INTEGRATING BIG DATA INTO DECISION-MAKING IN REAL ESTATE INDUSTRY

Abstract

With the developments in technology everything we use became smarter which resulted in an outbreak in data generation, which in turn demanded innovations in technology. The new technologies did not only affect the social life but also changed the dynamics in the way businesses are conducted. Compared to before, today people have platforms where they can state their opinions publicly. As positive opinions can increase the reliability of a product, person, brand or etc. negative opinions can decrease the reliability. The increase in the use of such platforms and smart devices resulted in an unprecedented increase in data generation. Hereby a new phenomenon, called Big Data, emerged. In parallel with these developments, business world came to a point where traditional business models and strategies run short to challenge the requirements of clients. At this point it is important to realize that the only way to stay in the game is to accept the paper the meaning and the importance of the Big Data phenomena is discussed through its effect on value-creation and decision-making. The process of integrating Big -making processes is investigated with an emphasis on the importance of value-creation from Big Data. As a result of the conducted literature review, success factors for a successful integration process are suggested. One of the industries that has mostly affected from the emergence of Big Data is real estate industry. A case study on the owner occupation rates in Europe was conducted using the annual report for 2019 of European Mortgage Federation (EMF) with the aim to point out to the advantages of using Big Data and analysis over the traditional methods and to emphasize the significance of adopting data analytics technologies.