Data Driven Real Estate: A Win Win Proposition
Blog written by – Mr. Kaustav Das, Head- Prime Business, Highbar Technocrat.
The rapidly expanding use cases of data science and big data analysis have now penetrated the Real Estate sector, an industry which is poised to touch $4,263.7 billion globally by the year 2025, as per Grandview Research.
It is also a proven fact that the ability to make better data driven decisions concludes in improved efficiency and cost savings for the entire stakeholders of the real estate industry.
A data-driven approach also considerably lowers the OPEX of real estate players by enabling consistency, objective decision making, standardization & benchmarking, comparing against benchmarks for course correction, availability of insights for better informed decision making, predictive analytics etc.
Here are a few examples:
Even a 5 percent reduction in cost of reinforcement bars and cement results in saving of crores of rupees in a single project. Our proficient engineers observed that huge amount of money was being wasted due to incorrect bar length usage for specific purpose leading to huge lap lengths. Subsequently they came up with algorithm to identify most optimal length of bars so as to leave minimum length of cut pieces balance.
Real estate buyers face a plethora of choices and options when it comes to procuring a property. This makes it difficult for realtors to understand what property will interest a particular set of customers and how they can zero in on numerous potential clients.
The answer to that is data driven decisions.
While agents still dominate the industry in reaching out to end customers, data analysis tools are now precisely capturing customer sentiments and expectations. This has enabled realtors with improved targeted marketing by acquiring the customised requirements of customers.
The Indian real estate sector is also fairly new to the concept of deploying IT in their operations. It is however experiencing increasing openness, especially at a point when the industry is witnessing a turmoil and majority of the players are hunting for ways to propel efficiencies in their operations.
The Indian government has also been very active in implementing technology for transparency and efficiency in infrastructure mega projects, which is bolstering visibility for the good that technology can do in the real estate sector too.
Leveraging years of experience, our engineers observed and documented opportunities to streamline project management and created a 5-Dimensional Digital Project Management Platform, that combines the power of 3-Dimensional Modeling, time as a 4th dimension from Primavera and cost as the 5th dimension from SAP ERP. Besides modeling construction project, the platform also includes a digital contracts & warranties management module that helps manage the plethora of buyer and supplier contracts and warranties associated with a large construction project.
In the coming years, as the networking technology continues to advance, it will create increasing amounts of data in and around structures, their use, and their users, further catalyzing innovation and disruption in the real estate segment.
Read his interview in EnterpriseIT World : http://www.enterpriseitworld.com/index.php/data-driven-approach-is-the-need-of-the-hour-for-real-estate/