On my flight back to Minneapolis, I sat back and thought about the impact of BOMA over the past 72 hours. Here are my reflections on the current CRE Tech Revolution.
1. Asset and Property management teams are hungry for “better, faster, easier.”
But they need our (software providers) help sorting the right technology solution, specific for their needs. And the list of options is growing, quickly. This also means there is a real gap in business pain and adoption.
2. It’s not all about dashboards.
Death by dashboard is just that – and if the information collected isn’t meaningful and customizable, what then? Easy-to-use functionally and team collaboration capabilities are just as important. The next step becomes, with all of the data and useful information collected by a software platform, why not feed it back to the ownership/asset manager to help make data-driven decisions?
3. Stand-alone software is the reality (for now).
Integration of all software solutions is idealistic, but typically not reality. If the solution fills a need – it will be used. Integration? Icing on the cake. Multiple log-ins? Inconvenient but still acceptable. If a software system can help save money, save time, and support portfolio growth, then it’s worth the current stand-alone status. It’s where we are. That will change.
4. Free trials and company pilots are now standard and expected.
“Use it and prove it first” approach helps teams test a new solution. Software companies with the right approach know and live this. In turn, this will support an onboarding that makes the change of old process to new process easier. In the end, teams change their behavior and trust that the new technology is worth the time and investment.
5. It’s a great time to be an owner of commercial real estate and managing a portfolio.
The proliferation of technology in commercial asset management is for good reason. Technology will automate and provide a winning edge for teams that embrace, learn and invest in it. The next 3 years will move fast and The Cheese will Move (great book Who Moved My Cheese if you haven’t read it)
So, be bold and allocate time to look at the latest and greatest to solve your pains. Spreadsheets, pen and paper, and sticky notes are tools of the past – be aware that resistance to innovation is a risk. Arm your team with winning technology. This will place your business in that top 20% and create a winning edge.
Connect: Keith Pelatowski