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Top 5 ways to use Data in PBSA, Today.

"The bigger picture here is also that enhanced operational efficiency is key for NOI, so if data can help you find ways to be more efficient, reduce operating costs, and increase NOI… why wouldn’t you try?!"

Our CEO and Co-Founder, Jonathan recently joined a panel of industry experts at BISNOW’s Student Accommodation Summit in London. The topic of the panel was all about trading assets and the current investment landscape in PBSA, and what became clear in the discussion – other than the fact that the sector is facing some head winds – was there are still areas of opportunity surrounding data in the sector that are unknown.

So, we thought we’d break down 5 ways to use data in PBSA that you might not have considered before. And if you have considered them before, then it might help you consider investing in these areas this heating season.

Top 5 ways to use data in PBSA, today:
1.        Energy Efficiency.

One of the biggest costs in operating a building is energy costs, so it won’t be a surprise that using data to enhance energy efficiency is one of the main things our clients ask for. But how do we move the dial on this with data? It’s simple, data is just the beginning and the true value of that data is when its used as actionable insights. When analysed and measured using outlier reports or the Utopi Heatmap, you can quickly see in real time, the granularity of asset performance. And in doing so, you can spot changes in the data and address energy waste with ease. For example, data on energy consumption is one thing, but granular data allows you to see what spaces in your assets consume the most or the least and you can then speak to them to change their heating behaviours or run custom campaigns to overheating culprits. You can also see unoccupied spaces being heated and reduce that waste immediately.

Utopi benchmarking data has shown that the top 10% of energy consumers in your buildings will be costing you 34% of your energy bills… so it’s important not just for ESG considerations, but for operational costs, to reduce that energy waste. And that insight simply can’t happen without data.

2.        Resident Experience.

At Utopi, we’re helping clients use data in many different ways to deepen their understanding of resident experience. So rather than always discuss main meter data or environmental data, we’ve diversified our data mix. We now have the ability to use data to understand things as granular as student level profitability, and this can help encourage rebooking and resident retention. We all know it costs a lot to acquire new residents, with our insights showing around £3k per resident, so if you can understand the cost to serve that student using data as a driver, it can be a really creative way to incentivise rebooking based on actual cost.

Ultimately, informed data can help you build understanding in these areas and build targeted campaigns for success. And in the context of PBSA, resident experience is key.

3.        Gamification.

It’s a buzz word but stay with us here – it really is an untapped area of the PBSA sector considering the behavioural change studies done surrounding it. Gamification is a way to make basic activities more fun, and in doing so, maximise engagement. For example, employee of the month competitions in the office is a gamified way to incentivise good staff behaviour and reward winners. Our Resident App is based off that very premise – gamify environmental responsibility and encourage communities to live more sustainably with the promise of prizes, and in doing so; make changes in behaviour fun, engaging and worthwhile.

We’re rolling out Resident App projects right now, putting app data into the hands of students to help incentivise them to reduce their energy consumption, their impact on the environment, and their utility costs. But rather than use apps as a stick, our app is a carrot-based model. Again, it’s about engaging the community in the sustainable change using data at its core.

4.        Operational Performance Benefit

We talk about Operational Efficiency a lot at Utopi, and there is good reason for it. Data can truly transform the data landscape of assets, and in doing so can really enhance the ability to run them more efficiently. Whether that be gathering real time data on water use, electricity and therefore energy usage, space utilisation with people counters, design optimisation with lift usage data, the list goes on. For example, data from the likes of the Utopi Heatmap can alert Operators to overheating spaces in real time. Not only does that enable them to reduce the temperature (and remotely with our Automated Temperature Control solutions) and save on energy waste and utility costs, but it can also allow them to see faults. They can visit the room, assess the situation, and this has seen clients find faulty heaters or additional heating sources.

The bigger picture here is also that enhanced operational efficiency is key for NOI, so if data can help you find ways to be more efficient, reduce operating costs, and increase NOI… why wouldn’t you try?!

5.        Access to Green Capital.

SFDR is fast becoming a term that Investors want to understand, but still feels very foreign to them amongst all other accountabilities in the sector. Well simply put, it is a way to unlock access to green capital, and ESG sits at its core. SFDR Article 8 and 9 are light green and dark green funds that will only allow access to capital based on ESG considerations like access to green space, links to public transport, and ensuring the insulation of a building is sustainable and proves net zero carbon performance standards. Access to real time, granular data on an asset can allow greater access to this capital by proving efficiencies and carbon responsibility. Data allows you to measure, monitor and analyse performance for investors or as investors, and means you can then analyse carbon omitted from the atmosphere due to asset performance, and energy waste reductions from resident engagement.

See more on SFDR here as well as other key regulations, in our round up – It can be technical, but a key takeaway is, data increases your ability to gain access to this green capital, and without capital… well, you know the answer.

 

Do you have questions on how Utopi can help you transform the data landscape of your assets? Book a demo here or reach out for an informal chat.

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