Assetsoft - Blog #Big Data

Unlocking Procore’s Full Potential: Beyond the Box with Assetsoft

Fri, 19 Dec 2025 05:51:43 -0500

In the world of construction management, Procore is the undisputed heavyweight champion. It centralizes your projects, streamlines communication, and acts as the single source of truth for your field and office teams. But as with any powerful platform, there comes a moment when "out-of-the-box" features hit a wall. Every construction firm has unique workflows, specific ERP requirements, or niche data needs that standard software configurations can’t handle.

This is where the difference between a "user" and a "power user" lies. It’s also where Assetsoft steps in.

We don’t just implement Procore; we extend it. Through deep custom development, intelligent integrations, and the strategic use of Procore’s open API, Assetsoft transforms Procore from a standalone tool into a fully integrated ecosystem that talks to any software you use, including your ERP.

Here is what is possible when you choose to customize and integrate your Procore environment with Assetsoft.

1. The Power of Custom Apps: Main Apps vs. Side Panels

One of the most common misconceptions about Procore is that you are stuck with the interface as it is. While we cannot rewrite the core code, we can build custom applications that run within the platform, providing a seamless experience for your team.

At Assetsoft, we develop two primary types of Custom Apps:

The "Main App" Experience

Imagine having a tool built specifically for your company’s unique safety compliance workflow or a specialized vendor pre-qualification portal. We can make these as Main Apps. These appear as full-screen applications within your Procore company or project dashboard.

The best part? Seamless Authentication. Your users do not need a second set of credentials. The app uses their existing Procore login (SSO), meaning if they are logged into Procore, they are authenticated into your custom tool automatically. It feels native, secure, and effortless.

The "Side Panel" Experience

Sometimes, you don’t need a full-screen app; you need contextual data right where you are working. We can build Side Panel Apps that sit alongside standard Procore tools, such as Commitments, Purchase Orders, and Invoices.

For example, when a project manager opens a specific Commitment (e.g., SC-01010-001), our custom side panel can automatically pull data relevant only to that particular contract. If you are reviewing an invoice, the side panel can show real-time budget codes from your ERP or insurance compliance status from a third-party system, all without leaving the Procore screen.

2. Real-Time Data Sync with Webhooks

In the old days of integration, data syncing meant running a batch job overnight and hoping nothing broke. Today, we use Procore Webhooks to ensure data integrity in real-time.

Webhooks allow us to "listen" to specific events within Procore. We can configure triggers at two levels:

Company Level: Monitoring high-level changes like new project creations or global vendor updates.
Project Level: Tracking granular changes to Budgets, Change Orders, Commitments, Prime Contracts, and more.

How do we use this for you:

Let's say a project manager approves a Change Order in Procore. Instead of waiting 24 hours for that to reflect in your accounting software, a webhook immediately triggers an Assetsoft API call. This signal instructs your ERP (Yardi, Sage, MRI, or a custom internal tool) to update the budget in real time. This eliminates the "data drift" that often happens between the field and the finance office.

3. Integrating with Any ERP (The Yardi Example)

While Procore integrates well with many standard accounting systems, complex organizations often run into limitations. Assetsoft specializes in building bridges where none exist.

Take Yardi as a prime example. Many of our clients manage property financials in Yardi but run construction in Procore. We can build a bi-directional sync that handles:

Budgets & Vendors: Pushing approved project budgets and new vendor details from Procore directly into Yardi.
Invoices: Pulling processed invoice data from Yardi back into Procore, so your construction managers can see payment statuses without emailing accounting.

However, we aren't limited to Yardi. Whether you use SAP, Oracle NetSuite, Microsoft Dynamics, or a legacy on-premises system, our team can use Procore's API to push and pull financial data, ensuring your Construction Financials tool is always accurate.

4. Solving the "Missing Data" Problem with Custom Fields

Standard forms are great for standard projects, but what if you need to track a specific metric like "Carbon Footprint Estimate" on a material order or "Risk Level" on a vendor profile?

We can leverage Procore’s Custom Fields capability to embed these unique data points into standard Procore screens (such as Vendor profiles or Prime Contracts). Furthermore, we can ensure this data isn't just static text. We can use it to drive logic in our custom apps or include it in the integrations we build. If you need a custom field calculated using complex logic (e.g., a specific tax calculation based on two other fields), we can create an external script to perform the calculation and automatically update the field with the result.

5. Documents, Emails, and Schedules

Our integration capabilities extend beyond just numbers and budgets.

Document Control: We can automate your folder structures. Through the API, we can push documents from your internal server directly into specific Procore project folders or pull drawings from Procore to archive them in your company’s SharePoint or Google Drive.
Intelligent Emails: We can trigger custom email notifications based on project activity that goes beyond Procore’s standard alerts.

