The Consumerization of CRE Tech
We rely on technology for a multitude of things in our daily lives – from shopping platforms to banking or investment apps and social networks. We’ve grown accustomed to the rich experiences and conveniences that these technologies bring to our non-work lives, making it easier to efficiently manage everything from finances to friends.
Many of today’s tech consumers are also employees of enterprises, which means their expectations of technologies in the workplace are higher than ever. From the younger generation of workers who have never known a world without digital conveniences, to the more seasoned employees who appreciate the simplicity and efficiency of the modern user experience, all of us are influenced by the technology we use personally every day.
This begs the question – why can’t our office technologies be just as efficient and intuitive as the apps on our phones, tablets and other mobile devices?
The evolving approach to enterprise tech
Enterprise technology vendors must take a different approach to products and services, keeping in mind the high expectations of today’s users. In the past, it was sufficient to offer tools that improved business productivity, enhanced transactions processes and measured performance. Now, ERP software must also meet the tech standards that employees have come to expect in their daily lives – a rich, intuitive experience, adaptable workflows and notifications, plus the ability to use multiple devices to get the job done.
What does this mean for CRE?
As the CRE industry continues to see the emergence of new technologies, nacsent startups, and analytics solutions to better leverage data, the importance of user experience should not be overlooked. And users of these systems include not only the employees of CRE firms and property managers, but also tenants and investors.
Without a world-class user experience, employees will not readily adopt new technologies. This can lead to productivity issues, and worse still, the system can become irrelevant if employees circumvent the technology and revert to manual processes. Without full adoption, the system will not deliver the value expected, and enterprise organizations can no longer justify investing in tech that will not yield full productivity.
For tenants and investors alike, technology can make or break their perception of an enterprise. Like our personal shopping or banking experiences, technology is a large part of the client experience. If it does not provide a rich and enjoyable experience, then tenants and investors will perceive that the organization provides poor customer service.
The Property Management perspective
Commercial property managers need technology that provides full visibility into building operations and proactively handles maintenance and service requests. To that end, tenant resources and portal capabilities that integrate with a larger comprehensive system are essential to their job. But the accuracy and effectiveness of such systems can be compromised if the software is not user-friendly for building engineers, property managers, and tenants.
User-friendly can simply mean ensuring that data presented to the property manager is applicable to their role and that this role-based approach delivers smart actionable data that is intuitive, allowing them to initiate processes and resolve any building tasks with ease.
The user experience – or lack thereof – can have a huge impact on tech usage and tenant satisfaction. When a tenant submits a request for maintenance, they expect much more than simply getting their problem solved. They want a complete service experience, or the “full uber” – schedule the appointment yourself, see real-time information on the whereabouts of the person who will handle your issue, and get status updates along the way. Software that simplifies the user experience for tenants without sacrificing functionality will result in happy tenants and commercial property managers.
Intuitive, user-friendly software that manages the full scope of building operations, preventative maintenance, work orders, communications tools, tenant resources and more, will gain successful adoption and meet the tech expectations of all parties. As a result, building managers can rely on software for insights into performance and cost, determine the optimal amount of manpower required to complete certain tasks, and ensure projects are completed on time. The consumerization of CRE tech can bring about the best of both worlds by providing transformational technologies to improve the business while also giving users the personalized experiences they’ve become accustomed to in their daily lives.
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UPCOMING REALCOMM WEBINARS
COMMERCIAL REAL ESTATE & Technology – The Importance of Developing a STRATEGY - 9/19/2019
It wasn’t long ago that a Commercial Real Estate CIO was responsible only for functions such as networking, file and print servers, computer hardware, desktop applications and e-mail. Over the last 5+ years other responsibilities have entered the sphere of the CIO including marketing, operations (smart buildings), occupant experience and cybersecurity, to name a few. Additionally, emerging technologies such as AI, Machine Learning, Blockchain, AR/VR, autonomous, robotics and others are impacting their world as well as their clients. Never before has it been so important for a Real Estate CIO to develop a comprehensive digital strategy, encompassing all aspects of the organization. This webinar will focus on the importance of developing a comprehensive digital strategy.
Founder of Realcomm Conference Group, an education organization that produces Realcomm, IBcon and CoRE Tech, the world's leading conferences on technology, automated business solutions, intelligent buildings and energy efficiency for the commercial and corporate real estate industry. As CEO, Jim interacts with some of the largest companies globally pertaining to some of the most advanced and progressive next generation real estate projects under development.
Ilan Zachar is currently Chief Technology Officer at Carr Properties, a privately held REIT known for its portfolio of trophy-quality properties in the Washington D.C. In this role, Ilan leverages vision and foresight to cross-pollinate best practices, processes, systems and resources across corporate operations/affiliates. Under his leadership, this has resulted in improvements in bottom-line costs, top-line business growth/scalability, operational sustainability and high performance and overall, strengthening his company’s role as a market leader. For over 20 years, Ilan has been executive business leader and innovative technology strategist for multinational real-estate and property development companies worldwide.
Sineesh Keshav is the Chief Technology Officer at Prologis. In this role, he oversees all aspects of the technology strategy and is responsible for leading the company’s global data and digital transformation. Since joining Prologis in 2018, Sineesh and his team have been focused on a capability driven, customer-centric approach to innovation and digitalization.
With over 24 years of experience in real estate, Kevin's expertise encompasses enterprise IT design, integration and ecological adaptation, helping his clients deriving ongoing value by improving their manageability, effectiveness and ongoing efficiencies. Prior to joining RealFoundations, Kevin served as a CIO for a large-NY owner operator and as a SVP of IT for an Ohio based REIT overseeing the strategic planning, enterprise architecture and information architectures.
Mike Salazar has extensive experience in consulting and sales with Enterprise companies, regarding strategic cross function technology, mainly focused on IoT and AI platforms. Named Star on the Rise by Security Industry Association in 2016, he is currently the Practice Director for Smart Buildings at HID Global. Through innovative solutions he helps organizations unlock value and realize business intelligence. Honored to call many of the most notable companies of our time happy customers.
Dharmendra is the Industry Principal at Yardi Systems. Dhar’s well-rounded and practical background in the industry includes experience as a software vendor, consultant and customer. Prior to Yardi Systems, he was the Vice President of Revenue Management and Analytics for Denver-based Apartment Investment and Management Co. (AIMCO), one of the largest multifamily REITs in the U.S., where he led the development and implementation of revenue management and business intelligence systems.
Malcolm Hobbs is VP of Marketing and Market Development at Join. Malcolm has extensive startup and enterprise marketing and business development experience in markets including SaaS, Industrial IoT, Analytics and Sustainability. At Join, he is helping to redefine how owners secure their buildings from digital threats and deliver advanced digital workplace services in today's tech-forward buildings.