How to make your CRE technology work for you
Is your commercial real estate (CRE) technology a value driver? Our recent Global Real Estate Technology Survey uncovered some powerful insights that can help you make your CRE technology work for you.
Leading companies are employing three imperatives to achieve successful real estate technology transformations. The organizations that embrace these opportunities can widen the gap from their competitors.
1. Shaping an actionable technology strategy
To ensure your technology drives value, you need a clearly defined strategy—it is a fundamental prerequisite. Highly successful organizations have a compelling vision and a clear set of objectives that help them remain focused on their priorities, particularly when they are resource-constrained. Knowing where you are now and where you want to be in the future will help you to define an actionable roadmap to achieve your vision.
Leading companies have gained a competitive edge by seeing value creation as the strongest driver for technology adoption and taking more decisive actions in formulating their strategies.
Key actions to take:
- Translate your vision and objectives into an achievable plan
- (Occupiers) Shift technology priorities to enable agility
- (Investors) Target value creation and risk management
- Commit to sustainability
- Be prepared for the impact of artificial intelligence
- Ensure your technology strategy is realistic to deliver success
2. Building a resilient operating model
You need to align your people, experience, technology, and business design to ensure they can collectively deliver on your vision and roadmap. This includes activating and engaging a cross-functional leadership coalition to monitor progress, secure funding, empower delivery teams, remove impediments, commit resources, and bridge any gaps.
Successful companies are three times more likely than others to have executive leaders actively engaged and supporting delivery teams, while more than 60% are increasing their use of external partners to improve capacity.
Key actions to take:
- Make sure you have the right resources, people, and organizational structure in place
- Invest to succeed: Demonstrate value to unlock long-term resourcing
- Secure and maintain stakeholder engagement in driving change
- Develop an ecosystem approach to deliver technology
3. Driving new ways of working
Success depends on embedding a new and more flexible operating model that takes an iterative approach to integrating change management and feedback loops, uses data and clear measures of success to drive the implementation process, and actively engages external stakeholders.
The biggest difference in execution lies in establishing a continuous process of improvement, with successful companies four times more likely to have taken this approach.
Key actions to take:
- Enable continuous improvement across your organization
- Take an iterative approach
- Develop clear measures of success
- Ground decision-making in data
- Collaborate effectively with external stakeholders
While occupiers and investors recognize the value of real estate technology, many are still struggling to achieve their CRE technology objectives and extract the full value from their technology. Watch the State of Commercial Real Estate Technology webinar to dig deeper into the survey results and learn how you can apply them to your business.