Scheduling: If you use Microsoft Project or Primavera P6 alongside Procore, we can help facilitate the movement of Gantt chart data, ensuring your project timeline in Procore matches the sophisticated resource planning happening in your scheduling tool.

The Assetsoft Advantage

Procore is the platform, but your business logic is the driver. You shouldn't have to change your successful business processes just to fit software limitations.

At Assetsoft, we believe technology should bend to your needs. Whether it is a side-panel app that saves your team 10 clicks per invoice, a real-time integration that keeps your CFO happy, or a custom report that reveals hidden profitability insights, we have the expertise to deliver.

Ready to customize your Procore experience?

Contact Assetsoft today to discuss how we can build a tailored solution that integrates your entire digital landscape.

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6 Reasons Why Big Data Is Valuable For Property Management

Sun, 14 Nov 2021 04:48:16 -0500

Data is all around us. And if you can use it wisely, you can beat the competition and gain vital insights. Big data is undoubtedly the most powerful tool for modern businesses. It helps them understand their customers and market to the highest degree.

No wonder 97.2% of companies are putting their bet on big data and artificial intelligence (AI), as per TechJury. It could empower businesses to make informed decisions and get closest to the consumer.

Like all industries, real estate can also leverage big data for countless perks. Most importantly, big data can leverage the right information to make property management more efficient. Here is how big data can be a game-changer for property managers.

1. Make Better Predictions

Big data contains information from a number of non-traditional sources. Property managers can analyze big data in special tools to generate insights and make better predictions. The forecasting will be more accurate, as you are using data instead of guesswork.

McKinsey used similar data to predict the rent per square foot of residential buildings in Seattle. The data came from non-traditional sources, which is the hallmark of big data. McKinsey also used machine learning models to improve the outcome of the predictions. What were the results?

The machine-learning models were able to predict rent with an accuracy rate of over 90%. Likewise, property managers can use big data to make predictions in different areas. They can rely on analytics to find better homes for tenants or predict the price of a property.

2. Improve Tenant Experience

Big data can help property managers provide tenants or buyers with a fantastic experience. Today, building automation systems collect a range of data from different components like HVAC or plumbing. The data can be fed into software that allows property managers to monitor their buildings.

Let’s say one of the fans in your ventilation system breaks down. Your building automation system will pick up this data and forward it to your interface.  As a result, you can take steps to fix the fan before it causes any discomfort to your occupants. You can also keep an eye on your building systems 24/7 and prevent major breakdowns by spotting troubles early.

3. Suggest the Best Deals

Online users generate about 2.5 quintillion bytes of data per day, says TechJury. This data contains vital information about the user, including their habits and preferences.

Businesses can use this data and analyze it to the fullest to understand customers deeply. In real estate, property managers can use big data to learn what tenants and occupants want. They can also use the same to assess properties and suggest the right deals to customers for better conversions.

Additionally, big data can help buyers and tenants to find out more about a property or neighborhood. Through big data processing, property managers can enable customers to:

Look up schools and universities in an area
Access ratings on establishments and amenities
Assess the crime rate of the region
Learn about the potential price changes

4. Promote Sustainable Properties

Big data can help real estate agencies refine energy consumption and cut costs. Through data collection and analysis, managers can find out areas where it is possible to optimize energy consumption.

Additionally, data can help property managers reduce emissions and release of greenhouse gases. Real estate firms in the US implemented big data to become more sustainable. These organizations saw 10% higher Energy Star scores on a year-over-year basis. Moreover, the efforts reduced emissions that can be compared to driving 86 million miles by a passenger car. Additionally, the initiative lowered greenhouse gases that could be achieved by planting over 580,000 trees.

5. Improve Productivity

Big data can help property managers improve productivity and save time. Various technologies can come in handy for the situation, like a chatbot on the website to engage customers. You can mimic a human agent and provide all information a customer wants.

Additionally, big data tools can sort and analyze data with amazing speed. Your employees will be able to improve personal productivity and work faster.

Moreover, the insights from big data will help you zero in on areas of improvement. You can spot many issues that ultimately allow you to improve operational efficiency.

As per a survey, 59.9% of companies use big data tools to improve productivity. Your firm can also be on the list by embracing the power of big data.

6. Implement Proactive Maintenance

Modern buildings leverage different technologies to become smart. You have building automation systems based on the Internet of Things (IoT) to automate different aspects like climate control.

In addition, these systems help property managers monitor their building systems from close angles. You keep getting real-time data like the indoor temperature or HVAC fan speed. As a result, it is possible to predict downtime and equipment failure beforehand. The process can help managers implement proactive maintenance and prevent downtime for tenants. They can also save capital expenditures by avoiding costly replacements.

On average, proactive or predictive maintenance can save up to 12% more costs than preventive maintenance. Therefore, big data can even boost the returns of your investments.

Leverage Big Data with Assetsoft

Handling big data may be beyond the capability of many property managers. You need expert technical knowledge, the right technologies, and processes to get the best results.

