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May 29, 2020
Data Trends We're Paying Attention To
Written by: Sophia Cooper
Software is continually evolving and adapting to meet the ever-changing demands of every industry in the market. Now that the workplace is looking different due to work from home requirements, it is important to be keenly aware of data trends and how they can create harmony in the virtual office and bring people closer in order to make decisions. Here are the top data trends we are paying attention to and how they can shape the future of the Commercial Real Estate work environment.
Employees “in the office” are geographically farther apart than ever. With that being said, data transparency is key in order to ensure business decisions are made with the same data and that the data is current and accurate. With that, data equity is the use of data as a resource to improve business performance and success as an organization. As you decrease the distance between you and your data through digitization and the speed at which you can access that data, the greater the opportunity for insights into asset value, portfolio performance, and confidence in lease documents.
Effectively, AI is used to increase data transparency, capture and explain trends, and offer viable solutions. By layering AI into analytics tools, it can be a catalyst for finding useful information among potentially millions or billions of data points for an organization. Richard Tibbetts, Principal Product Manager for AI at Tableau explains, “The emergence of AI does not mean that an algorithm will tell you how to run a business.” Therefore we are not giving our decision making over to machines, but allowing the future of proprietary decision making to be aided with machine learning and artificial intelligence to find the needle in a haystack for trend analysis and insights.
Data literacy & culture
As data becomes more and more central to decision making, we will see an increase in internal knowledge about data. What this means for CRE is organizations will start to make a concerted effort to increase their data skills by creating data and analytics teams. This will make organizations more agile when the necessity for data manipulation is necessary for decision making. What this will also mean is that the foundation of where organizations store and manage their data will become increasingly imperative to actions taken with that data.
When organizations become more data literate, data culture is created, meaning that data is central to all decision making in the company. A symptom of a data culture is data centralization, meaning that siloed data no longer makes sense for the organization. A data literate company will mean that information will no longer have to travel through multiple channels, whether it be software or people, to find key data points to answer the question at hand.
BI (Business Intelligence) Consolidation & Data Management
As companies begin to adopt various tech into their organization, there will inherently be more and more tech solutions that bubble up. Data management will become a massive priority for companies and the consolidation of tech will be a necessity. Every additional solution could layer another level of complexity into the data management issue, particularly in CRE. Therefore, adopting a solution early that elevates data integrity will only make consolidating tech stack more seamless while never compromising trust in your data.
Data management should be the integration of solutions into one another, and it should consistently work for your firm. Siloed data works for no one and only threatens data integrity and disconnects your organization. By investing in your data, you are investing in the future of your organization and committing to increased data literacy, better management, and allowing artificial intelligence to be the catalyst for effective decision making.
Tag(s): Thought Leadership