April 4, 2016
Excerpt from The New #CREcosystem | Download the Full Report Here
Long before the advent of smartphones, tablets, and cloud-based apps, CRE was a data-centric industry. In the words of Dr. J. Nathaniel Holland, Chief Research and Data Scientist for NAI Partners, “CRE has a rich history filled with data, but the industry is just beginning to tap into its full potential through actual statistical analyses and data science. It is critical for stakeholders to move beyond historic ways to embrace new data-driven approaches, success of which will ultimately be gaged by knowledge driven entrepreneurship derived from the data analytics. Gut instincts and experiences lead to the important ideas, hypothesis, and alternative hypotheses that are worth testing through rigorous statistical analyses, results of which produce knowledge that complements (and sometimes contradicts) the initial gut instincts and experience.”
Before the advent of smartphones, tablets & cloud-based apps, CRE was a data-centric industry. Tweet This
We asked the industry’s emerging and influential voices about their thoughts on the history of data in CRE, and where they think it’s taking us today and in the future.
What impact does open data have on CRE?
How does data improve decision-making without replacing gut instinct?
What defines a successful data-driven culture?
The process of manually translating data into insights that enable business decision-making is laborious and complicated, and often requires a unique data analytics skill-set. According to JLL research, only 28% of commercial real estate firms currently rely heavily on data analytics to inform decisions. Organizations leading the CRE data revolution may be considered “pioneers” today, but by 2017 the number of firms fueled by strong analytics is expected to double to 56%.
Timely access to accurate & relevant data is evolving from a competitive edge to industry standard. Tweet This
For early adopters promoting change, timely access to accurate and relevant data is evolving from a competitive edge to industry standard. With increased data access and exponential growth in volume and complexity of information, CRE will find itself in a new age of analytics.