Today’s real estate developers are operating in what is quite possibly the most exciting period of technical innovation the CRE industry has ever experienced.
Over the last few years, new tech tools have surfaced to make each stage of the asset lifecycle more efficient and allow developers better project control and visibility.
However, adopting these tools isn’t widespread, and some developers continue to use outdated and disparate systems to manage their projects.
But one thing is obvious: Technology is providing developers with actual increases in productivity and savings in two ways… Time and money.
3 Reasons Why You Need to Adopt CRE Tech Now
1. Data collection and analytics are game changers
Thanks to technological innovations, it is now possible to collect large amounts of data and, more importantly, turn that data into actionable information.
To make the best decisions possible, users must have access to data analytics tools, which allow them to learn about current market trends and make more accurate forecasts. We can use big data to reveal trends, identify pain points and triangulate on specific goals more accurately. More importantly, this technology enables us to pinpoint the exact pieces of information we need, increasing efficiency and productivity.
By applying deep data analytics to CRE, we can make better investment choices and produce more accurate forecasts, leading to improved decision-making across the entire CRE spectrum.
Owners can track building performance and enjoy the benefits of cost-cutting decisions in real-time instead of waiting for the end of a cycle.
2. State-of-the-art project budgeting software goes beyond the detail
In the CRE industry, developers are very dependent on project budgeting software. The best solutions in this space have grown in lockstep with tech, giving the project perspective as much attention as the financial perspective. A state-of-the-art solution allows the software modules or functionality to be project aware, with each module providing the necessary project perspective to complement the general ledger perspective.
Nearly all job-costing software emphasizes the subcontractor or general contractor perspective, where the detail level drives the reporting. But success in the developer market comes from its ability to go beyond the details and show management top-level project status and the various detail levels that support it.
The software solution must address the complete life cycle of a real estate asset: from project, inception to project completion and from pre-development to property management in order to minimize budget debt and maximize profit, efficiency, and client satisfaction.
3. Time is Money
Time is a minimal resource–we all feel this every day. But for real estate developers and CRE professionals, time really matters. The difference between a successful and profitable project relies on finishing a project on time and within budget.
One of the significant ways CRE tech delivers value is by helping developers organize day-to-day workflow and operations. Ultimately, this means spending more time on productive revenue-earning tasks and project management items that will impact the bottom line.
Real estate developers can use the time to their advantage and concentrate on the areas where they can add the most value by investing in software tools to automate specific tasks or simply make them easier to manage.
In Conclusion: Technology Always Wins
Maximizing ROI while minimizing time and other resource consumption is the game for CRE Developers. Automating as many processes as possible with cutting-edge technology will help your firm reach that goal.
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