Doug Ricardo is the CIO at Mark Street property Group in New York. Like many others, the pandemic has left him with a set of unique challenges at his workplace. His firm, a real estate group, manages a portfolio of buildings, mostly with retail operations.
They are facing a slow down in new business growth and reduced occupancy rates. His CEO calls out for an overhauling strategy to adapt to the new normal. They target reduced cost of operations by 21% including savings through energy efficiencies, accelerated business development efforts and a greater tenant experience.
The C-suite needs to address their weak links to identify areas of opportunity for growth. They have tons of data on operating costs, resource utilization, and potential business opportunities; however, the improvements that they can make are limited. The reason for this is a lack of correlation between these data sets and meaningful insights for the negative metrics. They reach out to Doug to do a deep dive into the data, but they do see a gaping hole in their mined, but piece meal data, giving them little to work with. Doug considers having a platform that can generate insights that can make a difference. However, this will need to be achieved without bringing in much complexity to their existing IT infrastructure and is easy to integrate across all systems.
Digitization plans today cannot be deficient in data analytics. While investing in platforms, we need analyze if they can provide your business more than efficiency – they need to deliver transformative value. And that is why here are:
7 REASONS WHY YOU MUST TRANSITION TO AN INTEGRATED AI DRIVEN DATA-LED RE-OPERATIONS MANAGEMENT PLATFORM
Drive cost efficiencies
Tech implementation efforts that are not aligned to business performance can have costly consequences. CIOs can drive visible results from their IT investment, only when their platforms can generate intelligent insights for making smart decisions – integration of existing infrastructure and assets to data platforms, can exactly do that.
Deploy systems for greater productivity
A leading real-estate operator witnessed workforce productivity by 13% within six months of digitizing operations with a data-driven platform. If your data can identify your weak links, then it can help you use your resources better.
Deliver smart customer experiences
CX today is defined by speed, agility, and accessibility. Traditional satisfaction mechanisms give way to automated efforts that deliver hard and quick benefits to customers. Digitized and data-driven buildings are more likely to see higher interest levels expressed by business tenants. Automated safety protocols, contactless features, touchless experiences and real-time communication of hygiene routines to tenants are today a must have more than a nice to have.
Touch-free mobile controls for utilities
Decide with smart data
Decision-making based on data is non-negotiable. However, it makes sense to access multiple platforms linked to your operating assets to generate reports only if that data can provide intelligent insights. Today existing software platforms are integrated into a centralized AI-powered data analytics platform for easier sharing with your colleagues and help create a powerful data ecosystem for your organization. Bloomberg BusinessWeek Research Services, nearly 97% of respondents reported their companies had adopted analytics. According to a PwC survey, highly data-driven organizations are three times more likely to report significant improvements in decision-making than those who rely less on data.
Derive gains out of smart diagnostics and predictive maintenance
Most building infrastructure challenges stem from maintenance issues. High equipment costs and servicing puts a strain on budgets. Intelligent planning with predictive analytics can help to detect the problems early and address them. Faulty and inefficient equipment that does not meet the prerequisite standards can be replaced or eliminated.
Design for sustainability
The UN has declared code red for humanity. Sustainable infrastructure is probably the gravest need for our times. The Paris Agreement limits global warming to well below 2, preferably to 1.5 degrees Celsius and calls for greater control over energy usage.
We are now close to touching 1.5 degrees. Modern unified data-led platforms, powered by AI, point out precisely where energy will need to be managed better and empowers you to take action. The Paris Agreement speaks about fully realizing technology development to reduce GHG emissions. It cannot be a better time to invest in digitization efforts.
A sustainability dashboard generated using data led, IOT enabled platform Facilio
Develop your business
More than ever, capacity building or scaling at short periods, quick access to data and automation of maintenance procedures no-touch infrastructure are propositions that your customers are seeking. Case in point a building automation business saw growth up to 25% when they integrated with an AI-driven data platform into their solutions suite. There can be no better time to upgrade, equip and invest in your technology for business growth.
With shrinking infrastructural budgets, sustainability goals, commercial real estate corporations are integrating data-led ecosystems into their IT infrastructure for more effective management. The future is here, loud and clear. 1 in 5 buildings will be an intelligent building for more than one reason. That is why it is imperative to adopt IoT solutions and AI platforms to generate data insights in your digitization plans. Now, Doug has his answers.
Facilio’s AI-driven property operations platform allows real estate owners to aggregate building data, optimize performance, and control portfolio operations – all from one place. Customers in the commercial office, healthcare, higher education & retail categories use Facilio across 60 million square feet to reduce operations costs, increase net asset values & derisk operational liability. Headquartered in New York City with offices in Europe (the United Kingdom and Italy), Dubai, Chennai & Singapore, Facilio is a global company backed by leading investors including Accel Partners and Tiger Global Management. Learn more about Facilio O&M platform: https://facilio.com
(Sources: PWC, Bloomberg,Mckinsey , Facilio, UN – Sustainable Goals.
Header Banner Photo by Jan Folwarczny on Unsplash)