Since its beginning, Watermark Retirement Communities has focused on using the best technology available to guide decision-making in all areas of its operations through analytics. That commitment has endured to this day with the adoption of best-of-breed software, connected through integrations and data warehousing, to create a wellspring of information flowing to company associates at high rates. It can be difficult for any company to leverage this effectively, especially when faced with creating action plans for improvement or growth.
Innovative Data Visualization
The speed and overall volume of data from today’s systems require assistance to comprehend them (Harvard Business Review, 2016). Watermark, now with more operational data than ever before, addresses this problem with data visualization and its ability to translate complex data into easy-to-consume representations. Presenting data well visually, which goes far beyond traditional spreadsheets, can have a profound impact on how users understand the information, make decisions, and create actionable items. The company uses various elements, including graphs, charts, maps, or 3D modeling, as methods of data storytelling.
Working with its vendors, Watermark applies visual representations of complicated data sets in various forms within its information ecosystem. One such method is the use of heat mapping on 2D and 3D models of each community (see Figure 1 for a 3D visualization) of days-on-market, occupancy status, and acuity levels. Turning these visualizations into action, such as acuity levels, offers opportunities to evaluate process workflow for efficiencies in staffing by floor or service paths to increase time with residents vs. moving associates through the community. Another example is presenting apartments by days on market to identify “hot spots” that may offer insights on less desirable areas of the community and create a plan of correction.
Mapping of contacts engaged with the communities has also unlocked easy-to-understand representations of a primary market area, market migration patterns, professional referral locations with patient volumes, lost lead areas, and adult child locations (see figure 2 for a mapping example). These insights refine marketing strategies to focus resources on areas with the highest propensity to grow community occupancy and reach the target customer.
Company associates are not the only beneficiaries of these new tools. In response to the overwhelming demand of consumers for pricing transparency, website visitors can view each floor of the community of interest, peruse photos, or take virtual tours. Additionally, every apartment shows its current vacancy status, rate, floor plan sample, and even color coding to quickly spot special incentives on select apartments.
These latest tools in visualizations are becoming standard tools Watermark associates utilize every day to improve results and gain efficiencies. The company is committed to continually developing these tools to bring innovative data storytelling into the hands of those who need it, including associates, customers, and owner partners alike.
Reference:
Harvard Business Review. (2016, June). Visualizations That Really Work.
Contact
