The adoption of technology and data-driven business intelligence in the real estate industry has been pretty slow over the last few decades. Even in today’s time, where every segment is participating in some kind of tech-driven solution stacks, the uptake is not up to the mark in this sector. True, the office buildings are now equipped with fingerprint scanners and electronic swipe cards, but that’s about where the tech adoption for this sector stands even today.
So, why do analytics and insights become such a crucial cog in the wheel in the CRE sector? Also, what is its impact, and how does it benefit the industry? Let’s find out.
The current landscape in the commercial real estate sector
Most commercial real estate segment tasks are still managed on spreadsheets and manual supervision. Consequently, the operational data is usually maintained on manual mechanisms. Deriving consolidated insights and trends becomes impossible unless someone manually skims through all the information and comes up with a report. Naturally, every stakeholder lacks transparency in realizing the actual utilization of resources or its revenue impact.
Yet, the scenario is changing fast. Modern CRE operators want to manage their property using a insights-driven approach. Although some of the older building automation systems provide some support, they lack even on the basic integration. Thus, the data generated often becomes obsolete or stays in silos, which eventually does not make much of a difference.
Overhauling the entire tech stack is essential to apply an analytics-driven decision-making process in the real estate sector. Yet, outright replacements are expensive and can directly impact revenue generation for the short term. Seemingly, the issue has become a never-ending vicious cycle for the sector.
The modern way of implementing analytics
Buildings running an archaic system lacks multiple functionalities. Barring the provision of a few alarms or notifications, they do not share much information or solve any issues with managing the building facilities. Naturally, costs, wastages, and potential savings cannot be calculated easily.
Since starting over with a new business automation system is often cumbersome and in a lot of sense not even comprehensive, so the ideal solution for operators is to upgrade the existing system. This can be done by integrating the existing hardware with a modern platform that is equipped with the right analytics tools to access the building insights.
The latest capabilities are based on deeptech (IoT,AI & ML) and offer seamless monitoring of all the equipment and amenities. The collected data is displayed through the comprehensive dashboard and provides information on the property’s key features. Further, it is capable of analyzing the data on a real-time basis and provides critical insights on the equipment running conditions, maintenance schedules, and other such operational requirements. In case of emergency or breakdown, it pinpoints the accurate location of the incident and alerts the required personnel to attend to it. In a way, the platform allows the building to communicate intelligently with the stakeholders and improve its efficiency
Integration with the building management process
Although the barriers to implementing building analytics are lowered, the application must be made right. Yet, the multiple dashboards with disconnected data streams did not help create an impactful decision.
However, an innovative solution such as Know Your Building™, helps standardize the information flow from various sources to make it more actionable. It collects information across multiple sources, calculates the actual consumption, and presents a discernible detail of the expenses and consumables. It further diversifies the data visibility across relevant people, assets, buildings and promotes transparency. Subsequently, management of the commercial buildings becomes easier, and calculating ROI is easier.