Finding the best data sources and analyses
The analysis project aimed to define data sources and associated analyses that would create the most value for our customers – and then execute on those ideas to come up with data-driven recommendations for our clients. The project resulted in valuable decision support for customers ranging from Squeeze Massasje and Digg to Nærsenter Utvikling, Alti Forvaltning, Frognerbygg, and Scala Eiendom.
Onboarding and scoping the project
During the first couple of days the interns went through an intense onboarding process to get a flying start. The first task was to define a project plan for the summer to reach one of the two project goals:
1. Provide an expansion analysis for our tenant clients
2. Recommend an ideal tenant mix for our property clients
Customer workshops and prioritization
The first task was to get an overview of possible data sources and subsequent analyses that could be performed. A system was put in place to categorize and score the availability, cost and ease of use from each data source.
Along with the core team, interviews were conducted with each of the clients to understand their specific needs in regards to the scope of the project. This helped assess where potential value could be derived and which analyses would benefit our clients the most.
Whenever we hit any challenges, we were able to overcome them as a team through collaboration and creative thinking.
– Jonas Sjong Forfot
Data collection, analysis and final presentations
Now, the real work could begin. Data was collected using a range of APIs to extract public and non-public data sources as well as non-sensitive data from our clients.
For the tenants, a regression analysis was performed to map the best locations to expand to next. The recommendations were based on area attributes for their existing, high performing locations to see which area attributes were most important drivers for their revenue. By using similar deductions, the next 10 locations were prioritized.
The property clients received categories of which tenants to look for to fill their empty retail spaces. The recommendations were based on factors such as demographics, purchasing power, gap & void analyses and competitor assessment to name a few.
The responsible interns presented their recommendations to their respective clients and received great feedback. The analyses that created the most value are on the roadmap to be digitalised into the Plaace platform.
What has been the best experience?
My best experience over the summer was when we held our final presentations for our clients. They were impressed by our work, and I think it both confirmed some of their own hypotheses, in addition to providing them with some new input that they had not thought of earlier.
– Jonas Sjong Forfot