Gyana: Embrace data now or be prepared to fail
Enrico Faccioli urges companies to embrace new trends or risk finding themselves in trouble. The chief operating officer of Big Data startup Gyana, shares his frustration over dated analysis and demonstrates three use cases of Gyana for real estate professionals.
Here’s an edited transcript of Enrico’s presentation from PlaceTech Trend Talk Nordics in Stockholm:
I did a Masters in finance a few years ago in the UK. I joined Legal & General in the real assets division, but as soon as I started, I realised how far behind the real estate industry was to the financial sector. There was no Bloomberg for real estate, there was no data availability, everything was released annually or in quarters.
I started an innovation capability at Legal & General and we did a lot of pilot testing over there. We did some investments in startups in proptech and smart cities, and then I met Joyeeta Das, the CEO and founder of Gyana. I decided to join Gyana and go on that journey to empower decision makers and analysts all around the world to make better, better and more informed decisions using human mobility data.
In real estate we always say location, location, location but we really believe that location is only one side of the equation because real estate is about real people. Where do they go? Where do they come from? Where do they work? Where do they live? How much time do they spend in your shopping centre, or in your office space?
Getting hold of this kind of information has always been very hard but we now live in a hyper-connected world with billions of devices connected. Now is the right time to start harvesting all this kind of information, this is becoming a make or break.
“If businesses and investors fail to embrace these new trends or fail to react in time, they’re in big trouble”
This slide is only about retail but this could have been office with the whole space-as-a-service trend, or industrial with the logistics revolution and Amazon.
Gyana is powered mainly by two types of data. We have a geographical places database with an in-house team of data scientists that geofence territories and assets across the world. So far we have geo-fenced over 5bn sq ft across the UK, US, Russia, Germany, and we’re very excited for our Swedish launch.
The software will be up and running for Stockholm in the next few days and then we want to cover the whole of Sweden in the next few months.
The second type of data is human mobility data, which is a combination of GPS smartphone location data, wi-fi hotspot and telecom data, which we buy from over 80 global data providers worldwide.
This is all anonymised and aggregated at source, so we’re a fully GDPR-compliant, ISO certified, and a Gartner Cool Vendor (research firm Gartner’s definition of a Cool Vendor is a small company offering a technology or service that is innovative and impactful). We’ve worked with NASA and the UK Ministry of Defence in the past, so we have probably the highest clearance in terms of data privacy you can expect.
“We want to be live, we’re tired of those annual updates and quarterly retail numbers”
At the moment, the data in our solution is updated monthly and we’re moving to bi-monthly move in the next couple of weeks.
Another important factor about our platform is that it’s self-service. We want to move away from those consulting reports that take months to get done, and by the time they’re out and delivered to you it’s already out of date, and you probably paid £20k for that.
You’ll be able to use the platform by yourself as many times as you want and get answers in seconds rather than months.
Three use cases for real estate professionals
1. Real-time performance monitoring and due diligence. You can look at a town and see how many retail locations are there, what’s been the footfall over time in the last quarter/last year, how’s that changed year on year, dwell time and much more. There’s no real behavioural bias in our data and this can be really useful as an early risk indicator.
2. Enhancing tenant mix within retail locations. Let’s say you have a vacant unit in a shopping centre, how do you know which brand to invite? Who’s your ideal tenant? The best way to find out is to gain an understanding of customer preferences. For example, we can see if people visiting a shopping centre prefer to shop at Greenwoods Menswear compared to Diesel.
3. Before and after analysis. Let’s say you just completed a big urban regeneration project, or you’ve just expanded a shopping centre, or you’ve just done a big marketing campaign. How do you know whether dwell time has changed after that initiative? How do you measure success? We monitor change through time for a variety key variables. You can use before and after analysis to inform your future strategy.
Gyana’s client base is around 40-50% in the real estate sector. The rest is financial services and a lot of consulting companies as well who are using us in many different ways. Previous clients include WeWork, Nuveen Real Estate, Airbnb, EY, McKinsey & Company and Knight Frank
View Enrico Faccioli’s presentation slides below
PlaceTech Trend Talks Nordics was delivered in partnership with Nordic Proptech Initiative, Node, OBI, Mills & Reeve, Bruntwood + MSP and Redwood Consulting.