Assetsoft can help property managers take advantage of big data. We can provide adept consultation and help you choose the right tools. Our services also include implementation, customization, and training for your workforce. Contact us today to unleash the power of big data for your properties.

Big data can transform your property management business - it improve the value and cut risks in operations. Additionally, big data can lead to meaningful insights and drive informed decisions. Property managers can look to reduce costs in the long run. Consider leveraging big data if you do your business online and have tech-savvy customers. Talk to our team today!

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Investment Management Trends Post Pandemic

Thu, 03 Jun 2021 08:00:00 -0500

COVID-19 marked a global change for all industries. With 2021 promising recovery, experts haven’t wasted time forecasting where real estate could go. Thankfully, most trends will be beneficial for companies and investors worldwide.

However, we must focus on one fact: technology makes up a considerable portion of these forecasts. Investor managers have understood the benefits of innovation: efficiency, accuracy, transparency, and convenience.

During the pandemic, these advantages were lifesavers. As the crisis subsides, they’ll quickly become the new standard. Working with a professional software implementation service is ideal for reaping all the benefits. Assetsoft also offers you everything you need for your investment management business, from accounting outsourcing to business process outsourcing.

Trends for different asset classes

Firstly, we’ll look at which asset types have experienced trend shifts during 2021. If you’re thinking about portfolio diversification, these markets are definitely worth a look.

That said, you'll probably be surprised to learn some of the upcoming asset trends. Considering which markets performed the worst during the pandemic, property managers won't expect multifamily and office real estate sectors to offer growth potential.

1. Office space slowly recovering

Investors are starting to revive their interest in office real estate. With vaccination rolling out, workers are beginning to come back to their offices.

Current developments, like IT recovery, are breeding hope for the sector to recover faster than expected at first. This trend could turn the tides for many real estate companies.

2. Multifamily assets gaining popularity

Despite its losses during the pandemic, the multifamily asset class has shown its resilience. One of the main reasons behind it is the technology behind it.

Virtual tours and other innovations have sprung interest in multifamily properties. Investors planning to diversify their portfolios will probably reconsider this market as a promising investment.

3. Debt as an asset class

Running debt has also experienced growing demand as an investment instrument. The investor community has realized the potential benefits of debt financing.

It’s akin to the previous trend toward real asset alternatives: oil, infrastructure, and gas. The debt market has shown opportunities for property ownership due to current valuations.

Technology taking over the market

As we mentioned, technology implementation is becoming a priority for most companies, and COVID-19 merely strengthened these needs. Today, investment managers have no reason to settle for traditional methodologies.

Process automation, chatbots, AI, and big data are some of the most important developments for the post-COVID world. Which technologies attract more investors within the real estate market?

Investors keep prioritizing effective PropTech implementation in real estate companies. Make sure you don’t fall behind and contact a professional service.

1. Attraction toward purely digital interactions

Today, investors are still hesitant about personally assessing an investment opportunity. That's why we've experienced fast growth in virtual tours and augmented reality.

With time, this trend might shift from being born out of health concerns to remain relevant for its convenience. That includes document storage and signing as well.

2. Automation is still gaining ground

Naturally, automation remains a substantial investment for any property manager. Nowadays, investors don't have the time to develop and stick to busy schedules due to human resources.

As such, even primary automation (chatbots and personalized listings, for instance) goes a long way in making specific investment opportunities more attractive.

3. Technology implementation remains a priority

Naturally, automation remains a substantial investment for any property manager. Nowadays, investors don't have the time to develop and stick to busy schedules due to human resources.

As such, even primary automation (chatbots and personalized listings, for instance) goes a long way in making specific investment opportunities more attractive.

4. Online services and convenience become crucial

Likewise, most people have gotten used to finding all the options and solutions they need from their phones. Finding investors will demand companies to focus on convenience via digital services.

Investor portals, intuitive websites and catalogs, and even mobile apps will significantly attract them to specific offers.

5. Self-servicing preference

In the end, all that convenience translates into empowering investors. These people will demand more information and solutions to take a primary role in creating and closing deals.

With today’s hectic landscape, there’s little interest in waiting days for a request to process. Management solutions, like Yardi, have driven the “new normal” in self-service functionality.

Management and accessibility

The final trends aren't entirely related to the real estate companies, but investors are spreading their focus to more aspects than traditional markets and plain ROI. They wish to be more involved in their investments, often learning more about the assets and needs.

That doesn’t only mean becoming interested in the investments themselves but also innovative opportunities. Primarily, investor managers desire to have instant access to actionable data about their current portfolio and options.

1. Capital isn't the sole focus

With current financial uncertainty and market risks, investors need to know more than potential profits and losses. We'll see a significant spike in requests for more information about every investment opportunity as they look to understand everything about their asset.

2. Fundraising breeding new opportunities

Fundraising has also gained considerable traction among investment groups. Putting opportunities out for investor pools makes it more affordable to access new investment chances. Today’s software allows investors to access these methods online.

