Big data is changing the entire world around us and those who ignore this revolution will miss out on the opportunities it brings. By harnessing the power offered by big data, the Knowledge Network has the potential to fundamentally alter how the property industry advises clients and supports the public sector in meeting its challenges.
A massive opportunityThe opportunity presented by big data to a public sector under continuous scrutiny to find savings and rationalise its estate is huge, particularly against a current background of political and economic uncertainty.
Major public sector initatives, such as the One Public Estate (OPE) Programme and Sustainability and Transformation Plans (STPs), aim to develop projects built around the needs of the local area, aspiring to deliver efficient and effective services from a rationalised estate, realising capital receipts through the release of surplus assets, reducing annual running costs, and generating more jobs.
Analysis is key
Analysis is crucial to these aspirations being met, not just in terms of mapping estates but also with consideration to housing targets, schools’ requirements and healthcare needs within the context of population projections, demographic changes, shopping habits, transaction logs and spending data. By forming asset strategies alongside service strategies, a holistic response can be provided.
Better informed and more effectiveAdvances in data-driven approaches will enable strategic asset management to be better informed and more effective. Public sector organisations can now utilise advanced geo-located data analytics, processing vast quantities of demographic and open data, including real time social media, to identify patterns and gain insight. This data driven approach could ultimately lead to a step change in the ability of OPEs and STPs to drive change and meet their objectives in a way that is currently not being harnessed.
To find out more, click here to read our article in full, which first appeared in the ACES publication The Terrier Summer 2017.