How to Use Data to Actually Improve Your Firm
How important is data in commercial real estate (CRE)?
According to JLL CEO Christian Ulbrich, it’s “absolutely critical.”
In a presentation at the Women’s Forum of New York Breakfast of Corporate Champions, Christian explained how new technology are giving firms unprecedented access to data that can improve decision-making.
But despite that access, many CRE firms have yet to realize the full value data can deliver.
That’s why leaders need to invest in technology that helps them uncover valuable insights hiding within the mountains of data they already collect.
As Christian stated during his presentation: “You have to integrate [technology] seamlessly to get the best outcome.”
We couldn’t agree more.
Below, we’ll explain why you need technology that integrates with your current workflows and processes, as well as the other platforms you use.
Technology that supports the way you work
The technology you use to collect and analyze data has to fit in with your current workflows and processes. Otherwise, your staff and brokers simply won’t use it.
That’s why we suggest investing in solutions that meet the following criteria:
1. CRE-specific design
Technology companies often create generic solutions to solve problems for users across various industries. And they work fine … for most industries.
But CRE isn’t like most industries. It’s complex.
Every single deal you make involves tons of moving parts, cap rate analysis, and millions of dollars.
If you want a solution that works the way you do — without spending hundreds of thousands of dollars and months of time on customizations — you need technology that was purpose-built for CRE.
2. Implementation team
While a solution designed for commercial real estate will have most of the features and functionality you need out of the box, you’ll still want to add some configurations that are specific to your firm.
After all, you’ve developed unique processes and formulas that set you apart from other firms in your market, and you deserve technology that supports them.
That’s why the best technology providers will pair you with an implementation team who will:
- Learn your business and processes
- Help you establish goals
- Create a plan for your firm’s success
- And tailor the system to meet your needs
3. Client Success
Finally, you’ll want your software vendor to employ a Client Success team that has a deep understanding of the technology they support, as well as your industry.
Then, whenever you encounter roadblocks, they can help guide you to the correct solution.
They can also help you brainstorm when you develop new ideas for how the system can help you streamline processes or uncover insights.
Integrations with other technology
In addition to integrating with your current workflows and processes, any new solution you purchase should also integrate with the other platforms your firm uses.
Otherwise, you’ll end up entering the same data into multiple solutions or exporting data from multiple platforms to aggregate and analyze in spreadsheets.
Not only does that approach waste time, it can also lead to data-integrity issues, as it creates additional opportunities to introduce human error.
But saving time and preventing mistakes aren’t the only benefits integrations deliver.
The right integrations can even enhance your business intelligence capabilities.
For example, an integration between your dealmaking platform and marketing solution can make it easy to identify which marketing efforts lead to closed deals.
Learn How Rethink Can Help You Make Data-Driven Decisions