How commercial real estate firms use technology to secure a future
There have been major steps in the embrace of technology solutions, but there is a major disconnect between interest and adoption.
In Brief:
This year has been an inflection point for the commercial real estate industry, intensifying the need for technology solutions.
Those who adapt and reap the benefits of a fully realized technology platform are likely to fare better.
One way to improve program and transformation management is to establish a transformation management office.
The commercial real estate industry is in the midst of exciting change. Prior to 2020, it was already in the evolutionary process of redefining systems and operations for a new generation of technological advancement, and “disruption” became the watchword.
Then COVID-19 hit, forcing the industry to focus on the immediacy of safety, sanitation and the preservation of building stock in a time of dramatically reduced occupancies. This year has been an inflection point, intensifying the need for technology solutions to better address a more flexible work experience in addition to improving efficiency and reducing costs through the automation of certain processes and the elimination of error.
COVID-19 has served to accelerate the awareness of tech’s importance in operations and accelerate that disruption. Companies have pushed the limits of their current technologies, and the prolonged crisis has highlighted the opportunity for further progress.
There have been major steps forward in the industry’s embrace of technology solutions, but there is still a major disconnect between interest and adoption. This is caused in large part by an industry caught up in “higher priorities” and technology companies viewed by many as too fragmented to provide integrated soup-to-nuts solutions. Nevertheless, the mandate remains to create a technology strategy that aligns the enterprise architecture to the strategic direction of the company.
