Commercial Real Estate (CRE) Technology Start UpsBusinesses in every industry need to react quickly to changing conditions. The faster companies are able to alter production, marketing or customer service strategies, the greater advantage they have over their competitors that are struggling to keep up.

Increasingly, these shifts rely on the use of new technology. Software programs, mobile devices and other solutions make it easier to identify trends and devise appropriate responses to changing conditions. The pace of business is accelerating thanks to the efficiency that digital tools provide.

Within the building management sector, this change requires maintenance crews and property managers to be even more responsive to their tenants. A power outage, Internet interruption or other disruption could cost firms thousands of dollars.

“Technology now connects people to other people in real time,” Debbie Guild, Enterprise Chief Technical Officer for Bank of America, told the Jacksonville Business Journal.

The Jacksonville Business Journal noted that several of the top technologies impacting businesses are designed to improve collaboration and communication. Mobile devices let employees work remotely, while cloud servers give them access to necessary information. Better analytics and data capturing software provides organizations with the means to make more accurate decisions in real time and building management platforms streamline essential functions of property management. These programs can be used to automate various procedures, such as tracking expenses or cataloging work orders. The ability to quickly review a range of information creates additional efficiency for operators.

Keith Collins, CIO for SAS Institute, told TeleTech that business analysts spend the bulk of their day gathering data and verifying its accuracy. Up to 80 percent of their time can be spent on this process. Fortunately, data management tools reduces how long it takes to access, sort and analyze information. Digital recording programs also improve file accuracy.

Increased access to building records and other information lets facility managers control their budgets more effectively. Projects can be reviewed in real time, helping supervisors know when they are overspending. Additionally, the data provides insights about future costs, which enables companies to conduct accurate cost-benefit analysis that can guide decision making and investments.

However, the most beneficial aspect of new technology, according to Collins, is the collaboration that it brings. Improved communication helps teams work more efficiently and increases customer or tenant satisfaction. In addition, by implementing programs designed to boost communication and share information, building managers can increase response times of maintenance staff. A quick initial conversation with a tenant can give a rough estimate of when repairs will be made, allowing occupants to plan accordingly.