We recently partnered with BOMA (Building Owners and Managers Association) International on a report that identifies commercial real estate technology trends in 2018. September is emergency preparedness month, so to #BEprepared and protect your building from emergency risk below are a few tips from the Technology Trends report.
How safe and secure your building or portfolio is directly relates to your emergency preparedness plan and the technology you use for managing risk. Without supporting technology that weaves into your operations system, you can’t be fully prepared to tackle emergency situations that come your way.
Below are a few key findings from the report that relate to risk and a summary of what you can do to improve the use of technology and the way you think about risk management and emergency preparedness:
63% of trailers feel they are under-investing in technology that would help them operate better.
If you are under-investing in operations technology, chances are your solution won’t be able to meet your needs. CRE organizations need to invest in solutions that are critical to business operations. Typically, a solution will underperform if a company is focusing on price alone rather than the value they will get out of their technology. If you’re using technology for risk management and emergency preparedness plans, you need to invest the appropriate amount of time and resources otherwise you risk having gaps in your preparedness plan, exposing your building or portfolio to threats.
Achievers support nearly 2x as many functions with integrated, multi-function technology as Trailers.
In the report, Archivers said they prefer to use systems that do more than one thing or support more than one function of their business. The system you are using to manage risk in your building or portfolio should be part of your property management software, or at the very least, integrated with your solution. In the event of an emergency, you will need access to information that is typically stored in property management solutions such as contact information for tenants and specific building documentation.
Over ½ of CRE professionals feel their operational risk management solution is effective and critically important.
If you don’t feel that your risk management solution is effective, there are likely gaps in your emergency preparedness plan. In order to be well prepared for emergencies, you need to have technology that is effective in supporting your preparedness plan, for example, being able to send emergency notifications to everyone in your building during an emergency. Even though 55% of CRE organizations feel that their risk management software is effective, 45% feel that it is minimally effective or not applicable to them. Those that don’t have an effective risk management solution are opening themselves up to risk that they won’t be able to manage properly.
A few additional stats that were worth noting include:
Achievers will be zeroing in on information security and looking to solve new business problems in the next 12 months while trailers will still be attempting to justify new investment in technology.
63% of operational risk management software is mandated by corporate offices.
21% of CRE professionals have implemented drone technology for CRE operations while 5% are piloting and 39% are evaluating it.
The volume of technology solutions available to CRE professionals today is tremendous. But to succeed in this environment, CRE organizations need to take advantage of the solutions available so they can improve building operations and minimize risk.