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Steps to Building a Big Data Industry
Real Estate

Steps to Building a Big Data Industry 

A company can take advantage of Big Data in building its business. You can use a huge amount of data to increase your business efficiency. This article will discuss the steps that you can use to build a Big Data industry.

First Step: Assess your business

You need to identify the following areas in your business:

  • Find out the availability of data in your business and the industry as a whole.
  • Find out the realities of your industry
  • Study the services that technology providers are offering in your industry.

For example, the real estate appraisal business uses Big Data intensively. It uses the records of CAD or county appraisal district to check real estate properties. This business also uses MLS or Multiple Listing Service for information about sales. It also uses census tract and flood maps. Any appraisal business can find all these sources in the Cloud. You can view them online.

Second Step: Start a new method of using cloud-based technologies and applications.

Start a new way of using cloud-based technologies and applications. This will force you to examine the existing technologies that you are using. As a result, you will improve the capabilities and the use of these technologies.

Third Step: Automate work of filling out the forms to assistants.

Automate the form filling process of your company. You can also distribute the work to your assistants. Your business will be more efficient as a result. This will also increase the productivity of your employees. You will also be able to do more work.

Fourth Step: Allow your workers to help in making decisions on non-critical matters.

Giving them this leeway will develop your workers confidence. It will also prepare them to make more difficult decisions in the future. This will also increase their volume of work.

Fifth Step: Compartmentalize the process of report writing, data gathering and data analysis.

Create teams in your company. Assign different tasks to different teams. Give each team a part of the work. Provide the proper compensation for a team that will handle the most difficult task. This will encourage other teams to do their best.

Sixth Step: Improve your compensation plan.

Improve your worker’s compensation plan and you will also improve their morale. Those who are looking for other means of increasing their income will no longer do so. This will also improve their efficiency. They will be more productive. This will be good for your business. Some workers who are looking to transfer to another company will be dissuaded from doing so.

Seventh Step: Automate your internal management and organization.

It is important to organize, standardize, and automate your management and organization. Doing so will produce a seamless process of communication and internal analysis. This will also increase the efficiency of communicating with your clients.

Eight Step: Analyze all reports before signing them.

This will reduce your liability, especially your company’s insurance liability.

You can build a Big Data industry if you will use Big Data in the right way. It is good to be efficient in collecting big data, but it is better to use them well.

 

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