Big Data — Let Commercial Real Estate Software Work for You
You don’t have a lot of data. Promise. You only have a lot of data relative to what you used to have. The commercial real estate industry doesn’t have nearly as much data as it thinks it does. Every piece of data your company has ever created could be stored on an iPhone.
The video is meant to put in perspective just how far you are from "big data". While it is purely meant to illustrate a point, it's true that those in CRE typically don't even have a terabyte of data.
But social media? These platforms constantly deal with exabytes upon exabytes of data. In real time. All the time.
Instead of the amount of data, commercial real estate professionals should focus on the accuracy of the data.
- Facebook processes more data per second than we can wrap our brains around, but that data doesn’t have a lot of accuracy requirements. Social media platforms like Facebook can afford to lose a tweet or a like every now and then. There are no big consequences.
- A startup payment processor, alternatively, will process far less data but every single piece of data needs to be accurate. What's worse is that the data that needs to be accurate is also extremely complex.
As you approach your data requirements, there’s plenty of storage and processing power to handle your data so you only have to focus on the accuracy of your data.