Big data is still a relatively less understood concept. It is true that almost everybody has heard about it. Several builders and brokers have also started working on it. Nonetheless, it may take years before big data becomes a mainstream concept, at least in the real estate industry.
Most real estate companies do not have a data scientist to work on their big data projects. They rely on their existing staff to perform data analysis. If you are the person entrusted with the job of analyzing data for your company, you need to ensure that your reports are actionable. You should be able to convince the top brass that there is business value in the data.
Reporting the insights derived from big data projects can be quite challenging because big data has diverse purposes. Also, vendors offer various data reporting choices and hence finding a method that suits the requirements of your business can be difficult. If you can’t figure out which kind of reporting you should choose, here are some guidelines.
Right now, big data reports are available in many different formats:
The bottom line reports
These reports usually include visual dashboards and system alerts.
They are a visual representation of the data. If you click on the different elements, you will be able to find more information.
Big data reports are also available in the standard spreadsheet format. An advantage of presenting information in the columnar format is that you can easily manipulate the data by moving columns. You can also add data to the original format.
So, which style of reporting is the best? It depends on your requirements. All of these reports provide value if you can make sense of it.
As we have already seen, each style of reporting is useful and provides value. However, this can change from situation to situation. Consider the examples given below.
You run a property website and you want to find out how your visitors find your site. Some of your traffic is organic. Some visitors are referred by social media. There are also people who land on your site after clicking on your ads. In this case, what kind of reporting would you prefer?
Would you like a detailed report that might take hours to sift through or a neat pie-chart that shows the different sources of your traffic? If you are a busy person you will definitely prefer the latter method.
Now consider this situation. Your company sells many different kinds of homes and you want to quickly find out what kind of homes sell well. You also want to find out the profile of your buyers. In this case, would you like a graphical summary or a spreadsheet with neatly arranged columns? Agreed the spreadsheet provides more information but you need time to review it.
In both cases, you need reporting which is immediately actionable. So, if you perform data analytics for your company, be sure to present the information in the most digestible manner.
Data must be actionable. Data analytics make it possible to find useful information within a matter of seconds. Don’t spoil the value of data by choosing the wrong method of reporting.
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