Empowering Business Through Connected Data
We live in a digital age consumed with instantaneous access to information. Ninety percent of the world’s data has been generated in the past two years, nearing 2.5 quintillion bytes each day. With 4.9 billon unique mobile users, 8.4 billion Internet of Things (IoT) devices and innumerable unstructured transactions generated from the web and social media each second, the global datasphere’s growth rate dwarfs Moore’s Law.
Our ability to transform bits and bytes of data into actionable real-time information, coupled with predictive analytics, is still in its infancy. As companies connect these disparate data points, new innovative opportunities will emerge, and long standing processes will be disrupted. Agile tech savvy firms will unlock creativity, bringing new solutions to market at an accelerated pace. To stay competitive, how do traditional businesses embrace today’s digital first paradigm that empowers employees to achieve more through connected data?
In practice, the heart of our ubiquitous digital universe is a comprehensive ecosystem designed to deliver collaboration and transparency while supporting a corporate vision. To put this into a business context, we invested in a comprehensive overhaul of our long-established residential leasing process. Our goal was to reduce the number of system touch points, automate manual processes, connect disparate unsynchronized silos of information, and provide a greater level of self-service. Secondarily, we would replace Excel as the reporting tool of choice with analytic platforms delivering real-time insight and visibility into trends, fostering a proactive management style.
Based on anecdotal conversations, we started to analyze a broad spectrum of roles and responsibilities. It became apparent many daily tasks had become disconnected and layered with unnecessary duplication. As we assessed the way people worked, our end users struggled to visualize the possibilities and were becoming increasingly uncomfortable with change. This dilemma is one every agent of change has faced, knowing that without stakeholder’s support, moving forward is fraught with risk and uncertainly.
To rebuild confidence and trust in technology, we turned to a new digital approach to illuminate our vision: storyboarding. Through a series of meetings with key employees, we delved into current processes, pain points, system usability and reporting requirements. The result utilized a graphical UX / UI approach that brought our findings to life in a simple, intuitive fashion. Through a "Business Lifecycle Storyboard," our end users were able to clearly visualize how technology would enhance their daily tasks and interactions with prospects and clients.
During our development cycle, the intrinsic value of preparing detailed workflow process blueprints, with accompanying swim-lane diagrams, became evident. It guided our strategic in-depth review of each application's ERD (Entity Relationship Diagram), focusing on table indexes and field attributes essential to successful data mapping. Furthermore, the creation of custom staging tables facilitating field level transformation based on business process triggers were developed to maintain system integrity.
With disparate data silos now connected, our employees had the ability to see trends and behavioral patterns across the entire lifecycle, building a foundation for strategic engagement. Through an intuitive graphical interface, managers and analysts could also visualize data from different viewpoints empowering them to make more accurate and timely business decisions. Over time, as historical data points are collected, new patterns will emerge allowing dynamic decision-making to drive revenue increases and operating efficiencies.
Cybersecurity risks are growing daily, and with proprietary data, intellectual property and perhaps a firm’s competitive advantage traversing the cloud, our vulnerabilities will grow as well. When constructing system interfaces and data connections, always incorporate a few simple precautionary cyber guidelines:
- Require VPN connections for data exchange
- Whitelist traffic using firewall rules
- Encrypt data at 256 AES, both in transit and at rest
- Implement strong passwords policies
- Monitor system intrusion alerts
This Week’s Sponsor
CBRE|ESI helps its clients successfully manage the energy use of complex building portfolios. We help companies take control of their infrastructure, connect disparate systems, lower energy costs, increase occupant comfort and safety, and prolong reliability and uptime in a way that lets them focus their time and talent on their core business. Please visit our website at www.thinkesi.com
UPCOMING REALCOMM WEBINARS
Mining the Opportunities for Data Integrations - 4/5/2018
2017 generated a lot of focus on the topic of data and application integration, which could be one of the most important topics for commercial real estate technologists today. We've barely scratched the surface potential for exposing valuable business intelligence derived from integration and analysis of newly combined data sets, both public as well as proprietary. To facilitate these complex integrations, a host of new tools such as Integration Platforms as a Service (IPaaS) are being widely deployed. Also, many organizations are experimenting with a host of various API strategies. The question now is how can we affect these integrations while reducing the complexity? How are they driving value?
Soheil Pourhashemi is currently VP, Business Technology responsible for establishing and executing the commercial real estate IT strategy, vision and roadmap for Brookfield Properties North America. Brookfield is a premier real estate operating company, providing integrated services across all property investment strategies of Brookfield Asset Management, a global alternative asset manager with over $285 billion in AUM and manages over 130 million SF of commercial property globally with approximately 80M SQ FT of commercial real estate in North America.
Hazel Mann is currently Manager, Strategic Business & Technology Intelligence at KBS Realty Advisors, one of the largest owners of Class A office space. Hazel is an investment management professional spearheading finance and technology solutions with experience in coordinating cross-functional teams (finance, IT, operations) to drive company-wide strategic initiatives.
As EVP, Elizabeth Dukes is responsible for building partnerships and business relationships, communicating company solutions, expanding the team and advising our CEO and senior leadership team on business issues. Elizabeth’s expertise has helped grow the company from our very first client to the more than 1,200 we have today.
Vladi Shuntorov is Lucid's President and Cofounder. Vladi led Lucid's early product and engineering teams and has driven the evolution of the company from its inception in 2004 to the launch of BuildingOS. A recipient of awards from U.S. EPA and Cleantech Open, Vladi has dozens of widely cited publications in the field and has delivered many distinguished presentations, including at TEDx. Vladi helped pioneer groundbreaking research in commercial building monitoring systems and realtime feedback technology.