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 t he 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 r ise 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, opera tional, 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 uncer tainty 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 e liminate costly capital projects.