In commercial real estate, we’re constantly collecting enormous quantities of data. But, we’re only just beginning to understand how beneficial this data is for business.
Real-time data cuts down on the lag between data collection and analysis. However, collecting copious amounts of data doesn’t do you any good if you aren’t fully prepared to act on the data quickly.
Real-time data brings so many opportunities and advantages to the table compared to other information collection and analytical methods. Here are three ways that real-time data can help make you more proactive in your CRE business:
- Increases Your Agility
Real-time data creates actionable insights as soon as the data is collected, which gives you a more actionable, agile edge. Technology is constantly changing and improving. People who don’t stay ahead of the technology will obviously fall behind and end up in their competitors’ footsteps. The timeliness of real-time data allows for quick strategic decisions, instead of falling one step behind your competition.
- Saves time on data gathering
Having access to real-time data allows you to spend your time re-designing outdated approaches and boosting your business’ overall performance. Eliminating the lag times between data collection and data analysis can help you improve productivity. The quicker data can be collected and analyzed, the more work you can get accomplished.
- Ends old trend of being reactive to market intelligence
In the past, businesses have been forced to take a reactive approach to market intelligence. Real-time data provides the ability to create proactive strategies by identifying patterns when they’re the most relevant, rather than looking back 3 to six weeks. This gives you the chance to take advantage of opportunities that were commonly missed with traditional data-gathering tools.
Erasing the trend of being reactive to market intelligence with the ability to identify potential swings in the market as they’re happening means you can reduce the amount of time you have to play out what-if scenarios, giving you more freedom to focus on building relationships with new clients.
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