IMPLEMENTATION OF THE BIG DATA CONCEPT IN PROPERTY MANAGEMENT BY USING BUSINESS INTELLIGENCE APPLICATION- A MINI REVIEW

Abstract

This paper reports a preliminary study on the implementation of the big data concept in property
management by using a business intelligence application. Property management seeks to
maximise value by optimising operational efficiency that requires a high degree of technological
literacy in managing properties and assets. Property management requires techniques,
technologies, systems, practices, methodologies and applications that analyse critical business
data to help stakeholders in better understanding the business and most importantly the
maintenance aspects of the property. This is especially important for governments in managing
its real estate assets and properties. Poor utilisation of properties and assets is a pernicious budget
problem. The sudden rise of big data has left property players unprepared to use it effectively,
therefore most properties and assets are not well maintained. Property management needs to
manage large amounts of complex data in terms of rental, inventory, assets, people, operational,
geographies, pricing etc. It is therefore vital for property managers to have a platform to handle
more complex and unstructured data. The transformation from samples to the overall data, the
change from the pursuit of exactness to acceptance uncertainty and the correlativity instead of
causality are indispensable for preparation for the age of big data. With improved analytics,
organisations can better predict their future portfolio utilisation, moderating operating costs and
potentially defer or eliminate costly capital projects.