Predictions for Storage Technology: Have the Forecasts Come True? And What’s Next?

What Does the Future Hold?

Since I quoted liberally from many of my competitors’ predictions from 10 years ago, it seems only fair that I take a shot at what the future holds and put my predictions out for others to evaluate in the future. I learned the accuracy of the predictions decline significantly after five years, so I will stick to that window.

Automation. Technology will continue to automate both operational processes as well as backend requirements (accounting, reporting, analytics, yield management, promotions, etc). I perceive owners/operators will find ever-increasing services to offer tenants or retail clients. As a result, software solutions will adapt to provide better ability to offer those services.

Second, I predict that operators’ requirements for reporting and analytics will be fulfilled in ways they haven’t ever imagined, and they will be able to collect, drill down and analyze data in new ways.

Integration. For those rental-management software vendors with data centralized in powerful data base applications—with access to third-party solutions via the Internet—integration will provide their clients access to more services that they can leverage to better support their tenants, be more competitive, and increase their profitability.

This might seem like a lofty prediction, but this was really an easy prediction to make because integration is already happening on an ever-increasing scale for some rental-management software vendors.

Certified-mail integration.Accountable Document Solutions is providing the industry ability to automate certified mail processes using technology already in use in the legal industry.

Payment-processing integration. Companies are offering the ability to provide Internet-based credit card and ACH processing as well as make phone and mobile device payments.

Verification integration. Using Internet-based partners, operators will soon be able to verify tenant addresses, phone numbers, e-mail addresses, credit worthiness and background checks in an instant.

Communication integration. Using Internet-based partners, users will also be able to communicate in more efficient ways in an instant at a very low cost per transaction. This would include automated "late" phone calls as well as collection calls.

Customer-relationship management (CRM), marketing and communication. This is a key area where the use of technology will be critical to remaining competitive in the self-storage market.