The (real) impact of big data on commercial real estate
It’s that time of year, the TRIMax User Conference is upon us and I especially look forward to this conference every year. This conference grows in attendance year over year. Why is that? Largely because our clients see the value of their real estate consulting partners and peers. They enjoy learning about new business process practices and the value-add of technology rich solutions. In particular, there are a few key themes that I am most looking forward to talking, and learning, more about:
1) The growth of big data within commercial real estate (CRE)
2) Making informed decisions for your properties based on your data
3) The impact of enhanced reporting on decision-making
Understanding these three areas can enable you to develop technology roadmaps, streamline business processes, and implement leading practices. All of these things provide enhanced value to your business.
The growth of big data within commercial real estate
“Although Big Data is not new, its exponential growth within CRE is. Today’s challenge involves getting a handle on a workable platform, taking the right steps in assembling a CRE data repository, isolating meaningful data patterns and understanding which opportunities that analytics is actually bringing to the table. – Phil Wales, CEO Ebusiness Strategies LLC.
Unlike other sectors, the commercial real estate industry has been slower to invest in data management and analytics software. However, this is rapidly changing. Organizations are understanding how big data can help make smarter decisions around acquisition, management and disposal of properties. In a 2014 study by Sloan School of Management at the Massachusetts Institute of Technology, 66 percent of executives reported a gain in competitive advantage derived from data and analytics. This was up from 37 percent in 2010. Similarly, a Harvard Business Review study found that companies in the top third in their industries using data-driven decision-making are both more productive and more profitable than their competitors.
Making informed decisions for your properties based on your data
“Data suddenly becomes actionable information for facility managers to consistently make the best possible decisions in aligning the portfolio with the overall corporate mission.” – Phil Wales, CEO Ebusiness Strategies LLC.
End user adoption of any technology relies on the experience that the technology offers as well as the value of the data the end user consumes. Does the data presented enable informed decision making, is it reliable, relevant and current? Is the end user interface intuitive and flexible to change? The answers to these questions will signal the true value and longevity of the technology solution.
Decisions around commercial real estate are numbers-driven. Real estate professionals can utilize big data to make strategic decisions rather than decisions based on hunches or best practices. For example, are they using a space efficiently? How much foot traffic does an area get? Does one part of the building consume more electricity? It’s important for the user of an analytics platform to have easy access to the questions most important to driving their business.
Enhanced reporting for decision-making
There are many benefits to improving access to data and analytics for a CRE professional. If you will be at TRIMax this week, come see us to learn more!
Our very own, Joe Milora, VP of Technology Service at EBUSINESS STRATEGIES,will be presenting Augmenting TRIRIGA End User Adoption with Enhancing Reporting on Thursday, Nov 30th at 1:10 in Salon V. You won’t want to miss this informative presentation.
If you won’t be attending the event, learn more about what we do here: http://askebiz.com/
Read some of the other posts featuring TRIMax activities!