The NSW Government, via Property NSW have released a report titled Data Analytics in the Property Sector. It highlights how the property industry is successfully using data to better understand customers, tenants and users in order to improve planning, design and maintenance decisions.
Some industries have taken up Data Analytics more than others and the Property Industry is very data rich. We can all benefit from the insights data can bring if this data is used to plan future development.
The report highlights some case studies highlighting cost savings, increased ROI and improved comfort for occupants.
Some of the key lessons outlined in the report:
- Tailor data capture and analysis to solve particular questions rather than storing data for data’s sake
- Ensure comparable datasets are available
- Increase awareness of the portals that exist and encourage a diverse user set
- Increase partnerships between public and private enterprise
- Reduce duplication – share ideas across government so that one solution can be applied across multiple disciplines
- Keep procurement simple to encourage more companies to engage with governments on solutions
Using data and the insights it can bring will benefit tax payers, property developers and the public.
Here is an example of how collection and analysis of data is already improving planning in Singapore courtesy of the Wall Street Journal.
Click on the image below to download the full report from Property NSW.