After years of investing in workplace technology, many companies aren’t buying new software. They’re trying to find ways for their existing systems to play nice with one another.
This ties into a recent CBRE article that discusses optimizing portfolio performance through connected technology. The issue companies face today is that their systems are fragmented and not integrated.
“To optimize portfolio performance, CRE technology must be carefully selected, integrated and governed in a way that supports the organization’s operating model and business objectives,” CBRE said.
Most organizations rely on three main types of technology.
Integrated Workplace Management Systems (IWMS). These are the central repositories for real estate and facilities data. They help standardize processes, reporting and governance across large portfolios. On the downside, IWMS has limited flexibility when requirements change, and additional tools are needed to fill gaps.
Vendor-Provided Technology. Systems provided and maintained by third parties are tied to daily operations and can be effective when speed, consistency and a proven delivery model are required. However, the technology can prioritize efficiency over customization, offering less flexibility outside its specific operating mode.
Best-in-Class Point Solutions: These tools are geared toward solving specific problems, providing deeper insight and experience in areas such as planning, workplace experience, smart building integration and analytics. However, these generate the best value when integrated into a broader CRE technology ecosystem.
Connected Portfolio Intelligence Platforms: These platforms link just about everything, including workflow, layout and connections. These don’t replace IWMS platforms, provider technologies or point solutions. Rather, they improve these systems by connecting data and converting it into actionable insights.
Beyond the tech tools, CBRE said that organizations need accurate data, consistent governance and a process to ensure that information is collected, stored and maintained properly.
To that end, the report recommended that organizations should ask these questions before investing in new technology:
- Is there a clearly defined business problem to be solved?
- Do we have the data foundation to make the most of the investment?
- How will the system integrate with our current technology system?
- What business value metrics can we expect?
- Do we have the resources and flexibility to adopt and sustain the solution?
CBRE said that companies receive the greatest return on their technology investments when systems cooperate. As such, adding more software isn’t the answer. Instead, organizations should focus on “layering, connecting and governing their systems at scale.”
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