Marcus & Millichap
The Situation
Every day, analysts in Research Services at Marcus & Millichap deal with volumes of data from multiple databases holding information on millions of commercial real estate properties and transactions. Although stakeholders make key business decisions and develop sales strategies based on these reports, their actions couldn’t be based on up-to-the minute information, because it was taking analysts a protracted period to gather, synthesize, and analyze the data needed for the reports. The roadblock: a slow and tedious manual process for tapping into the multiple databases, and extracting the right data for analysis.
Other business processes in the company - such as producing quarterly client presentations - were also very time and labor intensive projects that required many hours and people to complete. In 2009, senior management began looking for ways to automate both of these projects, as well as other key processes, to gain efficiencies while trying to reduce costs during the economic downturn that had begun in the previous year.
The Solution
Alteryx empowers Marcus & Millichap to increase productivity with fewer people, automate labor intensive processes for time and cost savings, and make faster, more informed business decisions. Also, the fuzzy logic capabilities in Alteryx help Chang and his analysts identify and remove duplicates as they draw data from multiple sources.
3 million property records and 700,000 transactions are now quickly accessible in the Alteryx system and can be easily imported into the system's reporting modules. As a result, M&M analysts can instantly extract, view and modify the variables they need, such as geographic location, size, or price range of commercial real estate. They can modify the report modules on-the-fly to prepare a custom analysis that meets the immediate needs of senior management at any time.
Before Alteryx, M&M was creating client presentations manually by extracting data from multiple databases and building graphs in office presentation software. These presentations had to be updated every quarter and each time it was a long, tedious process. Now, creating client
Alteryx is completely reshaping how we conduct all of our business for our team and significantly impacting our whole organization.
- John Chang, VP of Research Services at Marcus & Millichap
Alteryx really helped significantly to improve our value proposition to our clients.
- Tina Stauffer, Director of Applications, IS at Marcus & Millichap
presentations is automated within an Alteryx module that streamlines the production cycle - saving 2,000 labor hours annually. The Alteryx software was critical to the success of a recent market share analysis for all of the U.S. markets and resulted in an additional annual 3,000 labor hours saved.
The Results
M&M can now monitor market performance and competitor performance very quickly. This insight enables the company to modify and adapt its business strategies and sales force targeting much more rapidly and precisely than it could in the past. Having this level of business agility to quickly adapt to market and economic changes has been a huge benefit to Marcus & Millichap over the past several years.
Key benefits of the Alteryx solution include:
- Saved 3,000 labor hours annually on market analysis project
- Saved 2,000 labor hours annually on creating quarterly client presentations
- Reduced analysis report generation from months to just minutes "on the fly"
- Increased productivity with fewer people