How Big Data Creates Value for Businesses and Consumers

It would be wrong to state that big data creates value for businesses only. Yes, this is the common perception, but customers have nearly as much to benefit from a data driven marketplace as real estate businesses.

Understand this with an Example

An example that beautifully mirrors the benefits of big data adoption across the real estate niche is the U.S. healthcare system.

The healthcare industry is in the middle of a transformation and also a crisis. While people remain divided about the efficiency of healthcare reforms, greater digitization of patient information and maintaining its privacy/security are at the core of this issue. Even the new marketplaces are essentially data-enabled platforms, retailing more controlled health insurance plans. The new healthcare system will overhaul current industry practices and also stimulate many jobs. It will empower consumers with greater and secured access to their patient data.

Patients will benefit more as access to healthcare services becomes more transparent and documented. Physicians will be able to provide better medical care with easier access to useful patient data. The opening of state exchanges has already re-energized the employment zone, driving the demand for more software vendors, more outpatient facilities, and state-recruited healthcare employees.

Well-informed patients are likely to drive smarter insurance purchase decisions, i.e. choose health insurance with more discretion. For insurers, initially this might seem like squeezing margins. However, as time progresses, having a healthier, easily treatable, better-employed, and better-informed insured pool means decreasing claims.

Eventually, it pans out into a win-win situation for the carriers and the people.

Does this apply to big data adoption too?

Yes, it does and with a rather remarkable similarity. Apart from real estate organizations, homebuyers, too, benefit from greater penetration of big data.

For starters, apprehensions about data security and privacy will always persist. As more and more consumer data is recorded and shared, people will have doubts about increased access to their personal details. Real estate businesses will keenly adopt better data security benchmarks as they progress with their big data journey. This means a greater demand for data security software solutions and vendors/professionals.

As we have discussed earlier, the real utility of big data is derived from comprehensive analysis. At the moment, the nation doesn’t boast of an overflow of analytical experts. They are in short supply and are needed across different business environments, sometimes as far as being absorbed into marketing channels. Similarly, information derived through analysis will need to be put into motion. This cannot be handled by managers with rote skills. Big data execution requires contemporary quantitative skills. These managerial qualities will be aggressively demanded, creating even more jobs.

As real estate businesses get used to data sharing, sourcing data from third parties will become more common, and hopefully streamlined. As this marketplace gets more defined with better regulations, better data-sharing associations will be formed. This sphere is taking shape, giving rise to online data specialists. These aren’t just number crunchers. These are highly-trained folks who can extract more meaningful data for real estate businesses.

More relevant data means more conclusive reports that can drive business decisions. More data-centric associations mean more partnerships across consumer-intrinsic channels like those tracking social media discussions. This dynamic is bound to stimulate more recruitment.

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