Ask any data scientist and they will tell you that data doesn’t have much value on its own. Data becomes valuable when it produces great insights that lead to better decisions. In other words, what we need is actionable data. Forward looking organizations have already realized the importance of big data. They understand that by managing data, they can reap huge benefits. They also understand that if they ignore data, it will soon outpace the organization.
Whether you are a real estate broker or an investment banker, you and your organization require big data and an analytics strategy to survive in this era of digitization.
A smart data and analytics strategy will help your organization in several ways.
An intuitive data analytics plan will make your organization smarter and more efficient. Today, industries ranging from healthcare to real estate are leveraging data to gain powerful insights. All organizations that desire similar results should have such a strategy in place.
More accurate predictions
By scientifically analyzing data patterns with technological tools, a firm will be able to do its job to the best of its ability. The New York City Police Department, for example, uses big data technology to identify the crime hot spots within the city. By already identifying areas where crimes are likely to be committed, they can deploy officers there. This will prevent crime from happening. Brilliant, isn’t it? This is what data and data analytics can do for you.
This doesn’t necessarily mean that instinct and reason are no longer important. They are, but when these powerful human skills are armed with data insights, an organization can perform at its optimal level. The same logic can be applied to forecasting. Real estate experts spend a great deal of time forecasting trends that will shape the industry in the coming months or years. However, none of these predictions are as accurate as the insights derived by simply analyzing Google search queries related to real estate over a period of time. If there is a rise in the number of people searching for affordable homes, a smart builder can easily figure out that their next project should cater to this segment.
Now that we know what data can do for us, the question is: How can a real estate organization use big data and analytics to derive powerful results?
The need to have the right infrastructure
One way of doing this is to facilitate cross-channel conversations with customers. This wouldn’t be possible without building the right technical infrastructure. When your marketing attempts are semi-automated with a set of distributed software tools, you won’t be able to deliver targeted offers and products across multiple channels to digitally enabled customers. This inability will ultimately affect your competency. These days staying close to your customer by investing in customer insight is far more important. If you haven’t already implemented these strategies, it is high time you did.
Future proof your organization
Digitization is very much on the cards. For real estate selling, buying, and lending; organizations will have to digitize all systems they use to communicate with the customer. Structural changes within organizations are now absolutely necessary as reversals may happen anytime.
The big data reversal is coming and your organization should have the proper strategy in place to counter its effects. Otherwise it is just a matter of time before you and your organization become obsolete.