In recent years more and more industries are benefiting from the use of big data. Big data is simply the process of examining large amounts of various types of data including markets, statistics, etc. Big Data Analytics is using that data to discover patterns, correlations, trends, preferences, and other business information that can be beneficial to companies in a variety of ways including marketing, revenue, customer service, and competitive advantages. With big data industries can now track trends in markets more effectively, discover the best way to ship things, and utilize the information they gain to better serve their clients. By using large amounts of information about a particular industry someone well versed in the uses of big data can make sweeping improvements in places that there may have not been a recognized need for it. More and more many industries are learning what big data can do for them.
This is true for senior housing as well. There are massive amounts of data available for those that seek to analyze trends in the senior housing market. By utilizing this resource companies can better understand the senior housing market and what areas are slipping through the cracks unseen by those in the industry.
Recently the National Investment Center for Seniors Housing & Car or NIC appointed a new president, Brian Jurutka. Mr. Jurutka’s career history revolves around analytics, operational management, and data systems development.
The hiring of Mr. Jurutka shows NIC’s dedication to utilizing big data to ensure that senior housing stays with the times and is relevant in today’s market. In an interview with Senior Housing News Mr. Jurutka commented on where where the market is going, and big data would fit into the senior housing sector:
“What attracted me to the field is looking at the broad demographic shift as to where things are heading from an American perspective. There’s a big wave coming and that excited me. Also from a personal perspective, there was an opportunity to find a fit with an organization that aligned very well with a mission-driven focus that resonated with my experience. The more I learned about NIC, the more excited I became about understanding how I would be a fit . . . It’s learning to use that data set to answer questions to drive both the business and the mission of the organization forward. In general, we’re in the at the start of the big data journey. And this is broader than just NIC, but my assumption here is that as we look at the broader senior housing space, there is huge opportunity to use data to drive decisions. As an industry overall, there are huge ramifications. At NIC in particular, I think there’s always the opportunity to expand in the data that we collect.” The whole interview can be found here.
Cambridge Realty Capital is excited and prepared for this new shift in the senior housing industry. The use of big data will only improve our investments and strategy going forward. It will allow for a variety of new areas to be explored and ensure safety and security in the market, allowing for the minimization of risk while increasing the opportunity for gains.