The property industry is the latest to make use of Big Data that is available to lower the cost of accquisition. “In real estate too, the interest in Big Data deployment is increasing,” said Saurabh Kumar Sahu, MD, Accenture Analytics, India to Economic Times. “It’s clear that the cost of acquisition per customer has gone up sharply in the current environment, and Big Data can help lower it by using predictive analytics.”
According to Economic Times, two Indian property companies have already engaged Accenture to deploy Big Data tools, and four more developers are talking to the consultant. The Lodha Group, which also develops properties in downtown London for the well-heeled, is using the tool at two of its key Mumbai projects — the New Cuffe Parade and Palava City.
“Over the past four months, we have recorded a 50% jump in lead conversions as we could prioritise our efforts and resources,” said Prashant Bindal to ET, Chief Sales Officer, Lodha Group. “We expect a 30% growth in conversion will give us at least 20% more revenue.”
Big Data is huge amount of structured and unstructured data that is generated every day and this data cannot be analysed by the existing software. Hence, data scientists use descriptive and predictive methods to hunt out leads from the sets of data that often appear delinked to business decisions.
A lot of companies globally are using Big Data to establish competitive advantage over rivals. In March, Lodha logged sales of more than Rs 1,200 crore — its strongest ever monthly performance. In February and March, cumulative sales rose to Rs 2,000 crore, compared with Rs 1,300 crore a year ago. Big Data is at the vanguard of Lodha Group’s efforts to achieve a sales turnover of Rs 10,000 crore in FY18, up from Rs 7,000 crore last FY.
“We continue to evaluate the use of Big Data analytics… This will enable us to understand trends and predict specific solutions for business reach and growth,” said Sriram Khattar, MD, Rental Business at DLF to Economic Times.
