business value proposition?
Taking a Discrete Look at Builder Warranty/Customer Service Data
Many builders provide their homeowners with warranty service after the home closes. Typically, this is a one-year period -- although two-years isn't unknown. During that time, builders manage homeowner requests for repair or replacement. There may also have been a builder/buyer walkthrough collecting issues for resolution prior to closing.
As a result, even the smallest builder has data! There are homeowner requests ranging from leaky faucets to squeaky floors to improperly installed appliances.
Yet, do you know how many faucet leaks your homes had over the last 6 months in the Happy Acres community? How about over the last 3 years? And, how many were due to poor workmanship vs. bad materials vs. design issues?
|Do you know how many leaky faucets happened this month?|
If you knew these answers, what would you do to address them going forward?
And, wouldn't your operations be more efficient and profitable, as a result?
Warranty Management Software Provides Analysis Tools
Warranty management software provides a very effective tool for a builder's operations because there's a large amount of data that evolves as a result of homeowner requests and repairs -- and software provides the tools to take large amounts of data and slice & dice & display for effective use. There really isn't any additional work required to obtain the information; it's a question of how to make use of it!
Take the leaky faucet issue above. That issue will be recorded as a homeowner request. Software provides the ability to easily review how many leaks occurred -- over a period of time, community-by-community.
The value proposition is significantly enhanced by adding a second step: why did this leak happen? Poor installation, bad faucets, bumped while doors were installed?
Over time, you'll have the data to know the most common issues as submitted by your homeowners. You'll know facts -- not squeaky wheel problems or the "big" ones! You'll also know why the problems happened.
If you're using an integrated software suite, you'll also know the vendor providing the work so you can address these workmanship or material quality issues.
Take a look at the tablet above; your team could see what problem categories were most prevalent over the last 30 days (turns out drywall was highest, here); you' be able to drill down for the "why" and vendor, as well.
Warranty Software Breaks Down Data Silos
Effective use of warranty software provides a great resource for a builder to be able to examine their operations as well as providing a good opportunity for enhanced customer service. Interested in finding out how you can turn all those requests & repairs into actionable insights? CPS will be exhibiting at IBS2020 -- or you can request a personal WarrantyWatcher software demo here!