3. Debt investment and compliance

As we mentioned, debt has become a primary interest for many investors. Though, these investment assets mean complicated considerations, like compliance and governance.

Offering these options is as important as educating investors about what they can expect and how to leverage them.

4. Comprehensive digital process management

Lastly, investors expect to have all the information and tools they need to evaluate and close their investments. These solutions must be digital and accessible to provide the required empowerment.

That means integrating complete systems to offer the functionality expected by a seasoned investor population. Investor portals and management suites will likely become invaluable for property managers.

How can real estate companies leverage these trends?

As usual, there’s little value in realizing upcoming trends if a company can’t take advantage of them. Since technology is the foundation for many developments, we must start on that front. The first step is to assess your current systems and what you’re missing.

Even the trends that aren’t directly related to technology benefit from finding the best solutions for your company. As you’ll see, our tips revolve around digital adoption and integration.

1. Professional technology implementation

Firstly, any company needs to consider how modern its systems are. Legacy software becomes obsolete faster than ever, and with rapid adoption being today’s norm, you can’t fall behind.

That’s because finding an expert technology implementation solution can prove to be an outstanding investment. The right software will provide investors with all the features they need to feel confident in their assets.

2. Big data analysis

If you wish to check promising markets to see if they’re still profitable, data analysis is the best way to do it. Real estate firms generate prominent big data volumes, and the right AI intelligence & data forecasting solution will turn that into a crucial competitive edge.

Likewise, integrating efficient software for data gathering and management streamlines all your data analysis efforts. Qlik is among the best systems for this task.

3. Adapting to relevant trends outside of investment management

Finally, don’t neglect other developments and trends because they’re not directly related to investment management. For instance, the ERP software market promised considerable growth in the upcoming years before COVID-19. The crisis boosted that growth.

ERP software will likely become the standard in the real estate sector, driving investor trust toward companies using this software. We can find countless other trends that can indirectly affect investment management, and the right strategy must keep them in mind. Let us help you with your investment management accounting needs.

The Assetsoft team understands your accounting outsourcing needs. We can help you free up time. Talk to an outsourcing company that brings to the table what you need. Give us a call today!

How Big Retailers Like Walmart Are Pushing For New Technology For Automation

Wed, 24 Mar 2021 11:55:13 -0500

Walmart has made the news several times already for its technological innovations. Even in 2017, Forbes was already reporting how the retail chain was moving toward high-tech. Four years later, it seems like this quality has remained faithful.

More than that, Walmart might be a leading name in the list of large retailers pushing for automation and similar technologies. It has grown to be considered a rival to Amazon, one of the world's most prominent innovators on multiple fronts.

On its own, automation has also been a central concept in real estate and multiple industries. Large brands backing its development could prove vital support for further improvements this year.

If you’re interested in implementing automation, make sure to work with professionals. As you’ll see in this article, rushing automation can be a dangerous move. We invite you to contact our robotic process automation services to guarantee results.

Walmart’s considerable move toward digitization

Let's start with a look at Walmart and how its investments can pave the way for innovation on multiple fronts. Recently, CNBC released an article detailing the chain’s plans to improve its technologies.

Considerable development is how Walmart plans to dedicate several stores purely for fulfillment. It plans to turn these fronts into automated warehouses. This move anticipates consumer demand increases as the pandemic subsides.

Walmart has been testing automation since 2019, implementing systems to process orders. However, automating more stores will drive the company to test other configurations, solutions, and providers.

The number of stores planned for automation and the actual extent of the strategy is still unclear. However, we can learn a couple of things from recent reports.

Fulfillment automation

Primarily, the automation strategy aims to rid employees of having to retrieve every item within an order. Fulfillment centers will combine human and machinery resources for this task. Ideally, robots will deliver the items to an employee for order assembly.

Additionally, workers will only handle fragile items. This move can prove vital for maintaining profitability since online groceries spiked in demand during the pandemic. Technological innovation has enabled Walmart to survive—and even benefit—from the pandemic’s changes.

The extent of tech spending by Walmart

While the CNBC report didn’t mention capital expenses, Bloomberg does provide a number. According to the article, Walmart plans to invest around $14 billion between supply chain optimization and process automation.

It’s worth noting that this amount will add to the $10 billion budget spent on CAPEX last year. The article goes into the fulfillment goal behind this development, but it also mentions a 79% growth in eCommerce sales for the retail giant.

With the announced wage increases, these plans seem to be part of a previously-determined strategy. However, the pandemic forced the company to “speed up” several plans, including these two.

Digital adoption: A crucial factor for competitive relevance

Before closing Walmart's subject, we also want to go through this 2019 article from Market Realist. It also sheds light on Walmart’s innovation efforts, but it offers great insight into how these attempts have benefitted the company.

