29% of Real Estate Companies Do Not Have a Data Strategy
In the age of big data, companies have made surprisingly little progress in developing data strategies. Just 25% of respondents in a recent KPMG survey of property companies had a well-established data management plan. What’s even more surprising is that 29% of property companies don’t have a plan at all.
Every business across America is swimming in an ocean of its own data. If companies can spend more time understanding their own data, identifying problems and tackling issues can be streamlined, but it all starts with having a plan for what to do with all the data a business is creating.
The first step is capturing the data. Prioritize which data is most important to capture and store it in an accessible location on a server or via the cloud. Now interpreting the data can begin. With the help of some proptech offerings, property companies can organize, visualize and model that data to find new efficiencies and strategic opportunities. To fully leverage the opportunities available with data, senior management must support the transformation by providing the proper tools and support. That all starts with forming a data strategy.
Read the full report: https://home.kpmg/uk/en/home/insights/2019/11/kpmg-global-prop-tech-survey-2019.html
