Are You Building a Data-Driven CRE Company?
Increasing operational efficiencies and revenue across your property portfolios starts with implementing technology.
Historically, commercial real estate has been an industry reluctant to adopt technological innovations that other industries have found success in. But why has the CRE industry primarily stuck to the status quo of its traditional business practices while other industries found the need to jump on digital change in order to keep the lights on? The truth is that the lack of financial hardship in the CRE industry did not create a significant reason for property owners and investors to change the way they do business – until now.
With technology startups and private equity capital entering the market in 2017, property owners have started to see the benefits of leveraging innovation. With the competition adding new technology to their arsenal, adapting to these changes is becoming less of a choice and more of a matter of staying relevant in the marketplace. This shift is becoming more and more visible, from the services a building offers to tenants to where capital is being allocated across a given portfolio, CRE executives are constantly finding new ways to compete and earn the approval of their customers.
The way consumers expect to communicate with companies – including CRE companies – has changed dramatically with evolving technology. The only way to ensure your companies is giving your customers what they want is through the digestion and analysis of data – both on and offline. This shift in thinking has transformed entire industries where most brands have created data-based digital experiences (Netflix), while other more risk-averse companies fell to the wayside (Blockbuster).
Despite the clear need for CRE companies to partake in this digital change, it cannot successfully be executed without a solid infrastructure of data readily available to drive these business decisions. This is easier said than done because, as a commercial real estate owner, you likely have vast amounts of data collected, some of which is structured, but most of which is unstructured. Aggregating this mix of tenant, operational, and market data into a digestible platform is a difficult and extremely time-consuming task.
To make powerful decisions with data, it’s important you start at the beginning. That journey starts with assessing how your data is managed from the ground up. That requires property owners to:
- Put in place a data management plan
- Organize internal and external data sources
- Guarantee the quality and integrity of data
- Allow for quick and easy access to data
Whether your company is starting this process from scratch or is well on its way to data efficiency, the benefits of data management go beyond just financial growth. Companies that make data management a priority will be able to drive continuous improvement internally and enable faster and more accurate information to make better-informed decisions.
Lobby CRE was created by property owners as a way to automate this time consuming and difficult process so you can enjoy the fruits without the labor. Schedule a demo today to learn how Lobby CRE can help your company get the most out of its data.
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