On the back of its seminal report Will the Australian property industry seize the upside of disruption?, our Council Global Lead Partner EY has released another informative piece on big data, which looks into the analytics maturity of the Australian property sector.
With the global property and construction sector being a major laggard in innovation and disruption, this report acknowledges that while a data foundation is in place throughout the sector, it sits low in terms of maturity. And with the proliferation of sensors being deployed within the built environment to provide a more real-time view of performance, the sector is poised to benefit from emerging culture of data-driven decision making. However, it is a culture, rather than just a process, that will drive greater performance outcomes from the analysis of big data.
The Internet of Things is now playing a big role in helping us collect more targeted information about our assets, and occupant behaviour, and this will only become a greater source of intelligence for the property sector.
Will the property sector take advantage of this culture shift and embrace the added value of big data analytics to its performance? — Adam Beck
Following the interest in the recent report Will the property sector seize the upside of disruption?, EY has written a further white paper entitled Big data: Beyond the buzzword to further explore the impacts of this topical area on the sector. Identified as a key area of impact by industry leaders surveyed in the previous report, big data consistently arises as an area of interest but one that is not necessarily yet entirely understood for all its potential.
For leaders in the property sector, the biggest challenge is to create a culture that embeds analytics into decision-making, and embraces an iterative approach that uses big data to answer questions, solve problems and build stronger, more competitive businesses.
Read the full EY story here: Big Data: Beyond the Buzzword