Many real estate companies still don’t have a big data strategy, but that is not surprising. This is an emerging technology and as such there is a great deal of uncertainty about the outcome. Builders are yet to warm up to big data mainly because they don’t understand how data will benefit them. Needless to say, they are not all that interested in investing in data analytics. But this approach is flawed. As with any other emerging technology, early adopters stand to gain much more than those who jump onto the bandwagon later.
Here are a few ways to benefit from big data:
Experiment
When you experiment with data, you can gain valuable insights. When you first look at the data, it might appear meaningless. However, just like the Lego bricks you used to play with as a child, big data offers endless possibilities for connecting and assembling the different pieces together. These experiments will ultimately lead to meaningful insights.
The objective of your big data project is to find business value. You aren’t analyzing data for the sake of analyzing it. Your goal is to turn useless data into a valuable asset that will help you grow your business.
This requires finding a business partner who possesses not only the required skill set, but also the vision to translate data into value.
Learn to find business value from case studies
If you are entrusted with the duty of analyzing big data, you will have to explain the technological capabilities of Data in such a way that your boss will understand it. One way of doing this is to include useful case studies.
Your case studies should explain what problems the data analytics will solve. It should also explain what sources of data are required.
It is okay to make mistakes
When you first start to analyze data, you can’t expect to get it right. Tell yourself that it is okay to make mistakes. Failures in the early phases of the project will help you avoid costly mistakes later. What’s more, the value obtained from data has multiple uses.
Use SQL-MapReduce
You can greatly improve the performance of your big data project by involving MapReduce and Apache Hadoop.
Don’t forget the data governance technologies
Big data is unstructured data; however, this doesn’t mean that you can’t manage it. In fact, this is yet another reason to employ the data governance principles you have learned with structured data.
Don’t get disheartened by data quality issues
The data that you find inside the big data may have quality issues. There may be missing elements. The job of a data analyst is to manipulate it in such a way that is has value. This will not be possible without data analytics.
Use advanced Analytics to gain greater insights
Advanced analytics methods will help you achieve better results. For example, the SQL-MapReduce allows faster processing of data.
Enjoy the process
Big data Analytics projects are truly enjoyable if you approach them with the right attitude. There is a great deal of things to learn.
Share the success!
And don’t forget to share the success with your boss. After analyzing data and finding valuable insights, you need to share the success with other people in the enterprise. This will make the whole enterprise confident of the power of the data.
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