Creating a Comprehensive PropTech Strategy

Within the Prop Tech space, it’s easy to be confused by the myriad of system and service offerings. While there are hundreds of startup companies providing various services and solutions, institutional owners want and need a unified technology strategy. With a focused and comprehensive strategy, they can: Better control the factors that impact the performance of their investments Improve cumbersome business processes between investors and partners Make sense of the overwhelming array of technology solutions Work towards achieving world-class operational capability So how do you get started? Get focused Institutional owners must have technology solutions to cover everything from leasing to occupancy to investor reporting. Rather than searching and shopping for individual point solutions, it’s best to create a technology “road map” under which senior management and the entire organization can get aligned. This strategic road map does not, in itself, drive asset performance, but it can help to: Optimize all processes related to commercial real estate investment operations, asset management and portfolio management Plan for macro-level strategic optimization and micro-level, system-based process design Enable more agile investment with less operational stress Provide data transparency intended to support decisions that drive better investor returns Dive deep The following four-step process helps develop a deep understanding of what’s currently in place and where the issues and challenges are, so you can create a new path forward and deliver either an executable plan or the solution requirement. Define First, confirm objectives, scope, roles, timing and deliverables. Make sure to clarify the business drivers and measurable goals relative to the current initiative. Once resources have been identified and assigned to agreed roles, establish a project work plan. Discover Conduct a cross-functional and/or departmentally-...