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Capital Planning

Why CEOs, Boards, and Investors Value Real Estate Technology

Binders

The decision to implement enterprise real estate technology software can represent a significant upfront cost – in dollars and time for training and implementation – and is often quelled by the company’s decision to maintain the status quo.

In business it can be easy to put off incorporating tools designed to improve productivity and efficiency when the status quo may be seen as “good enough.” Granted, there’s effort involved in evaluating, selecting, and implementing enterprise technology software, but moving forward it creates significantly more value and better supports the functions that make your business run.

The Status Quo is Already Costing You Money and Time

As a CEO, board member, or investor, recognizing that your current methods may be holding your company back is the first step. If digital tools are not part of your operational routine, you can be sure that this is costing you money right now, and making inefficient use of your team’s time. Ask yourself the following:

Are We Communicating Effectively?

Without a centralized system for communication and information sharing, knowledge that is critical to the company’s smooth operation may get stuck in a bottleneck and not communicated across teams. If even one person leaves, big chunks of company data, intellectual knowledge and proprietary intelligence can be lost – and the time it takes to rework those assets are not insignificant.

Company leaders understand the value of communicating effectively; this is one of the main reasons why CEOs value technology in the workplace.

Is Our Data Sharable Among Team Members?

If there is no centralized repository for data, team members must transfer needed information on an individual basis. This is very time-consuming, starting with the task of finding the person who has the data you need. You may end up needlessly regenerating documents and spreadsheets rather than go to the trouble of finding it within the company.

Another point here is that accurate forecasting requires data from a variety of sources and across financial periods. At some point, this information needs to be gathered and aggregated. Rather than making this a separate step, enterprise technology software makes it automatic and seamless. The amount of work saved is sort of breathtaking, and when executives see this in action it’s easy to understand the value of these technologies.

Centralized Systems are a Boon to CEOs, Boards, and Investors

For the CEO, board members and major investors in a real estate organization, this increased efficiency is one of the things that make adopting enterprise technology attractive. There are several other advantages that specifically benefit these upper-level decision makers.

Performance Snapshot: Platforms that provide a snapshot of the firm’s overall performance on an easy-to read-dashboard let executives quickly check on progress, while allowing the option of digging deeper into the platform for details.

Real-Time Data: Instant updates enable CEOs and other high-level personnel to access details and data that are essential for informed decision-making – all on the cloud, without the need to rope in busy project managers.

Reporting: Decision makers often need access to specific information and data analysis for meetings or reports. These can be quickly generated when data all reside in a coordinated platform, accessible anywhere. 

Transparency: In addition to increasing access to important information across the organization, shared repositories provide a new level of transparency for all business operations. Technology makes it easy to instantly verify information by providing access to key indicators of performance in various departments as well as detailed information on individual projects and transactions.

Security: One other important benefit of enterprise software is the added security it provides for critical data. It makes no sense to store company information on an individual machine, isolated from colleagues and vulnerable to theft, or send confidential messages through email. Enterprise platforms build in layers of security and keep vital information available only to those with permitted access.

Death of the Binder

Awareness of the ways that enterprise-grade real estate software can benefit an entire operation can help convince decision makers that the time has come to ditch the binder and get connected. Indeed it has. At the end of the day, technology platforms create value equal to many multiples of their cost.

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Pauline Nee

Written by Pauline Nee

Pauline is the head of content for Honest Buildings. For over twelve years in the commercial real estate industry, she has held diverse roles focused on product development, digital marketing, user research, web design and arts programming.