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#ICYDK: A couple of quintillion of bytes are generated every day. Data is all around you. And every day we perceive new data and our brain processes it constantly. But we cannot constantly work with huge data volumes efficiently, that is where special algorithms for processing Big Data come in. Bis Data contributes to many fields of activity, and today it is rapidly being integrated into the real estate sector.

Why is Big Data changing real estate sector?

Nowadays IT technologies drastically change the structure of the commercial real estate market. Innovative technologies change almost everything in the real estate sector, starting from the business model building, human resources management or optimization of expenditures. Big Data is one of the technologies that gained its popularity in the real estate markets of many countries. The goal of Big Data technology is to automate the analysis of huge amounts of data from multiple information sources. And human capabilities will not be enough to process all this data. Therefore, companies will be able to optimize financial costs, time, and achieve a more accurate result that won’t be affected by a human factor. Big Data works with machine learning to solve main business tasks. Huge data massive is analyzed according to set algorithm, and artificial intelligence provides people with the solution of a specific task. The most widespread example – credit appraisal of a borrower in banking or microfinance sector. Many banks already make their decisions on loan issuance on the basis of the verdict from an automated system.

The future of Big Data in real estate

Big Data potential usage on real estate market is multipurpose. If it comes to an end consumer, then real estate Big Data can help consumers appraise objectively various real estate objects by multiple parameters. Modern real estate databases offer rather limited information volume about different objects interesting for you.

* For example, real estate predictive analytics with Big Data technology helps to estimate the time you need to spend to go to the specified object in rush hour, how many schools and kindergartens are located in this area, and other related issues;

* Thus, Big Data makes it possible for an individual to make a quick decision whether he/she needs to waste their time on this object or it is better to choose something else.

As for business, Big Data potential can also be titanic. Technology can be highly efficient for marketing fields starting from personalized offers to end consumer to the determination of real estate object type with all tiny properties that can be built in that or another location.

Advantages of Big Data in real estate

So what are Big Data benefits that make it possible both for real estate agents and consumers improve their interaction with this field? It is time to find out. Risks reduction First, we should clarify that commercial real estate companies start using Big Data since it helps them reduce financial risks. How is it implemented? Using predictive analytics in real estate, companies can analyze the total condition of the building, its age, how solid it is, all reconstructions that were made before, and the information about the current owner. Based on all the above, real estate companies can make a correct estimation of the real property and provide customers with detailed recommendations and information. Moreover, real estate agents can quickly find appropriate variants for customers that meet their demands and preferences. Improved customers’ engagement. Data-driven analysis can come to the rescue. Real estate agents often come across ambiguous and unclear customers’ behavior which cannot explain why they don’t like this house or why they don’t want to buy it. That is where analysis using Big Data can help solve this issue once and for all. Predictive analytics for real estate is very important. Special tools developed by software development companies like Cleveroad can analyze the needs of consumers and improve their engagement. Perhaps, undetermined requirements of customers may even come to naught eventually and agents/companies will offer customers what those want to get. Detailed and precise appraisals When people sell or buy a house/apartment, they want to know its real price. And the process of the correct estimation is rather difficult and long since it requires full information about the building condition, location, area and so on. So prices can be changed drastically depending on many factors. Big Data is an option, as always. Using special analytical tools, real estate agents are able to perform accurate appraisal and set a real value for the indicated building. Big Data will provide users with actual information on the basis of the neighborhood, area, total conditions of buildings and so on. Thus, agents and consumers can get the most realistic price, and both parties benefit. Using Big Data, the real estate sector can be completely modified. https://goo.gl/QVzMeM

#ICYDK: Every day, we create 2.5 quintillion bytes of data and over the last two years alone, we have created over 90% of the world’s data! The amount of data we produce is staggering making it difficult for the data analysts all over the world to analyze data and project the results of such analysis into an understandable form.

The Ever-Growing Big Data

Though there are a lot of data at hand, enterprises aren’t exploiting it to its full potential. In fact, according to Forrester, between 60% and 73% of all data within an enterprise goes unused for analytics. While this is the case of enterprises, this percentage will be even higher for small businesses indicating that there is a lot of unused data in the world.

The main hindrance to using such data is the ability to perceive the data as facts which makes the dependence of the efficiency on the visualization techniques. Pie charts and bar graphs are used to visualize these data into a readable form but there are certain limitations to it. This 2D representation of the big data analysis restricts our imagination and therefore, our conclusions from the data gathered.

With big data gaining momentum exponentially, it’s important to get a hold on the insights obtained from it. What is the point of having so much amount of data yet not able to pick a proper, coherent interpretation out of it?

Visualizing Big Data Through AR and VR

The broader the canvas of visualization is, the better the understanding is. That’s exactly what happens when one visualizes big data through the Augmented Reality (AR) and Virtual Reality (VR). A combination of AR and VR could open a world of possibilities to better utilize the data at hand. VR and AR can practically improve the way the data is being perceived and could actually be the solution to make use of the large unused data.

By presenting the data in the form of 3D, the user will be able to decipher the major takeaways from the data better and faster with easier understanding. Many recent researches have been carried out which shows the VR and AR has a high sensory impact which promotes faster learning and understanding.

This immersive way of representation of the data has enabled the analysts to handle the big data more efficiently. It makes the analysis and interpretation more of an experience and realization than the traditional analysis. Instead of the user seeing numbers and figures, the person will be able to see beyond it and into the facts, happenings and reasons which could revolutionize the businesses.

You can cross-reference data and figures across years through a lot of factors with much ease which isn’t possible when you are seeing the data scattered on a pie chart or a bar graph. As you are observing the data in 3D, you may want to see how it correlates with a past incident or a strategy. You can easily pull that data and see the correlation between them, compare and gain a whole lot of perspective from it. VR and AR can greatly help in the multi-dimensional analysis of your business problems and reach the solutions sooner.

Every data is trying to indicate something. When you can actually see the data swimming before your own eyes, it becomes simpler to understand what it says. You can stack the data, move it around in front of your eyes, arrange it as you like and do whatever you want to, like a physical set of beads.

Interact with Data – Literally!

As data was seen previously in computer screens, it seemed more theoretical and less interactive. But when you can actually around in the middle of your data, literally, wouldn’t you be able to comprehend it better?

With the data projected on X, Y and Z axes with hundreds or sometimes thousands of data points marked all around with various factors governing it, you can see it plainly about what these data collectively are conveying. Based on the size and color of data, you can differentiate between them, compare these data with some other data of the past or update it with new data.

You can actually point at the data, shuffle it, organize it, highlight it and do what you can like seeing it all physically. You could point your finger at a group of data and say, these are the reason why our last marketing campaign failed and it would totally make sense too!

When you start seeing the data physically, like some sort of an object, you can see clearly about what the data is trying to represent. Another advantage of VR-based data visualizations is that the user can focus more clearly on the data and its interpretation which will further improve the conclusions derived.

The visualization of big data using VR and AR can cut down the time one spends on data analysis drastically and what’s more is you can get better insights from the data comparatively. The future of big data visualization with AR and VR is the only way to not waste the mass amount of data generated and gathered and gain a better understanding of them. https://goo.gl/3Ye8R1