Though there is widespread acknowledgment about the many advantages associated with big data, some skewed and somewhat volatile trends have surfaced. Many real estate organizations are trying to “sample” big data. Some firms hire a data solutions provider for a few months. The pilot big data project is run for about 2 to 3 months. At the end, analysts are hired to extract the maximum amount of useful information. The business managers aren’t too impressed with the results and they decide against investing in big data. The bone of contention being that despite spending some time and analyzing hundreds of data silos, very little actionable information was churned out.
Is this the right approach to adopt big data? Absolutely not!!
Does this mean that big data has failed to deliver? Again, absolutely not!!
Not Short-term Failures but Small, Measured Steps in the Right Direction
We believe that an organization’s big data journey can have many such phases of what looks like non-performance. However, this doesn’t mean that big data failed to deliver.
Often, big data analysis does not yield much, but this doesn’t mean that the ROI from big data just drowned. This is a part of having big data capabilities. You have to be ready for short periods of nothing-too-exciting before coming across something potent enough to deliver a bang in the market. No big data vendor can promise that analysis will always lead to monetizable prospects. Often the results will not be sales oriented. These results are still valuable as they tell the organization about internal workflows, external engagement methods, and finer aspects of the product/service. Big data also acts like a learning resource. This too is a part of big data’s ROI but it isn’t easily visible and is hard to quantify.
Legacy Data Issues: Deal with them Just One More Time!
A similar trend is being witnessed among real estate businesses that are now realizing the drawbacks of using cheaper data storage systems. We have often said that the real estate market has been data-heavy but never data-conscious. Traditionally, heaps of consumer data have been recklessly littered in small, unrefined database management systems. Many of these technologies are totally outdated. Now, when such businesses want some organizational data to test how big data analysis empowers them, they are facing massive data retrieval problems. As a result, some resources need to be allocated for refinement of stored data. This might slow down the big data adoption process but it doesn’t stop it. Accept this as an interim challenge and nothing more.
Once Data Restructuring is Underway, Benefits will Surface
Real estate organizations are finding it difficult to locate different points of data storage. Conventionally, consumer data is processed through different departments and run through numerous evaluations. Many of these processes were conducted on paper. For businesses, to trace back their data processes or flows and hierarchies, it means spending time and manpower resources. Data is often peppered across unregulated branches and even work-from-home offices.
We understand this issue. However, it should be accepted as a one-time and very critical step forward. This effort will streamline your entire database system. Various points of data leakage can be identified through this. In fact, there is every chance of discovering ways to minimize your operational expenses when the entire journey of a consumer file is systematically tracked. Accept it as a floating challenge that will soon pass over and lay the grounds for future excellence.
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