Empowering the Front Office
I was fortunate to join a group of real estate industry thought leaders in a recent Realcomm-hosted webinar that addressed the next generation of real estate technology.
One point that all participants on the panel emphasized was the proliferation of solutions to choose from. It’s always nice to have options but determining which ones will streamline operations, boost the bottom line, reduce costs and better serve customers can be problematic. Some concepts, such as coworking, scarcely existed just a few years ago and understanding its full potential is still challenging. While the market benefits from a number of innovative options, rapid obsolescence and change-management challenges present potential pitfalls.
I learned about several intriguing technology developments from my fellow panelists. For example, the U.S. General Services Administration’s efforts to meet federal energy reduction targets by using energy analytics, retrofitting equipment and incorporating new sensing capabilities in its buildings. I also learned about Corning’s innovations in cabling technologies that free up space in buildings and introduce flexibility in delivering connectivity, bandwidth and power.
A senior product marketing manager from Signify described innovative technologies that use LED light for two-way data transmission, providing an alternative to an increasingly overburdened radio spectrum. Data is sent through light waves that are modulated at the light source and received via an integrated infrared sensor. Users plug into a special internet zone to access and transfer data. The system leverages existing lighting infrastructure and, as a line-of-sight system, provides security not available with radio wave or Wi-Fi signal transmissions.
My contribution to the discussion focused on what Yardi® sees as a key trend in property management—the shift in emphasis of software products from the back office to the front office. That means connecting people in the field who manage leases, construction projects and facilities to the central data system with mobile applications and role-based dashboards. Such tools simplify front office workers’ tasks and help them do their jobs faster and more efficiently. They also empower the front office to do its share to reduce risk and increase asset values, historically the domain of people in back office operations such as accounting and property management. Expanding data access to the back office ties to the larger issue of dissecting data and making it actionable for informed decisions.
To that end, Yardi recently launched a new software suite called Yardi® Elevate. In contrast to the traditional chief financial officer focus of property management technology investments, Yardi Elevate is tailored to a chief operating officer whose direct reports might include the leaders of leasing, asset management, construction, facilities management and other property-level users.
Yardi Elevate is a complete asset management solution encompassing operational data, deal management, market intelligence, budgeting and revenue forecasting. By extending a solution to users in the field, we provide powerful, seamless real-time insight from commercial operators to the back office. Users can gain complete deal pipeline visibility, perform building maintenance on time, obtain accurate revenue growth predictions and base decision-making on market data.
Leading commercial firms such as Prologis, Cousins Properties and PS Business Parks, have reported favorable results from using the capabilities available in Yardi Elevate.
Another of Yardi’s long-term strategic visions involves incorporating artificial intelligence into front office operations. One example is new energy management tools that help COOs and chief engineers cut portfolio consumption and expenditures and boost sustainability. All the various building control systems look and perform differently, creating significant challenges for users who must learn and manage them. Moving those functionality and data points into one normalized, cloud-based system with a single login and standardized data makes energy management much more organized and efficient. Building engineers using such a system can access not only the control system, but utility bill data, real-time master and submeter data, demand and consumption analytics, and fault detection and diagnostic alerts, all very powerful tools for optimizing building performance.
Coworking is another area whose technology has gone through a revolution in the last two years, and Yardi is devoting considerable energy to it. Today about 1% of commercial offices in the U.S. are tagged as coworking space but we believe the percentage could increase by an order of magnitude within a few years. Yardi made two acquisitions that brought us an intelligent coworking management platform, which markets short- and long-term use of shared space such as private offices, conference rooms and hot desks; and a network platform provider. These solutions comprise a one-stop technology shop for companies engaged in coworking.
As I said on the Realcomm panel, this is a great time to be involved in new-generation technologies that unify property owners, managers, tenants, investors and stakeholders in new and meaningful ways. Yardi looks forward to continuing to work with our clients and industry thought leaders throughout the process.
This Week’s Sponsor
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit www.yardi.com.
Corporate Real Estate & Facilities Visionaries to Gather in Silicon Valley...
