Commercial real estate has, until recently, been able to avoid the far-reaching grasp of technology. Integrated software will be the reason these floodgates open.
Much of today’s information on buildings is not “big data”; it’s simply cumbersome data – difficult to manage and identify actionable insights. Integrations will help change this equation and lead to improved decision making.
In fact, many of the ways building owners and operators collect data for property operations are manual, cumbersome, and inaccurate, forcing decisions made with error-prone data. Technology today allows for much simpler, faster, and better ways to collect and analyze good information so decision-makers can take proactive – versus today’s reactive – action. As the data collected by these tools opens up, building operators will improve operational efficiency, enabling them to reallocate their time and resources for better purposes.
Commercial real estate needs a connected technology stack for dynamic building management. It’s incredible that none of this exists yet.
Many exciting technologies are being developed to revolutionize how building owners and operators manage tenants and spaces, coordinate maintenance, perform leasing, and run their buildings. Unfortunately, these great technologies are restricted to use only in their platform; there’s no simple flow of information to other tools.
Data management shouldn’t be siloed into individual functional uses. Plus, building operators don’t want “yet another tool” to learn. If these incredible individual tools shared data, building operators could simplify their lives and find new, better applications for the data at their fingertips.
As integration becomes the norm, integrated CRE tech tools will work together to significantly improve building operations and efficiency. An open data exchange will be the breakthrough commercial real estate technology needs for better adoption, communication, and utilization. For example, integrated software will be able to trigger a work order for equipment maintenance after detecting abnormally high energy use during a short time period. The power of these possibilities will transform building operations.
Soon, CRE tech will be more sophisticated as the focus of development shifts to long-term, flexible solutions that create both short- and long-term value. These solutions will be able to grow and adapt with the users to improve the way integrated tools create value. Integrations will help technology seamlessly insert itself into the daily routines of its users to make the everyday tasks of a building operator simple and efficient.
CRE tech will emerge with common standards and guidelines that make product usability less frustrating and more enjoyable. This will become even easier when apps open their APIs and create a free exchange of data. Increasing data-driven operations will be possible with simple cross-functional team value for energy data, maintenance data, and people data.
As CRE technology is refined, the winners and losers will be determined by the flexibility and openness of the platform. If tools cannot easily “speak” to one another, end-users do not want the headache of finding a way to make sense two incoming datasets; they want to utilize both tools to work together. But, if another technology can communicate with an existing tool, the technologies that seamlessly interface together will win.
CRE tech tools are constantly developed, so some integrations are finally entering the market. This long-awaited flow of data between tools is slowly opening up. As open APIs and software integration become common practice, a surge of integrated technologies will enable the CRE tech revolution we’ve been waiting for to take over.