It's worth noting that Walmart has gone beyond mere automation. It's a great example of digital adoption and how this strategy can be crucial for a company's growth.

The Walmart case study

Walmart used to be one of the biggest retail chains around the world. We say “used to” because it has proven to be a mighty name in the eCommerce space. The company has invested considerable resources to remain competitive in front of companies like Amazon.

Sure, Walmart has become a prominent force in the online retail industry, but what does that mean for real estate? Technological implementation is behind this growth, and today, virtually any company has access to the same software.

Retail and technological innovation

Walmart has also led innovation in the industry. In Mexico, Walmart developed an app for customers without a bank account. It enables clients to deposit cash into their app to use online or in physical stores. It even works with other bills.

It would be an understatement to say that Walmart is an example for any retail brand. One of the major hits from the pandemic to traditional business was their under-preparedness. Rushing the move toward remote work and digital adoption was a considerable investment during a period where financial uncertainty was the norm.

What can commercial real estate learn from this?

Property managers can learn a couple of things from Walmart’s example. The first one is what we already mentioned: digital adoption is a vital advantage in many ways. It allows for more versatility and resilience in case of turmoil.

However, digital adoption requires consideration, mainly because it's a broad concept that includes different approaches. If you wish to learn more and ensure success, we advise you to work with a professional digital adoption consultant.

On the other hand, it also exemplifies what property managers should look for in commercial tenants. As the global economy recovers with vaccination and easing lockdowns, choosing the right tenants makes a world of difference.

Property managers will have to keep in mind their prospects' innovative efforts and how they've weathered the crisis. Retail was one of the most prominent pandemic victims, yet Walmart managed to survive thanks to their technology implementation.

Retailers have been pushing for store automation for years now

Walmart isn't the only name behind the demand for automation developments. It's also not the only one spending years on it. Retailers have been pushing for automation to overcome eCommerce's growth for a while, as this article from The New York Times in 2018 shows.

While most developments were from China, it sheds light on how automation has been necessary for years. Robots for item management and shopping apps have been growing in popularity in recent years.

Store automation and big data implications

As the article mentions, store automation requires companies to keep their eyes on customers at all times. It has nurtured concerns over customer privacy because of all the data gathered from these users.

However, that’s important news for big data analysis. Companies can gather information like locations, product preferences, rush hours, and more. So far, this information has helped anticipate when more personnel is required.

Nevertheless, this information can prove invaluable when deciding on property investments. Data like higher traffic areas and residential spaces nearby commercial properties are vital for proper automation. Yet, it also offers a unique insight into an investment's potential returns.

2021 predictions: Will automation become a necessity for businesses?

As we've explained, automation is likely to become more than an advantage shortly. This article from Forrester also agrees with that thesis. Automation has evolved from an exciting technology to a lifesaver for countless businesses.

Between remote work, recessionary concerns, and a need for digital solutions, 2020 provided enough reasons to prioritize process automation. 2021 will likely maintain this momentum, paving the way for significant developments we can't overlook.

1. IDEPs becoming commonplace

Intelligent document extraction platforms offer unique advantages for real estate companies. It enables firms to manage contract analytics, measure risk, and more, parting from data extraction. Developments in machine learning can make this technology the standard for plenty of firms.

2. Automation taking a holistic approach

Automation will evolve from a unique technology to a portion of a more extraordinary approach. Modern software solutions integrate seamlessly with automation features. That process automation will likely be more easily accessible as a feature in other platforms.

3. Rushing automation will take a toll

The speedy implementation of automation scripts came with consequences. As companies feel pressured to implement it out of necessity, false expectations and user errors are commonplace. 2021 could bring new obstacles to these cases.

Which trends could develop from this demand?

Finally, this increase in demand for advanced automation developments will nurture growing trends. Before closing 2020, The Enterprisers Project released an article about upcoming trends for this year.

Before closing, let’s go through them to help you get an idea of what to expect.

1. Re-evaluating current automation initiatives

Companies will realize the mistake of implementing automation without a specific focus. As the consequences start to manifest, many firms will refocus their efforts to evaluate implementation results and correct mistakes.

2. Process optimization for proper RPA

Robotic process automation won’t work if there’s a problem with the process it’s trying to automate. Companies will notice the importance of optimizing all automatable processes before implementing automation scripts.

3. Expanding automation uses

Automation has been standard in finance and accounting departments. However, social media marketing and customer engagement have started to enjoy process automation. As users get used to the technology, more uses will become commonplace.

4. Data privacy will become the main concern

One of the main concerns about automation is how it depends on big data. If an automation solution has security “backdoors,” this data could become compromised. Data privacy will likely gain considerably more attention as RPA becomes more popular.

5. Automation integrations will become crucial

Finally, automation will gain more popularity as it offers more integrations with ERP, CRM, and other software types. Similarly, apps that offer automation capabilities will become significantly more valuable.

