Just like its name, big data is a term that describes the large volume of data – both structured and unstructured – that overloads a business on a day-to-day basis. But what exactly is the purpose of this large sum of data?
For most of us, the term ‘big data’ is something that we are familiar with. There’s nothing new about it as it has been around since at least 2001. Having a huge amount of data is not important, but it’s what organisations do with the data that matters. By using big data, companies can analyse for insights that lead to better decisions and strategic business moves.
Sr Haji Nordin Daharom, the Director General of Valuation and Property Services Department of the Ministry of Finance Malaysia, recently said at the 27th National Real Estate Convention that big data is meant to be shared so that fast and informed decision can be made for the benefit of the society.
Where does Malaysia stand?
With the presence of big data, it helps transform the real estate industry as it increases transparency. But where does Malaysia stand in terms of transparency? According to the Global Real Estate Transparency Index 2016 by JLL, Malaysia is ranked 28th out of 109 countries, with United Kingdom, Australia and Canada taking the first three spots. This data tells us how the property market is perceived in terms to accessibility to data. Although Malaysia is within the top 30 countries, but we still couldn’t beat Singapore who took home the 11th place.
With a more clear and transparent accessibility, big data that are garnered from the public and private data sources can help potential investors make better decisions. In addition to that, availability of and accessibility to accurate, reliable and timely data are important to the operation of the property market.
Importance of big data
As mentioned earlier, big data is meant to be shared with different parties. Therefore, it is important to know what and how much of the data that should be released for the benefit of the people. As most of the data can be found online, it allows different parties in the property market to take advantage of it so that they can get their job done in a more fast and efficient manner. For instance, with big data, property valuation can be done without actually visiting the physical site of the house. It not only saves time, but it also gives property valuers more time to focus on other aspects of their job.
In a nutshell, big data combined with technology update is the way forward in the current property market. With it, everyone from the property industry namely developers, valuers and investors can make a wise decision that will not only help themselves or their company, but also the general public.
Written by Rubaa Shunmuganathan.