The Growing Importance of Data Analytics

It seems that retail is fast emerging as the biggest adopter of big data. Nearly every global retailer is exploring how big data analytics can help to decode consumer behaviors and penetrate segments that have traditionally remained outside their reach. However, this doesn’t mean that other sectors aren’t sensitized towards the growing importance of big data.

Retail Might be Leading but Real Estate is Driving the Big Data Wave Too

Healthcare is aggressively pursuing the path of digitization and big data plays an important role in this journey. Real estate institutions are increasingly acknowledging big data capabilities which give them a better chance to evaluate risk and add more value to customer services. Real estate firms are using big data to re-assess traditionally unserved consumer demographics and create more sustainable customer relationships.

Real estate has always been among the biggest creators of consumer data. Somehow, this fact wasn’t widely acknowledged until recently. Even when retailer activities were limited to merely creating summarized bills, real estate was creating lots of useful consumer data. This included details about household incomes, bill payment patterns, and credit history.

Data Analysis Driving Real Estate Decisions

Today, realtors understand that their consumer facing activities need to imitate the big data efficiencies that retailers have gained. This means capturing, storing, cleansing, indexing, and analyzing data for better outcomes. The role of traditional data centers has changed. Earlier, consumer interaction wasn’t as conclusive. Now, consumers review, recommend, and emote about nearly every product/service. This includes conversations about brand loyalty or buying preferences. These conversations provide valuable insight into how geographical and regional demographics affect property buying or refinancing decisions.

Contemporary data centers need to be more proactive to consistently stream the web for such meaningful data. From time spent per webpage to the number of clicks per banner ad, and daily webpage views, most types of browsing patterns can be quantified. Once expressed numerically, they can be further analyzed. The analysis yields actionable information—this kind of data helps managers to take decisions with more confidence.

Using big data analytics, real estate businesses can optimize their products, services, and even webpage layouts and promotional messages. The idea is to be in sync with the mindset of consumers. Some other benefits of an effective data analysis team include:

• Ease of conducting market segmentation studies
• Identification of points of losing consumer interest
• Evaluation of efficiency of different points of sale
• Evaluation of consumer engagement efficiency across different channels like physical campaigns, calls, emails, and mobile offers etc.
• Gaining future readiness, i.e. being intuitive about emerging market trends
• Gaining insight about internal processes and staff performance
• Developing better, more sensitive competitor pricing strategies
• Local and regional market analysis for revenue growth forecasts
• Establishing seasonal patterns in revenue hikes or dips
• Ease of conducting consumer sentiment studies
• Real time monitoring of established and emerging consumer behaviors

Please understand that big data becomes fully useful when a business can gain multi-channel analysis and large scale improvement capabilities. A true big data infrastructure should drive improvement of internal processes like supply chain, recruitment, and even administration. Every internal dynamic of a business, ranging from logistics to warehouse optimization, can be enhanced with big data analysis.

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