Part 3: Assembling a Best-in-Class, Multi-Cloud System

Over the past two weeks we have established the cost benefit of going paperless and the efficiencies afforded by cloud-based, real-time data access. Now let’s take the conversation one step further.

Today’s best ERP systems enable users to take advantage of a multi-cloud world. This means multiple business applications and services in the cloud effortlessly interact in a way that best serves individual users. Within this context, construction and development practitioners can adopt cloud platforms and applications that facilitate project management, property management, estimating, budgeting and valuation, AP processing, and document and approval management.

The enterprise construction management/accounting platform serves as the core of a well-assembled construction tech stack. Today’s most cutting-edge products allow other components of the stack to integrate with this core, sharing data in real time to facilitate every aspect of doing business. In turn, the construction and development technology stack has taken shape with various tools designed to increase efficiency and accuracy, improve opportunities for adding value, and enhance decision-making.

Find the best solution for your business

Now, the hard part. According to BOMA, in 2018 there were 4,200 CRE tech solutions – up a staggering 20% from 2017.

So, where do you begin? The search should start with the leading players. This includes technology firms that have a stellar reputation for supporting the commercial real estate field for years, if not decades. You certainly never want to invest your most trusted and valuable corporate and customer information to a company that may not even be in business before the service contract ends.

Next, understand your business needs. Enlist the input of key office and field personnel. Understand operational challenges and the problems that need to be overcome before even speaking with outside vendors. This will help frame goals, while narrowing down the types of systems and services that would best meet specific business objectives.

Then, ask the right questions. Develop a checklist for providers that covers everything from current customers, costs, reliability and security, to training and ease of use. Even ask about awards. Most quality suppliers will be happy to share these details as well as the honors they’ve achieved along the way.

In addition, develop and follow a plan of action with the involvement of representatives throughout the company. This will go a great way toward speeding the new system’s employ and acceptance. Also always remember that the best solutions are incorporated with partners that have a vested interest in helping your company enhance efficiencies, reduce costs, save time and increase profits. For even better results, please consider the following tips for ensuring the efficacy of your next technology investment:

  • Make it routine. Make sure everyone at the organization is comfortable with the new technology as soon as possible. This will speed the integration process, while ensuring that each department is taking full advantage of system benefits.
  • Don’t choose technology that is more complicated than necessary; select solutions that are user-friendly both in the field and office.
  • Check out system ratings and reviews from third-party news platforms like DisruptCRE, CREtech and Propmodo.
  • Do a trial run. Most reputable providers will readily demonstrate their solutions under real-world conditions. This is a great way for gauging how the technology can positively impact your company’s overall productivity, workflow and success.

For more information on obtaining the best possible CRE technology solution for your firm please visit www.ibsre.com, call 973-575-4950 or email sales@ibsre.com.