New Tech Era

By on Oct 8, 2019 in Technology

For decades, commercial property managers regarded information technology as a support function, one that was almost always isolated from the strategic direction of the business.

Today, with virtually all property stakeholders expecting greater operational control and transparency, relegating IT to a peripheral or firefighting role is no longer an option. The consensus among Yardi’s Dhar Sawh and other experts who participated in a recent Realcomm-hosted webinar holds that IT, as a company’s technology implementation gatekeeper, should command status as a full partner and value generator.

Sawh defined the purpose of a technology strategy as satisfying owner and investor expectations for favorable revenue, cost and risk mitigation outcomes. Performing the business operations necessary to achieve them requires visibility into revenue, occupancy and other indicators that spans the organization. That, in turn, requires connected solutions that unify people and resources, from vendors and employees all the way up to investors, in a common vision.

He also pointed out that extracting cost and revenue benefits from current operations, rather than actively pursuing new yields, is the most reliable generator of investor returns late in an economic expansion cycle such as the current one. IT drives those results with technology that’s scaled across the organization and empowers stakeholders with automation and self-service capabilities like online invoice processing, payments and work orders.

Another example of technology occupying a place at the core of a business is active sensors that monitor a space and preheat or precool the area before it’s occupied. This allows building owners to avoid charges for utility usage at peak times. “This is an example of integrating technology for the benefit of business objectives,” Sawh said.

Once invested as a full partner in the business, IT can create positive experiences for owners and occupants by elevating capabilities for security, mobility, energy management, analytics, space sharing and more. That makes IT “the glue of the business,” in the words of Realcomm webinar participant Ilan Zachar, chief technology officer for commercial property owner Carr Properties.

Learn about how Yardi contributes smart technology solutions for property management.