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Capital Planning, Project Management, Corporate Owners

3 Benefits of Purpose-Built Technology for Corporate Owners

Whether retail locations or corporate headquarters, the spaces where you run your business are essential to your success. Capital planning and project management solutions purpose-built for teams who own the outcome of capital and construction projects help you enhance the value of your spaces through better management of today’s projects and tomorrow’s plans.

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IMPROVE TEAM EFFICIENCY

A growing segment of rapidly scaling corporate owners like Slack, Y7, and Convene is engaging in commercial real estate construction and capital planning, running projects start to finish. Utilizing best-in-class property technology (proptech), they oversee these projects while running enterprises that, in most cases operate without internal construction or contracting resources.   

For corporate owners, the objective is to optimize team efficiencies. Purpose-built technology in the hands of an agile team becomes the common platform that minimizes duplicate data entry, and human error. With access to historical data in one platform, teams can deliver on-brand spaces ready to generate revenue, on time and on budget. Every project is a learning experience.

Modern Cost Management

UNDERSTANDING YOUR COSTS AND SPENDING

Fast-growing corporate owners may not have in-house teams dedicated to managing construction financials.  Instead, they count on robust, intuitive proptech to manage real estate projects and capital planning. Unwilling to suffer extraneous processes or expense, they maintain lean teams, automating administrative tasks and aggregating information, creating unified financials and cost tracking, from first dollar to final spend. 

Transforming data into actionable intelligence available for reference and analysis makes every project an opportunity to learn. Additionally, corporate owners build central repositories where stakeholders can access the information they need:

  • to track budgets, milestones, and timelines, 
  • to avoid overspend and variances through visibility, and
  • to mitigate vendor errors. 

Technology, rather than headcount, delivers compelling opportunities. Teams spend less time and dollars on projects, and more time building their brand and core products. 

NEGOTIATE BETTER RATES

You have little time to achieve proficiency in skills outside your area of expertise, but those skills are critical. However, to build long-term operational efficiencies, teams must quickly master skills in areas outside their core business.

That’s the challenge corporate owner’s teams face in consistently negotiating the best deals on their real estate projects. The potential barriers to success are:

  • cycles of rapid growth or expansion in new regions where relationships with vendors must be formed quickly.
  • quieter periods with less construction, where in-house teams would result in expensive and unnecessary overhead.

Proptech that provides visibility and access to historical information fuels informed decision-making. Learning in real-time, teams can compare projects, model scenarios, and test assumptions, giving them opportunities to negotiate with insight and hard data rather than assumptions.

Modern Cost ManagementOUTCOMES

With technology as an accelerator and competitive advantage, even as costs accrue, teams benefit from:

  • closely-tracked committed, anticipated and pending costs, and
  • decision-making that reduces future project spend, collapsing timelines, and improving resource planning.

Smaller, better informed, more agile teams can develop business performance plans and conduct market analysis more effectively. With accelerated, tech-enabled learning curves, those teams grow business intelligence databases, better ensuring efficient management of current and planned projects. 

Relying upon shortened, data-informed decision-making cycles, corporate owners powered by purpose-built technology are best positioned to succeed. They have invested in technology for its capacity to deliver accurate, accessible, aggregated data, driving rapid outcomes. 

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Rochelle A. Carter-Wilson

Written by Rochelle A. Carter-Wilson

Rochelle is the Content Marketing Manager for Honest Buildings. a Procore Company. She creates stories and other on-brand content to inform and engage owners and other members of the Commercial Real Estate industry.

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