28.11.2018

Today the commercial real estate industry is behind in the digital world

The Commercial Real Estate is a fast evolving industry. As the commercial expansion is the starting point of retailer growth, new shops are proliferating. This occurs sometimes with a high churn-rate as the retailer has not the financial solidity to incur occupancy costs over time.

commercial real estate industry

The most sustainable way to operate is when there are common interests between parts. These common interests can be reached with a good knowledge of counterpart and fair communication.

 

Access to information is key to performance

Commercial real estate is behind in the innovation process in some areas.

 

Commercial real estate is traditionally a paper and pen-based business with an emphasis on personal relationships. Professionals are relying on spreadsheets for asset and portfolio management.

 

The industry has lagged behind. The introduction these past few years of simple, complete solutions that aggregate data will help them go forward.

 

People like to have key information at their fingertips to help them make decisions. Commercial Real Estate need to get on this bandwagon and enable faster access to data that allows easy and quick decision-making.

 

In a relationship-driven industry like Commercial Real Estate, it is critical that any ​tech solution improves and complements the existing experience. The technology must be intuitive and deliver a positive and simplified experience for every user — landlord, tenant, broker, etc.

 

The world has become accustomed to apps and the ability to simply drill down on smartphone screen to see the right metrics.

 

This means the Commercial Real Estate industry needs to access to up-to-date data, a user experience like popular app and compatibility across multiple devices.

 

The Commercial Real Estate industry could be more efficient thanks to digital solutions

 

Commercial Real Estate companies spend a lot of time finding information, answering common questions and negotiating prices. They need a tool that makes their daily management easier. Most of the Commercial Real Estate processes need to be streamlined.

The profitability objectives leads Managers to take decisions often and quickly. The Real Estate Manager is asked to know perfectly his/her assets in terms of operational or financial KPIs, market price, estimated rental value and how to absorb the reversionary potential.

 

Commercial Real Estate professionals need a holistic solution that addresses these two issues – time and efficiency – head on.

These problem find their root in data management and restitution. Here are the main issues they have with information handling:

 

●  Heterogeneous data coming from various data sources such as Wi-Fi data, shops, management systems and accounting systems

●  Un-exploitable data due to a high level of granularity. Specific data visualization needs to be applied for the data to be actionable

●  Incomparable views between managed assets. Data are hard to be consolidated for a full optimized use

 

The Commercial Real Estate industry wants effective solutions that will enable their people to save time, make money and operate differently while facing data-related issues.

 

They need to address a key concern: having the right information at the right moment in the right view: Just accessibility of data and simplicity of restitution.

 

 

Data visualisation solutions are a performance booster

To achieve business objectives, data needs to be actionable. To be actionable, the data has to be fully accessible, understandable and maneuverable. This is the job of Dataviz Platforms.

 

real estate industry

Per example with this dataviz, asset manager can see, in the blink of an eye, that the red colored shops are not performing as expected. You can also figure out what shops are doing really good. You might want to try to understand why they are performing so you can share the knowledge to low performers.

 

Data Visualization platforms really help Real Estate actors to perform at their best. They can access information very fast and evaluate the risks of each different shop. That wouldn’t be so easy and immediate with a paper report or Excel file.

Sophie Miglietti

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