The world is changing at a historically unprecedented pace. While gradual shifts in how we work, the ways we shop and where we live, were taking place pre-pandemic, Covid-19 has catapulted us into the future. These seismic changes carved outgaping opportunities in various markets, as witnessed by the largest increase in new business formations on record, but they also brought several unforeseen challenges.
On the office side, the sudden pivot to remote work sent occupancy free falling and a tidal wave of digital transformation activity reverberating across industries, causing major shortages in cloud, IT-security and data science talent, among others.In contrast, the call for supply chain “resiliency” meant redundancy and additional inventory was needed – effectively sending demand for domestic industrial real estate and qualified warehouse workers through the roof and producing performance levels the industrial sector had never experienced.
"Translating those senses, or data, into insight and that insight into a response, is where the right data-driven approach removes risks, improves decisions, and not only enhances a firm’s probability of survival but also enables them to thrive."
The pandemic created what is perhaps the greatest chasm in the last half-century between the market’s needs and the existing solution set. Then, came the conflict in Ukraine, rapid inflation and a raising interest rate environment as we teeter on the edge of recession. This confluence of events has forced organizations to seek data as a beacon in the fogas they reevaluate how their real estate footprint can better enable their organizational objectives in an increasingly uncertain operating environment.
Maximizing the Return on Data
A common mistake of organizations who resolve be more data-driven is to jump right into data aggregation mode: hire a data scientist or consultant and begin consuming the ever-expanding buffet of new data sets.