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As a commercial real estate professional, you’ve likely heard of the myriad of new industry technologies, software and tools to hit the market - all attempting to improve the day-to-day workload of a development or project delivery team.
You may have even reviewed a couple options to better understand the landscape and see if these claims lived up to the hype.
But, for one reason or another, you’re continuing to waffle over the idea that your team really needs a modern solution. Maybe you’ve operated with moderate success over the years relying on just spreadsheets (or your own proprietary system) and don’t feel a need to change. Or perhaps you were burned by expensive, legacy software in the 1990s and early 2000s and are skeptical that new wave technology is really all that different.
It’s also very possible that what you learned in your assessment simply didn’t impress you or really meet your specific needs as an owner, developer, owner’s representative or internal corporate real estate team.
Based on your experience, you just don’t see how your team would benefit from implementing modern technology. You’re not alone.
The PropTech space is growing rapidly and broadly, bringing a multitude of commercial real estate technology services and products to market. It can be hard to cut through the noise. It can be hard to determine which tools are worth assessing. It can be hard to know if what’s available is right for you and your team.
We understand. Not everything is purpose-built for development and project teams. It’s important to be discerning.
We have spoken to hundreds of leading real estate teams across the country and have found a number of common, avoidable grievances holding otherwise successful teams back. Many of these teams were initially hesitant to disrupt their existing processes, no matter how manual or time-consuming, because they didn’t trust that new solutions understood their business needs or objectives. They weren’t convinced that modern technology was necessary for them to successfully manage projects or an entire portfolio.
However, these teams ultimately realized that the right modern technology - one that’s tailored-made for teams managing complex projects and portfolios - could help supercharge their ability to deliver projects on-time and on-budget.
With that in mind, you - or your team - are most likely in need of modern technology if you struggle with any of the following challenges:
Labor-intensive Tracking: Are you tracking upwards of 50-200 vendors on a given project, reporting to financial partners monthly while also trying to keep a handle on where your budget is headed?
Errors in Spreadsheets: Are you plagued by errors in your overly-complex spreadsheets that take hours to resolve or, if not caught in time, lead you to make poor, ill-informed decisions?
Data Entry and Administrative Tasks: Are your smart, highly-skilled project managers (or accounting team) handling tedious data entry of contracts, invoices, change orders (and more) and the routine printing, copying, filing, scanning and compiling activities that correspond with monthly reporting?
Lack of Consistency: If relying on spreadsheets, are you often frustrated by version control issues and the constant need to double and triple check data across reports?
Lack of Real-time Visibility: Are you constantly flipping between numerous, separate reports and across team members (or even departments) to understand what is happening on your project in real-time? Or, are you often scrambling to pull together an accurate executive summary for leadership, investors, clients or other key stakeholders?
Minimal Analysis: Do you have access to an enormous amount of project and portfolio data (historical and current) but no way to organize or leverage it for fast, informed decision-making and future planning?
Maybe one of these challenges resonates with you more than another. Maybe this entire list sounds all too familiar. Either way, the right modern technology could be just what you need to take your organization to the next level.
Curious to learn more? Prepared to give the right modern technology a chance? See for yourself how Northspyre is unlike anything you’ve experienced to date. Start making proactive, data-driven decisions on even your most complex real estate projects. Upgrade with Northspyre.
Tag(s): Best Practices
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