Just as cars require fuel or people require oxygen, companies need precise information that allows them to remain strong in the market where they operate, to know in depth their customers and at the same time define more complete and robust strategies. In our Zillow Multifamily Forum report, we talked about the improvements and advantages that the already well-known Big Data has achieved and how it can greatly help companies dedicated to Real Estate and even other business models to be more competitive and innovative.
Big Data is undoubtedly a basic tool today and with which many companies have obtained a very favorable ROI with respect to other business firms in the field of property management, in addition to other industries. Only in the most popular Internet search engine (Google), people make about 3.5 billion searches per day (1.2 trillion searches per year), which undoubtedly offers us a wide range of information that we can use in favor of our business. But it is important to know that having so much information in your hands can be quite complicated and unfavorable if you do not have enough knowledge to read, interpret and implement it in a business.
While there are many companies that have the technology to handle this large amount of data, it is also a reality that few are able to work in a smart and effective way, which has led to 73% of these organizations investing in the correct use of Big Data.
On the other hand, we have companies that don’t have the infrastructure or the necessary resources to make the most of this tool. For technology service providers such as Zillow, Big Data helps companies to stand out in the market with useful information that works in their interests. That is why many businesses decide to bet on companies that help them obtain better results at a considerable cost.
And how can we make a company do great things? As a specialized BPO, we recognize the importance of data for its implementation in strategies and feed the automation of some processes, starting with machine learning. First, we must achieve a true synergy between automation and humans, where the first one does the “automated” work and allows us to optimize the process, and the second one has the ability to drive, manage, analyze and work with data.
The next thing to do is find, classify and structure the data, either through a mapping, the identification of a structured source or not (real or virtual) feeding the appropriate channels. On the other hand, it will be important to identify the gaps in the data and complete them with a well-designed structure.
It is also of utmost importance to rely on automation to achieve processing several data streams simultaneously and obtain a broad result that allows us to work with relevant information for each processor need in the company.
Looking to the future, forecasting possible risks and opportunities will allow us to make much more intelligent use of information and thereby achieve a step towards the success of our business.
Last, but not least, is having the most sophisticated technology to obtain the data optimally and use it in favor of the companies that come to it. For this, having a shared services provider or an outsourcing partner will facilitate this difficult task, in addition to reducing costs for investment in technology data analysis and specialized personnel.
Let’s not forget that thanks to this immense source of information we can achieve that our business thrives in an increasingly competitive environment, with increasingly demanding clients in terms of attention and services.