You’ve probably heard the term “Big Data.” Like many digital trends before it, you’re probably wondering what’s so BIG about it and why you should care. Is the amount of data actually BIG? Are BIG things going to happen with this data? We at Visual Lease have spent time analyzing how it will affect our marketplace, our customers and the lease management product we offer.
Ultimately, what matters most is knowing what Big Data can do for you and your organization. The somewhat generic “value-add” and “making connections with data” examples are readily apparent with social media sites. These sites already collect and then use a Big Data “soup” about you, your friends, habits, location, skills, occupation, connections, etc. How often do you log into Facebook and find “friend” recommendations, or have LinkedIn suggest job opportunities? These sites use Big Data to increase the effectiveness of their advertising. However, this is a two-way street. These targeted advertisements also save you time and money because they avoid offering products and services that are not relevant to you.
New ways to collect data (such as Condeco’s workplace occupancy sensor) combined with new ways to visualize it, is also resulting in data that is much more accessible, usable and creative (click here for examples of data visualization and here for examples of info-graphics). More robust platforms are now being created using these tools, resulting in products that enable you to make better decisions and do more accurate forecasting. The applications of Big Data appear to be endless: adapting a retail shopping experience to customer behavior; changing the way people interact at work; building more efficient, sustainable cities; introducing new synergies in real estate property and lease management. That is the real excitement that comes with the rise of Big Data.
If you are in commercial real estate, stay tuned: Visual Lease will soon use Big Data to become more attractive and intuitive, and also increase the value it provides by enabling you to make business decisions in new and unexpected ways.