BIG DATA - Drones to shoot ready projects; relay images to buyers!
Nearly 25 years ago, homebuyers had nary a choice in the marketrelying on a local broker, the entire family dressed up for this `outing' to inspect houses, one of which would be their future home, with little to choose from the medley on offer, save location--near the bus stop, or near the school; sun-facing or park-facing, etc.
Today, technology has made life much easier. Prospective homebuyers have only to visit a property fair and experts will guide them through several proj ects, taking them through a range of options in budget, size, location, fixtures, payment options, etc--verily the customer is spoilt for choices. There would also be on-site tour of projects, sample flats on view, etc. T Better still, if you are the kind who turns to the net for all re search and queries, there are any number of property portals that will guide you through. All you need to enter is basic information like the area you wish to live, budget, number of bedrooms, and your choice--villa, independent floor, or an apartment.Bingo, a plethora of options await your mouse click and you can lazily view each one of them--with dozens of still pictures, video grabs, elevation pictures--to your heart's content.Thereon, connecting to the brokers linked to the properties on your shortlist is just an SMS away.
If you thought this process is time saving and made easier by technology, the future of home buying is poised to get even more exciting! The latest innovation on offer, Big Data and Business Intelligence, is likely to transform the construction industry, making home buying an altogether futuristic experience.
Big data is the volume of a variety of data generated by each of us each day. Social media data like our posts on Facebook, Twitter, or Instagram and other blog data form a part of the unstructured `Big Data' generated.Other data like consumer profiles, their demographics like place of residence, etc, garnered through surveys and other sources form the `Structured Data'.
Futuristic property-search portals combine these data to present to homebuyers exactly what they wish for. Data analysis by the search en gine will bring to the fore the dream property which is best aligned to the buyer's choice.
Whether it is a ground-floor house with a lawn, or a house that faces a park, or one that is close to a school! Data analysis will bring forth insights that will help the portal suggest better options, as gleaning buyer information and behavioural choices will become easy as pie.
Once the options of possible properties a homebuyer is interested in have been selected, mere pictures do not always help. The homebuyer wishes to touch and feel the property and, therefore, site visits are still a must. Which room receives sun during the day, is the property well-ventilated, what is the type of flooring, and are the bathrooms skid-proof for the family's elderly, what are the noise levels that filter through from the road below, how far is the closest bus stop and the chemist, are there hospitals and green parks within driving distance--are the many questions that plague the homebuyer.
The future belongs to drones relaying real time pictures and 3-dimensional tours and views of the property, all of which will be available online. Technology enablement will make it possible for the homebuyer to visit the prospective home and view it in entirety, at different times of the day, on a smart phone or laptop, without actually visiting it.
Delay in delivery plague many construction projects due to factors that are often not in the control of even the project management staff. The homebuyers' angst seen today owing to late delivery of the promised apartment will soon become a thing of the past, thanks to technology and big data insights! As more players in the construction industry embrace big data insights and analysis, project management will become real time and forward looking. Thus, issues that may crop up later and cause delays would get solved at the first instance. For example, data around construction machinery breakdowns, parts availability, and equipment warranty will help builders forecast when a part or machinery could breakdown. This would enable them to pre-order the parts or machines and hold them on standby with no disruption to the construction schedule.
Similarly, material management would become far more real time with inventory dashboards helping manage all inputs, thus effectively reducing wastage. Large projects that are often held to ransom by unpredictable weather patterns would also gain through weather prediction models that are interlinked, through technology, to the project construction schedules, so that timely modifications may be made.
Like every other industry, construction too is at the cusp of a transformative change. New technologies will, in the coming years, benefit homebuyers enormously, making buying a new home an experience that is smooth, devoid of unnecessary paperwork, and streamlined. The gains will accrue for all associated with this industry as well.