The world is becoming increasingly data-driven. Businesses rely on data to make smarter decisions in a fraction of the time it would take to make decisions without it.
Commercial real estate is one of the industries that benefit from data and analytics the most due to the volume of high impact decisions CRE executive need to make on a daily basis. CRE executives are the best people on their respective teams to make decisions using data but are not necessarily trained in analyzing it. Data scientists are able to analyze the data CRE companies have and can build the bridge between the technical data and the decision-makers, but bringing that skillset in-house comes at a premium. So, should you hire a team of data scientists to extract insights from your data or would you be better served from a data analytics as a service (DAaaS) solution?
What is Data Analytics as a Service (DAaaS)?
Data Analytics as a Service (DAaaS) is defined as web-based technology or software that analyzes big data. It acts as an alternative to developing onsite hardware just to perform data analytics. DAaaS is part of a larger group of web-based services that aim to replace internal business systems. A DAaaS provider offers the analytics platform for a monthly or yearly fee rather than the business needing to develop a data analytics solution internally.
In order to extract the most value from your data, you will need to use a data management platform (DMP) to help store and organize all of your internal and external data sets. The best DMPs will ingest your data, ensure its validity and organize it in an easily searchable way to help you run analytics on the points you want to consider.
How is DAaaS changing the CRE industry forever?
Commercial real estate is one of the industries that can benefit the most from DAaaS because of the sheer amount of data that is produced on a daily basis. Being able to view analytics and quickly gather opportunities is essential for growth in a CRE company.
DAaaS is valuable to CRE leaders because developing everything needed to run analytics in-house including systems and staff is work-intensive and expensive. DAaaS offers quicker access to insights, helps businesses be more agile and gives leaders the ability to leverage artificial intelligence, machine learning and predictive analytics.
Data analytics as a service can be a simple, affordable solution with an average return on investment of 1,301%.
Lobby CRE is a leading data analytics and management platform for commercial real estate companies, built by CRE Data Experts. Make data-driven decisions faster with better access to your data, an easy to access Executive Dashboard and custom insights on opportunities in your business.