The Value of Effective Data Management – A Practical Guide for Real Estate Market Participants
The increasing importance of data in both today and tomorrow’s world has been consistently highlighted by commentators as we navigate our way through the 21st century.
Both businesses and consumers add to their data footprint year after year as more aspects of our lives become recorded and digitised. There is currently estimated to be approximately 20.6 zettabytes in global data centre traffic per year and most analysts expect for this number to grow exponenAally in the coming years.
Given the sheer volume of data now in circulation, organisations that are able to leverage and draw value from this data have a huge commercial advantage over their competitors.
For example even at a base level, data allows you to better understand customer needs, shape your product offering, lower costs, customise your marketing strategy and produce products or deliver services more efficiently.
This is particularly relevant for the Real Estate industry, where the significant power of data is still largely untapped. The sector is characterised by an extremely large client base (the vast majority of individuals and businesses will be customers in some form), a large number of assets (US residential property alone was estimated to be worth $33 trillion), significant financing and investment requirements and a high number of employees dependent on the industry for employment.
All of these attributes point to an extremely large data footprint for the Real Estate industry, and so presents many challenges and opportunties.
In order to benefit fully from this asset, organisations will need to ensure that they can properly manage, govern, quality control, analyse and understand this data in a timely, structured and organised fashion. Raw data by itself will be of limited benefit in achieving business objectives. Only by having a comprehensive data strategy and implementation plan in place may organisations be able to fully take advantage. In order to find out how to leverage your Real Estate data as an asset and to make better and faster decisions across the full range of real-world challenges, download our whitepaper here and turn the sector’s changing landscape into valuable opportunities.
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