BOUTIQUE APARTEMENTS VIENNA
Cut losing strategies
Inadequate reporting in property management system led to raw data exports and manual excel modelling to get insights on performance.
Manual reporting, and limited time and resources made optimization of asset utilization difficult for Boutique Apartments Vienna. To get performance insights the company would export raw data from their property management system and ingest it into an advanced Excel model. Whenever the export format changed the Excel model would break, costing several hours to rectify. Furthermore, the Excel models did not provide high quality insights, making it difficult to identify discrepancies and revenue opportunities. “The main problem was not that it was time consuming, but that the information I got out of it was basic. Not a lot to build and optimize on.”Said Markus Hoefinger, owner of BAV. Beyond basic information, BAV reports to the Austrian government on monthly performance, a task that used to cost significant time every 4 weeks. The core issue was that all bookings beginning in one month and ending in the next had to be allocated properly, a job that was both time consuming and error prone.
Powerful and flexible analytics platform provided BAV with performance insights needed to optimize rental rates, occupancy, and overall profitability.
The owner of BAV, Markus Hoefinger, is a strong believer in analytics. Besides running BAV, he spends most of his time running a digital advertising agency where data is at the center of decision-making. However, the property management system BAV utilizes does not offer reporting. Once the PMS provider partnered with Intrava they immediately knew who to turn to as a pilot user. Because of limited information and manual processes, BAV was eager to test Intrava. Given their analytical mindset the company had several custom requests and additional needs beyond just dashboards. “What I like about the platform is that it’s not just a reporting tool, it’s something I can adapt and customize to my workflow. For me, the last-minute reservation notification is really important, but it may not be to someone else, and in that regard, they don’t have to have that, as Intrava is very flexible.” With high flexibility in dashboard design and email notifications programmed around unique business logic, Markus Hoefinger knew that Intrava could solve BAV’s information needs.
With quality information at hand the company has been able to improve their optimization strategies and drive higher profits.
Since adopting Intrava, BAV has gotten the quality insights they’ve long needed to analyze their performance. The move from static Excel reports to dynamic dashboards with lots of filtering capabilities has made a significant impact on BAV’s revenue optimization strategies. “I feel so much better now that my business stands on a sound reporting and analytical system. In the past I thought it was going okay,but wasn’t sure, couldn't be sure. Now I know exactly where I stand, if I need to optimize, step in on the marketing side or not, etc... There are no gut feeling decisions anymore, I can make decisions based on hard facts because of Intrava, it’s a great advantage.”
Letter from the founder
I started this company after being in the data warehouse space for nearly 20 years, manually collecting and combining data to create reports that were always outdated by the time they were ready. The manual processes created data integrity problems, and though we had a skilled team of engineers at every organization I worked at we could never really trust the data. Working like that was not acceptable to me anymore and I decided to create Intrava, a platform that does all the hard data prep automatically and serves it back to the end-user via user-friendly dashboards.
We decided to focus on the real estate industry because property developers and managers use a variety of data systems for day-to-day activities, have small teams managing significant assets, and many do not wish to add a lot of data engineers to their payroll and become technology organizations themselves. I also happen to have worked on a lot of real estate data in my career. Our goal is to become the leading data services provider to the real estate industry and further innovate new products and features to serve the market.
Sincerely, Mike van Thiel
There are no gut feeling decisions anymore, I can make decisions based on hard facts because of Intrava, it’s a great advantage.