For better or worse, the adage “slow and steady wins the race” does not always apply to business. In fact, today’s competitive environment mandates that commercial real estate decision-makers increase their pace – especially when it comes to technology. In an industry notoriously slow to invest in and adopt tech advancements, this logically is creating some discomfort.
BOMA’s Technology Committee, in partnership with Building Engines, recently completed a research project exploring the practices and attitudes of organizations that are leveraging technology effectively. They found that technology “Achievers” are selecting, adopting and using technology differently than “Trailers.”
Don’t be a Trailer
If you consider yourself to be in the second category, you are not alone. The study found that only 4 percent of owners and asset managers count themselves as highly effective users of technology. It also identified time and resource constraints as the biggest hurdles when it comes to replacing underperforming technology. Here’s why it’s important to work toward getting past these challenges.
In commercial real estate – and other industries – early adoption of technology advancements is a critical part of remaining capable and relevant. The BOMA/Building Engines study found that Achievers are four times more likely to give brand-new tech solutions a try.
Tech tools that enhance operations and ultimately help improve the bottom line require an investment. Nearly 60 percent of Achievers in the BOMA/Building Engines study have established “technology” as one or multiple line items in their budgets. Less than 40 percent of Trailers say the same.
A key differential between Achievers and Trailers lies in their motivations for tech investment. Achievers are focused on brand image and customer service, where cost and time savings are bigger influencers for Trailers when it comes to making technology-related purchase decisions.
Do be an Achiever
Achievers choose highly effective solutions four times more often than Trailers, according to the BOMA/Building Engines findings. They also are far more likely to choose integrated, multi-function platforms. That makes a lot of sense, especially in today’s multi-cloud world where various commercial real estate services tech solutions are being designed to share data seamlessly.
The pace of commercial real estate-related technology advancements and the volume of new solutions being developed to support the industry show no sign of slowing down. But it is not too late to make the attitudinal shifts necessary to become an Achiever. Be willing to invest. Explore the latest solutions. Look past immediately gained efficiencies to see how technology can help you better serve customers and solve operational challenges.
The BOMA/Building Engines study is a great read for anyone looking to help their organization become more technologically mature. You can download the full report here. One final key takeaway? Achievers are three times more likely to use consultants – like IBS – in their technology investment decision-making process. We would love the opportunity to show you how we can help.