5 Top Reasons You Need To Be There!
1 Dynamic Education Program with world class speakers and true thought leaders from companies such as ExxonMobil, Google, JLL, Salesforce, Warner Media, Facebook, CBRE and many others, who will be presenting case studies and speaking on Digital Transformation, NextGen Data Architecture, Wellness, Digital Visual Communications, CRE Tech, AI, Blockchain and much more.
2 NextGen Corporate Real Estate Best Practice Showcase featuring more than ten of the world’s most progressive and successful implementations of smart buildings, portfolios and campuses for Corporate Real Estate. In this interactive showcase setting, attendees will have the opportunity to meet face-to-face with representatives for each project who will share both their challenges and successes.
3 RE Tech Tours to several of the most innovative projects in Silicon Valley. Sites include Cisco Connected Workplace, Bishop Ranch, Salesforce Tower, Google HQ, Aruba HQ | Smart Digital Workplace Tour, LinkedIn’s NextGen Sunnyvale Facilities and Gensler San Francisco Office.
4 Vendor Expo featuring more than 40 leading Technology Solution Providers with industry-specific products and services that are redefining Corporate Real Estate.
5 A unique opportunity to network, discuss, debate and collaborate with the people who are transforming Corporate Real Estate and Facilities!
Join us at CoRE Tech 2018 to collaborate, learn and explore how Technology, Automation and Innovation are changing the way we operate and use Corporate Real Estate and Facilities. REGISTER NOW!
UPCOMING REALCOMM WEBINARS
Commercial and Corporate Real Estate Cyber Risk - Developing a Comprehensive Strategy - 10/25/2018
Hardly a day goes by that we don’t hear about a Cyber breach. The most recent of scale was Equifax, the credit reporting agency in which credit information of 143 million of its clients was breached. While most of the incidents we hear about involve data or financial theft, there is a looming threat…our built infrastructure. This infrastructure includes everything from power plants to dams, but also includes the millions of buildings we use every day to work, shop, learn, recreate, manage our health and more. The threats range from unwanted building access to pirating of video surveillance and everything in between. This webinar will focus on the entire spectrum of Commercial and Corporate Real Estate cyber challenges, solutions and strategies.
Founder of Realcomm Conference Group, an education organization that produces Realcomm, IBcon and CoRE Tech, the world's leading conferences on technology, automated business solutions, intelligent buildings and energy efficiency for the commercial and corporate real estate industry. As CEO, Jim interacts with some of the largest companies globally pertaining to some of the most advanced and progressive next generation real estate projects under development.
Tom Shircliff is a co-founder and principal of Intelligent Buildings, a nationally recognized smart real estate professional services company that was started in 2004. Intelligent Buildings provides planning and implementation of next generation strategy for new buildings, existing portfolios and urban communities. Tom is a speaker and collaborator with numerous universities and national laboratories, a gubernatorial appointee for energy strategy and policy and founding Chairman of Envision Charlotte, a Clinton Global Initiative.
As CIO at Meridian Capital, Sandy Jacolow oversees the firm’s nationwide innovation and technology initiatives that support the company’s brokerage, investment sales and retail leasing businesses and growth activities.
Ron Victor is a Silicon Valley based technology entrepreneur with 20 years of experience and expertise launching new ventures at start-ups and fortune 1000 technology companies. To-date he has enabled raising more than $30Million in start-up capital for multiple start-ups in silicon-valley. Ron has founded and led three companies to-date with successful exits. His latest venture is IoTium Inc. – a Silicon Valley start-up that provides a secure, cloud-managed, easy-to-deploy software defined network infrastructure for all IoT verticals.
Coleman Wolf has extensive experience developing enterprise-wide access control and alarm monitoring systems, developing business analyses, and conducting detailed security surveys and assessments of corporate offices, power generation plants, and facilities related to national critical infrastructure. Coleman has also managed numerous security system installation and upgrade projects. He holds a Master of Science, Computer Information Systems degree from Northwestern University and a Bachelor of Science, Electrical Engineering degree from the University of Michigan. He is also CPP (Certified Protection Professional) and CISSP (Certified Information Systems Security Professional). Coleman also holds the following Professional / Civic Affiliations: ASIS (Member of American Society for Industrial Security), Chairman of the ASIS Information Technology Security Council, and is an active member of the ASIS Security Architecture and Engineering Council.