David Kollmorgen: The Big Deal with Big Data and How to Put it to Work
- Feb 11, 2015
The good news is corporate real estate is starting to use the new BI tools, concomitant analytics and data visualizations to rapidly improve how large companies can leverage their corporate real estate portfolios. The not-so-good news: the C-suite is reluctant to invest in these enabling technologies. In fact, the C-suite is just learning how to extract meaningful business insights from real estate and facilities data. That’s where corporate real estate professionals can show real value to CFOs and CEOs.
We have a huge opportunity to add our toolkit of data-driven strategies to the C-suite dashboard. In the process, companies can optimize their portfolios, select smart locations and rationalize their consumption of goods and services – including energy.
Are you prepared to do all of that with your data?
The truth is: only some corporate real estate (CRE) executives are maximizing the potential of their data to bring new value to their companies. The potential and technology is there, but relatively few companies have risen to the challenge of aggregating, integrating and analyzing information derived from their facilities. The thought leaders in this space are exploiting data and analytics to guide strategic decisions, drive operational efficiency and enhance workforce productivity.
Don’t be left behind
Big data is making a big difference throughout the business world, and new insights from CRE data are making a powerful impact on the corporate bottom line. From banking to technology to retailing, corporate real estate executives have the ability to leverage the data sets they have, and mash those up with other data sets – market research for example – to bring real actionable insights to their business.
Understanding employee behavior and workplace patterns, for example, is the “Holy Grail” for CRE teams, given the hard-hitting business impact of employee engagement. Building-based data and analytics is one of the best ways to access the underlying facts about a workforce. Today’s data and analytics technologies allow CRE teams to work closer with HR to identify the primary drivers affecting the workplace and workforce.
Put a plan in place
A well-rounded CRE data and analytics plan supports more informed decision-making and resource allocation across the entire enterprise. With smart building data, for instance, a company can optimize building performance and reduce energy waste. A CRE team with predictive analytics can forecast capital spend, use seasonalized regression models to forecast workorder volumes and types, predict with 98 percent confidence space utilization by day, and predict staffing needs across all service delivery platforms.
We have access to more sophisticated real estate data than ever before and the possibilities are endless. Big data? It really is a big deal.
David Kollmorgen is an International Director and Lead of Business Intelligence at JLL. He can be reached at David.Kollmorgen@am.jll.com.