If you haven’t read the last two articles of our Smart Student Living Takeaways Series you will find Part 1 and Part 2 here.

Smart Student Living's second workshop session had the theme: "Data and ROI: Identifying gaps in knowledge and data, and finding solutions to enhance ROI, sustainability and student experience" Participants delved into how to utilise data effectively and identified the gaps and barriers to their current data use. They then created innovative data-based solutions to improve the overall experience of operators and students. Here were the top three solutions that stood out:

WINNING SOLUTION 1: Leveraging Existing Data Tools for Comprehensive Customer/Student Profiles

The focus was on the abundance of data analysis and collection tools available in the industry. The key concern was how to leverage this data effectively. The solution proposed utilising available data to create comprehensive customer or student profiles. Recognising the pivotal role of the customer, the solution emphasised the need for a dedicated position—the customer journey manager. This role would meticulously analyse every step of the customer lifecycle, considering granular data on satisfaction and other relevant metrics.  

WINNING SOLUTION 2: Measuring Impact for Informed Decision-Making

The emphases here was on the importance of measuring impact rather than making unsupported claims. The solution involved developing a system or model to analyse old buildings and assist decision-makers in determining the appropriate course of action. Considering the wide range of conditions for old buildings, having access to relevant data becomes crucial for making informed decisions. The proposal aimed to provide insights from an investor's standpoint while considering sustainability and technological factors.  

WINNING SOLUTION 3: Real-Time Measurement of Satisfaction for Immediate Feedback

This was an innovative data solution focusing on immediate feedback and real-time measurement of satisfaction was proposed. The group highlighted the limitations of relying solely on quarterly or seasonal feedback in formal formats, as they may not accurately capture students' true sentiments. Additionally, implementing changes based on such feedback can be a slow process. To address these challenges, the proposed solution suggested incorporating quick and interactive feedback mechanisms, such as button stands, chat functions, and rating options in various areas. This approach aimed to elicit genuine responses from students in real-time, enabling faster implementation of changes in student housing buildings based on their feedback. By offering tangible improvements aligned with their preferences, students and tenants could experience firsthand the impact of their feedback.  

Conclusion:

Across all three workshop rooms, participants agreed on the crucial role of data in decision-making. Merely collecting data is insufficient; it must be transformed into actionable insights through a dedicated process. Knowledgeable individuals should take ownership of the entire data transformation process. By fostering an environment where data is effectively utilised, organisations can make informed decisions that drive positive outcomes.

The collaborative efforts between operators and tech experts in this session highlighted the importance of utilising data strategically to enhance ROI, sustainability, and the student experience. By leveraging existing tools, measuring impact, incorporating real-time feedback mechanisms, and transforming raw data into actionable insights, organisations can make data-driven decisions that lead to positive results.

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