Can You Use Big Data To Predict Real Estate Prices After The Pandemic?

Mon, 22 Mar 2021 08:00:00 -0500

Big data is one of the most important trends around the globe today, and real estate isn’t the exception. One of the main benefits of this concept is its benefits for forecasting.

But can it predict where prices will be going for real estate after the COVID-19 crisis? That's what we'll find out today.

Before we begin, do remember that proper budgeting and forecasting is a vital skill for any company. Hiring a professional service can prove a crucial advantage during recovery.

Big data was already famous for price forecasting

Big data implementation in price forecasting isn’t new. It was already growing in popularity nearly a decade ago. This 2014 article from Medium, focused on Google trends, proves it.

Interestingly, the report talked mainly about how big data's fast information delivery. Back then, the central thesis was whether big data could be helpful for price prediction. Today, it's a common element in the said strategy.

SmartData Collective also has a great look into big data analytics and its implementation in Forex trading. Since trading is mainly dependent on price prediction, understanding its usefulness is vital for understanding why it's advantageous for real estate forecasting.

Results are quick

Big data communicates gigantic amounts of information in seconds. That means investors and analysts have real-time access to current information. Predictive analysis benefits considerably from this advantage since it lets companies instantly access this content.

It paints the full picture

Price isn’t solely defined by initial investments and even consumers’ wishes. Multiple variables make up the environment dictating price swings. The pandemic is an excellent example, and big data enables investors to understand everything that could influence price changes.

It eliminates human error

Big data also removes all emotional elements behind the information received. Market panic can stem from political turmoil, fake news, and emergencies, such as COVID-19. Big data analysis enables investors to distance their feelings from the numbers since it deals solely with statistics.

Big data’s utility in predictive analysis

Fast forward until today, and you’ll see that big data is a common aspect of decision-making in business. In that linked article, The CEO Views goes through how big data can benefit eCommerce ventures.

We already analyzed the "trading perspective," but studying different industries' uses of this concept allows us to assess possible implementations in real estate. Predictive analyses focused on sales growth are pretty similar to their use in price prediction.

Trend prediction

Market trends are a significant influence on prices. People's preferences change with time, and these interest shifts benefit specific markets over others. Big data sources can identify the onset of these developments. Investors can take advantage of trends earlier.

Analyzing specific audience reaction

Deciding on suitable investments requires assessing how a company's audience can respond to specific assets. Big data analysis lets investors assess their clientele's preferences so that they can adjust their investments according to what will perform better.

Studying customer behavior during purchase

People can make last-moment decisions while they’re buying. They might opt to invest in something else, cancel their purchase, or even end their relationship with the company. Big data analysis considers these behaviors, letting property managers find the most valuable clients.

Assessing market approach

Finally, big data provides crucial information about what a company’s competitors are doing. That includes marketing practices and investment preferences. Instant access to competitors’ prices and investments is a considerable edge when deciding the next moves.

Traditional price forecasting in real estate

Real estate predictability has been the main focus of many studies. One of the most critical observations from that study touches on the serial correlation between real estate price changes.

In other words, understanding historical price swings in different asset types enables analysts to assess how these could play into future prices. Estimating previous situations and their outcomes make it simpler to evaluate possible outcomes once the market reaches similar contexts.

Serial correlation in real estate returns

Serial price correlation refers to how historical price changes influence future swings. Real estate returns show a positive serial correlation. However, the evidence is still vague about whether said predictability is reliable enough to benefit decision-making.

Valuation ratios

Valuation ratios, including dividend-price and earning-price, have been traditional signs of possible equity returns. Naturally, determining an asset's returns—and whether they're positive or negative—helps predict if comparable prices are feasible in the future.

Economic variables

Finally, the environment around an investment opportunity plays a prominent role in said investment's potential returns. Again, the pandemic and response measures have been perfect examples of how economic variables can influence property prices.

Big data’s role during COVID-19

One of the reasons why big data became so popular during the pandemic is how vital it was for comprehending and responding to the crisis. This article from Forbes goes through how healthcare institutions relied on big data to define response strategies.

The interview goes through the concept's usefulness for epidemiological analysis. It granted experts access to extensive epidemiological data, including populations, risks, and possible developments as the virus spread and evolved.

The medical side of big data implementation

Big data enabled healthcare institutions to make informed decisions regarding which measures could yield better results.

Real-time trackers and multiple data sources were decisive factors during the pandemic. Just like with other industries, public healthcare is continuously relying more on big data.

What does this mean for real estate forecasting?

The same data used by public healthcare in response to the COVID-19 pandemic is available for real estate analysts. All these sources can prove a vital ally during recovery.

This information is vital for real estate companies when adapting their investments to market developments during 2021.

Big data’s usefulness in post-pandemic forecasting

The pandemic was a disaster for the entire world, but it might not be as disastrous as similar recessions in the past. Big data is one of the main elements responsible for that.

