Ninety percent of the world’s data has been generated in the past two years.
And, while you may have felt the impact of that influx of data, according to James Chung, president of Reach Advisors, you most likely aren’t taking full advantage of it. He points out that despite being one of the largest industries in America, home building has a pretty low usage of data.
Why? Historically, access to data wasn’t much of a competitive advantage. But today, the housing industry has much more variability and uncertainty. Data can provide a path to confidence in decision making, and it can turn uncertainty into quantifiable risk.
In this short video, Chung talks about the power of data and how the home building industry can transform by using it to its advantage.
It’s easy to feel overwhelmed by the quantity of data that is available. And many organizations do just that—drown in the data. But new technology, faster and cheaper processing capability, and advances and dramatic cost reductions in storage have made the power of data intelligence stronger.
Now, housing, technology, and data are converging and presenting a rich opportunity for housing leaders who buy into the idea. The wealth of experience in the housing community, combined with local knowledge, can be layered on additional data that will sharpen decision-making ability.
“We can now get data on a micro level that is much more helpful to a builder,” Chung says. “We will see a dramatic shift in how people use data on a micro and macro level. Plus, how people outside of housing use it to impact the housing industry and reshape demand for housing.”
Chung is slated to present on the power of data intelligence at the HIVE conference, scheduled Dec. 6 to 7 in Los Angeles. He will be joined by Jeff Handlin, president at Oread Capital & Development; Ivy Zelman, CEO at Zelman & Associates; Paul Johnson, senior vice president and community development at Rancho Mission Viejo; and Issi Romem, chief economist at BuildZoom. Register now.
This story appears as it was originally published on our sister site, www.hiveforhousing.com.
