Q&A with SAM Director of Financial Planning & Analysis, Bryan Forino
Q&A with SAM Director of Financial Planning & Analysis, Bryan Forino
Q: How does SAM integrate market analysis and economic trends into strategic planning for its managed stores?
A: SAM leverages market analysis, economic conditions, and historical data to identify growth opportunities, mitigate risks, and forecast demand in the market. This allows us to optimize pricing strategies to meet customer preferences and maximize potential revenue. By continuously monitoring the market and economic conditions SAM positions its managed stores for long-term profitability.
Q: How does SAM analyze performance data across its portfolio to identify and implement changes to improve NOI?
A: SAM aggregates performance data from each managed property within its portfolio and standardizes it to ensure consistency and comparability. We then benchmark the performance of properties against predefined targets, industry standards, and historical trends to identify underperforming properties and areas of improvement. We also conduct a thorough root cause analysis to understand the factors that contributed to the gap in performance.
Q: In what ways is SAM leveraging new technology to enhance financial analysis?
A: SAM implemented an Enterprise Resource Planning system and Enterprise Performance Management tools. This allows us to centralize data from various sources into a single, integrated platform and ensures greater accuracy and consistency in reporting. They provide real-time access to KPIs and financial metrics across our portfolio and enable us to generate customized reports and dashboards.
Q: Can you provide examples of how understanding customer behavior has improved financial outcomes?
A: Understanding customer behavior can have a profound impact on financial outcomes by enabling SAM to tailor their strategies and operations to meet customer needs more effectively. SAM has been able to identify patterns in our customer behavior to help reduce costs such as the payroll to our clients.
Q: What do you see as the biggest financial opportunities for the self storage industry in the next five years?
A: The transition to virtual management presents a significant financial opportunity. Virtual management streamlines operations by leveraging technology to automate tasks traditionally associated with staffing and physical infrastructure. The adoption of virtual management also lowers barriers to entry for new competitors, as it reduces the upfront investment required to launch and operate a self storage facility. This increased competition fosters innovation and drives improvements in service quality, pricing, and amenities, benefiting consumers and expanding the overall market.
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