As we detailed, big data played a vital role in reducing the damage done by the crisis. However, it also goes beyond that. Big data will be a crucial ally for every government and company looking to develop a recovery roadmap after the pandemic subsides.

Revenue

Projecting investment revenue is the main attraction behind big data for many companies. Analysts can check their current and possible revenue streams to find the best opportunities and optimize their income depending on market changes.

Sales

Predicting what customers may prefer in the future is crucial for assessing which investments are more promising after the pandemic. Big data allows companies to gather information from millions of sources instead of individual markets.

Supply Chain

Short-term and global trade information is another advantage of big data analysis. For real estate prices, it's particularly beneficial for commercial real estate. It's easy to assess the best properties based on their supply route proximity.

Workplaces

Company employees also provide plenty of data that are useful for operational optimization. Email traffic, the mobile device uses, sick leaves, and log times provide unique insight on how companies can improve their efficiency.

Customer relationship

Finally, companies can assess their relationship with their customers and tenants. That includes assessing high-value customers, like business tenants from flourishing industries. During recovery, this information makes a huge difference when evaluating property lease opportunities.

How can you take advantage of big data in your company?

Working with big data can be complicated if your resources aren’t used to it. That’s why you should consider hiring expert project management services to aid you. It’ll help you develop more robust strategies to handle the recovery period starting this year.

However, NewGenApps has five excellent tips for using big data to optimize prices. Do remember that price optimization depends mainly on market forecasting. Let's see how their tips can teach us something about big data in price prediction.

1. Recognize data volumes

Companies and markets never run out of up-to-date data. Every transaction and development produces unique insight into how different markets are performing. Focusing on suitable data sources for specific purposes is part of the efficient analysis.

2. Focus on specific assets

Analysts can segment big data according to specific markets and property types they wish to evaluate. This approach allows them to filter irrelevant information for specific investments, like user interest and conditions from unrelated locations.

3. Segment products accordingly

Product pricing depends on multiple factors, like geography, surrounding areas, and more. Big data analytics lets users identify specific information related to particular product categories. That allows companies to divert their investments and marketing strategies to specific consumer behavior patterns.

4. Stock clearance and margin maximization

Inventory management is a primary challenge for many property managers. Big data allows companies to study how their competitors and similar offerings are performing. That enables firms to adjust their prices according to what's working in the market.

5. Cost Reduction

Finally, the quantity of data available lets companies finds the information they need to optimize operations. This benefit lets them improve profitability and allocate resources where they're more necessary. The result is better cost management and reduction.

Top Big Data Applications In Real Estate Analysis

Wed, 17 Mar 2021 08:00:00 -0500

Big data is one of those standard terms almost everyone has heard lately. It's often taken for granted, but big data offers unique advantages to any company that knows how to implement and leverage this technology.

For real estate, big data is a crucial advantage. The industry produces significant amounts of data every day. That includes lease conditions, property values, transactions, tenant profiles, and more. Using all this information properly is a critical competitive edge for anyone.

For real estate analysis, big data is even more critical. It allows property managers to assess property values to determine which investments are worthwhile.

How are expert analysts leveraging this concept? That’s our topic for today.

An overview of big data: Its functionality and relevance

Big data is a relatively simple concept: it refers to prominent volumes of data, regardless of the nature of said data. The main difference it has with traditional data analysis is that the volumes are too large for the same techniques.

Big data is forecast to grow considerably this decade. It has become a necessity for numerous sectors. Its worldwide revenue is only expected to increase in the coming years.

Why is it becoming crucial?

Today, most real estate software depends extensively on big data. The amount of information available is quickly becoming more than a competitive edge. As extensive data analysis becomes more popular, it's starting to turn into the standard.

The value provided by big data is too great for anyone to neglect. In the future, extensive data analysis will be more than an advantage. Companies that fail to implement this strategy are self-imposing a significant handicap.

How can companies benefit from big data?

Big data helps companies reduce operational expenses. Cloud-based data analysis technology offers considerable value for affordable prices. It also enables your company to be more profitable by allowing for better and faster decision-making.

It also makes room for advanced technology developments. Modern property management software benefits greatly from big data. It allows companies to assess customer needs and how to offer more enticing products and services.

Real estate analysis and big data: What’s the relationship?

Today, real estate companies are taking advantage of big data, even if it’s simple. Data analysis has become the standard for decision-making, ridding investors from needing to rely on their instinct.

Real estate integrates extensive data analysis to ensure property investments can yield returns. Naturally, this means understanding the market and its consumers. Big data enables property managers to tailor their offers to what their audience requires right now.

Assessing investments

The primary use of big data in real estate analysis is to determine whether an investment can be profitable. The predictive analysis aids companies in assessing and minimize risks before making a considerable investment.

Big data offers accurate insight on locations, demographics, demand, and even structural conditions for many properties. This information is crucial for any investor looking for effective investments.

