{"id":19489,"date":"2018-01-23T05:00:11","date_gmt":"2018-01-23T13:00:11","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=19489"},"modified":"2020-12-24T22:44:54","modified_gmt":"2020-12-25T06:44:54","slug":"digital-definition","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/digital-definition\/","title":{"rendered":"Digital Definition"},"content":{"rendered":"

What does \u201cdigital transformation\u201d mean to commercial property management beyond a c\"\"<\/a>atchphrase? Six thought leaders including Alex Stanton, Yardi\u2019s commercial industry principal, provided clarity on the subject in a recent Realcomm-hosted webinar.<\/p>\n

Digital transformation extends technology beyond acquiring and managing property.\u00a0 It\u2019s driven by business factors such as profitability, occupant satisfaction and productivity along with new technologies including the cloud, data analytics and the Internet of Things. Digital transformation is \u201ca strategy lever to achieve broader business agendas and create new levels of value,\u201d according to panelist Marc Petock, chief communications officer and vice president of marketing for IoT technology builder Lynxspring.<\/p>\n

Digital transformation aggregates business, operations and IT practices into a common platform for people, processes, best practices and services, Petock said, with new technology embraced not for its own sake but to change thought and organizational culture.<\/p>\n

Executed properly, digital transformation can foster better resource planning, empowerment, technology collaboration and risk mitigation. With heating, ventilation and air conditioning equipment comprising a major expense, for example, commercial building owners and operators are incentivized to adopt intelligent building technology that provides new insight into operations and equipment performance.<\/p>\n

Commercial real estate has traditionally been slow to adopt transformative technology; when the panelists were asked how much of the industry understands digital transformation, no estimate exceeded 30 percent. But that\u2019s changing in the face of pressures for profits, high sustainability expectations and consumers\u2019 technology sophistication.<\/p>\n

\u201cTechnology used to mean \u2018support\u2019; now it\u2019s at the forefront of driving revenue and services,\u201d said Sandy Jacolow, chief information officer for real estate developer, investor and manager Silverstein Properties. \u201cIt has shifted how we do business.\u00a0 For example, mobile capability is no longer a luxury; tenants say \u2018Is there an app for that?\u2019\u00a0 A poor interface or customer experience will doom the brightest ideas.\u201d<\/p>\n

As technology expands into every aspect of managing and using commercial property, Stanton said, \u201cthe very notion of a lease is changing. It\u2019s morphing into what brokers are offering and the concept of space, with leases and amenities increasingly blending together,\u201d he said.\u00a0 \u201cConsumers want the same online and mobile convenience in their retail experience that they have in other aspects of their lives, and Yardi works with our clients to drive that.\u201d<\/p>\n

\u201cRetail\u201d in the context of digital transformation means not only the sales space and customer experience, but also the information captured in the leasing process, such as foot traffic, space utilization, building environmental control, purchasing patterns and other activities, Stanton noted.<\/p>\n

And whereas 10- or 15-year leases were the traditional standard, the trend toward co-working and space-sharing could produce hours- or minutes-long leases.\u00a0 \u201cThat\u2019s a big push for our clients,\u201d he said, citing Yardi\u2019s acquisition of WUN Systems<\/a>, a workspace management platform provider, as a step toward meeting that demand.<\/p>\n

While tolerance of initial failure during the transition to new technology is healthy, leveraging technology partners such as Yardi can pass that phase quickly, Stanton added.<\/p>\n

Dave Clute, vice president\/practice lead\u2014intelligent building practice for engineering design firm Environmental Systems Design, stressed the importance of commonality. \u201cData standards are so critical to digital transformation.\u00a0 When you\u2019re trying to change things but don\u2019t have a consistent language and can\u2019t communicate with your stakeholders in a common, consistent way, it\u2019s not going to work,\u201d he said.<\/p>\n

Bob Rybak of Morguard discussed his role as a change agent in modernizing the Canadian real estate company\u2019s technology platform to lower costs and bring accountability to the user level. Morguard moved its residential, commercial and investment management holdings to Yardi Voyager 7S<\/a>, a mobile-enabled Software as a Service platform.<\/p>\n

The panelists agreed that digital transformation, still in its infancy in commercial real estate, will accelerate in response to environmental, stakeholder and customer demands.\u00a0 \u201cCommercial real estate is in an operational revolution, with market forces adding new demands on building operators and managers,\u201d said Scott Sidman, chief marketing and strategy officer for software provider Building Engines. \u201cThe process begins with accepting that digital transformation is about change and that change is hard. Admit that, then get people to commit and help them understand that technology is an enabler to free them to do what they do best, which is building great relationships with their customers and the people they serve.\u201d<\/p>\n

Yardi is a sponsor of Realcomm\u2019s webinar series.<\/p>\n","protected":false},"excerpt":{"rendered":"

What does \u201cdigital transformation\u201d mean to commercial property management beyond a catchphrase? Six thought leaders including Alex Stanton, Yardi\u2019s commercial industry principal, provided clarity on the subject in a recent Realcomm-hosted webinar. 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