Technology advances notably in the data and analytics continue to yield considerable benefits to those who take advantage. Real estate, especially construction industry tends to be a slow adopter. Not just how we collect information within the industry, but also how we process that information.
Mobile technologies are only getting mainstream acceptance in this industry, yet they have been in existence for decades already. The repercussions are dear because, unlike other industries that are swarming with real-time and digital information, most companies and people within the building and development of property world are crowding with analog volumes of data in files and shelves.
Companies that adopted mobile technologies such as the use of servers, online enterprise management software, internet and other mobile technologies five years ago can comfortably move to the analytics phase because they already have data in usable form. Those that did not, they have to start today or digitize reams of data in silos before they move to the other steps.
For a company that is already in analytics, it can study trends, implement recommendations from analysis of data, and grow faster. On the other hand, it would be a time-consuming affair for the other firm to try to adopt the technologies today, but on overall, they don’t have another choice but to play catch up to their counterparts. That is how different one firm will be today from the other, yet they were all on the same page five years ago.
The construction business tends to be complicated. Even small projects can turn very complex if viewed as simple. This is because, apart from the owning the property, constructing, and leasing or selling, there are many other decisions in between.
Such decisions include what type of property to develop, how much to spend, which design to implement, taxes, legal issues, among many other things. To do that, you need to operate from the point of information. According to Tweed Financial Services, most people tend to seek funds before they even understand the environment they are working in.
The problem with such an attitude it that, reliable information does not back decisions. It is a gamble when one ought to control the factors that are within their control such as the target market, how to market, and what to add to make it appealing to the intended market.
To achieve that, you need more than industry information. You need to leverage on details about how the customer thinks, lives, earns, dreams, and much more. Such insight is only available through analytics. Firms such as Tweed Financial Services look out for your ability to harness industry information to your advantage.
For most people, analytics are industry reports, outlooks, and projections. However, that is not always the case. Analytics is more about how that report is read using your company information to inform you about what you are doing right, wrong, or simply not enough. For example, if the reports say that 40% of potential buyers use online apps to search for property, you must ask yourself whether you are available on such apps. If you are not, you had better be or you’ll miss out on that part of the pie.
For every decision, if unsure, always rely on information available about the industry as a whole and your company. Recent studies show that companies are increasingly finding it hard to implement ambitious technologies. The main reason being, the economies of the project just don’t add up. Your projects ought to be backed by a rational monetary sense. Sometimes the most important thing is where the customer will appreciate a technology, if not, he or she will probably not pay for it.