More efficient evaluation

Similarly, big data ensures companies can evaluate the market a lot more precisely. This information allows for better property evaluations. Investors can set better prices for their assets, and the market can use the same information to adjust its offers.

It’s also easier to calculate possible losses and loans. Companies also gain more information for their property appraisals. Proper valuation requires different points of view, and big data provides all the information required.

Detailed market insight

Finally, companies can use big data to understand their customers’ needs. Predictive analysis using big data offers the best accuracy for assessing customer demands and a company’s audience.

As such, it also helps extensively with marketing. Big data is excellent for assessing consumer trends with utmost accuracy. It also sources social media information, which provides companies with extensive information, like age, genders, regions, and personal interests.

How is real estate analysis implementing big data today?

Extensive data analysis and manipulation has been a significant transformation driver for real estate. The concept has given way to specialized software solely dedicated to analyzing these amounts of information. That includes studying customer behavior.

This technology has advanced quickly in the real estate sector. While it still has a lot of promise for the future, many real estate firms are currently implementing big data as the center of their operations.

Let’s go through the most popular uses of big data in the real estate sector.

1. Forecasting and risk mitigation

Risk mitigation is one of the most prominent uses of big data. Open data availability allows companies to access all the information they need for correct decisions.

It also allows for valuation automation for estimating property values. Big data helps generate accurate forecasts.

2. Artificial intelligence

Artificial intelligence is also growing in the real estate market. It's excellent for eliminating human error during decision-making and market analysis.

Big data enables AI to access more information with which to work. Combining the two allows companies to automate information delivery regarding transactions and current market trends.

3. Online agencies

Online real estate agencies are also becoming quite popular, especially amid the pandemic. These companies use public data to estimate property worth and market trends.

Big data allows these companies to streamline their services. Rent estimates, forecasting, and content delivery become more accessible and more accurate with proper implementation.

4. Big data tools

As we’ve mentioned, big data has opened the doors to apps dedicated entirely to analyzing and implementing this information.

Today, even property management and CRM software integrate extensive data analysis. Digital marketing platforms also depend considerably on big data.

5. Data analysis

Naturally, data analysis is now primarily focused on big data. Large amounts of data grant more variables and information to work with.

That means that forecasting, budgeting, assessing investments, charting, and more are noticeably more accurate. Data analysis apps let you create and export in-depth reports for sharing with relevant investors.

6. Property analysis

Big data lets firms connect their available properties with ideal customers, thanks to extensive demographics.

Property managers can evaluate property vacancies, nearby traffic, neighborhood qualities, and surrounding population. That means offering all the details necessary for consumers to choose the right property.

7. Criminality indexes

Security departments and services around the world already implement big data to track criminality. Today, real estate companies can use the same data to find suitable properties.

It’s also excellent for providing transparency to your customers regarding a property’s risks. Any investor can check the criminality rates around any property that catches their eye.

8. Education levels

Resident education level is a crucial consideration when screening possible tenants. Big data apps enable companies to collect all the relevant data about someone’s background.

Significant data sources often include specific locations for someone's education. That means finding out which college they attended and the degree they received.

9. Life quality assessment

Life quality in the area surrounding property is another crucial consideration before investing. Big data allows investors to find safe, clean, and healthy environments for buyers.

Life quality measurements come from crime rates, education quality, entertainment areas, weather, and food and healthcare supply.

10. Pollution levels

Air pollution is also critical for many investors. It ties directly into life quality, especially for prospects suffering from allergies and similar conditions.

Big data also sheds light on different pollution sources around the properties. Additionally, it helps governments and other institutions in correcting these issues.

11. Measuring population growth

Population growth is among the most critical metrics for real estate. After all, it's the primary demand source for both residential and commercial real estate.

Big data offers a fantastic insight into population sizes and growth forecasts in different markets. This information is particularly advantageous for long-term investments.

12. Property valuation

Assessing the market value for a property requires plenty of consideration. That includes the property’s status, amenities, and similar offers in the market.

Big data grants access to those variables, and it can do more than that. For instance, valuation automation is seamless with big data. It lets property managers and buyers find the best investment opportunities with minimal effort.

What does the future hold for big data?

Despite everything that big data has done for real estate, we can say it’s only the beginning. As more advanced software becomes available, the possibilities might seem endless for big data uses.

For instance, house scouting and location intelligence is an exemplary implementation. Property managers can acquire and store location information from multiple properties. This approach would make it considerably easier to find and market properties.

Building management is another excellent example of big data implementation. The Internet of Things is one of the most exciting developments in real estate. Big data can make device integration a lot more effective.

Make sure to contact us if you want to integrate your properties with the Internet of Things with professionals.

Finally, data democratization and transparency become noticeably simpler to provide. Companies can provide their customers with all the information they need to trust their offers. That includes extensive details behind sale or lease properties and anything the investor needs to know before choosing.