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Real Estate Developers focusing on integration issues with legacy systems
The biggest trend for almost every business is this burden to outperform how they did last year and competitors. In the commercial real estate area, there are trends that can directly influence how these companies work and achieve maximum growth.
Real estate developers want to build faster and reduce expenses, just as any good business wants. But the major difference for developers is that they are starting to feel more pressure to perform. Deloitte states that developers will begin leveraging new technologies and fix integration issues with legacy systems. Here is HingePoint’s take on the top technological trends for commercial real estate developers.
1) Real Estate Investment Staying Strong in the United States
It’s a good time to be a real estate developer. The United States continues to be the most favored destination for real estate investments, according to the Association of Foreign Investors in Real Estate (AFIRE). In their annual survey, foreign investors placed the United States as the top destination to invest in real estate.
According to the AFIRE’s press release, 95% of respondents to the survey say they will maintain or increase their investment in the United States. Dallas—where HingePoint is headquartered—ranks 12th in the world for places to invest in real estate. Almost half of the top cities to invest in are within the United States.
2) Need to Keep Top Talent
With increased investment in the United States, real estate developers will need to keep top talent and get them up to speed faster when they hire new employees. Onboarding can be frustrating at a company that does not have a process in place or a one-stop shop for internal employees and contractors. They’ll need to onboard new talent more efficiently and give instant access to needed information so employees can do their job better and come up to speed faster.
Many developers and construction companies expected to grow are upgrading their internal SharePoint sites so employees can instantly access what they need to be more productively.
Deloitte seems to think that competition for talent is going to be fierce.
“A shortage of candidates with strong skills in science, technology, engineering, and math (STEM); rising urbanization; and Millennials’ preference for an open and flexible work culture are changing the employment marketplace and will result in significant competition for talent.”
3) Cloud and Mobile
Cloud computing is Internet-based computing, where you can access shared resources, data and information on-demand. This information is stored on a computer or server that you can access through the Internet. Accessing the cloud with a mobile device gives you access to your entire business on the go. You can communicate and share virtually any document with anyone anywhere.
4) Take Control of Data
Taking control of company information is one of the most difficult and one of the most critical tasks any company can take on. And believe it or now, SharePoint is still one of the top enterprise tools out there for collaboration, and sharing and organizing information.
Anyone can start using the cloud and mobile devices. Any company can stand up SharePoint and make it a company initiative for all employees to use it. But if the information is not organized and found easily, and you can’t maximize the out-of-the-box solutions or customize SharePoint to work the way you want it, your enterprise style tools probably won't be effective.
Bryce Finnerty, CEO and Founder of HingePoint, said more commercial real estate developers are completely changing their systems.
“Many developers are going straight to customization. They want their systems and software to work the way they want it,” he said.
5) Getting rid of the old, upgrading legacy systems
Many commercial real estate developers are still using systems created in the first decade of this century, and some are still just relying on 2D CAD, email and paper. With mobile, the cloud and Autodesk’s newer capabilities, commercial real estate developers are seeing that they can leapfrog in productivity.
Many developers will begin to completely overhaul their legacy systems and software. They will take an integrated approach, which means software will automatically share data and information with other software. For example, many developers want SalesForce and SharePoint to share information and data with each other. It streamlines effort of employees and makes collaboration better.
Manual data entry and redundant tasks will dramatically fall. More employees will have access to critical information they need to do their job effectively.
New technology allows Commercial Real Estate to build prototypes with photorealistic renderings and validate design selections. This helps developers sell properties with renovations first, gets approvals faster, and markets buildings faster for less upfront cost.
3D Virtual Prototypes speed up the design and construction phases on projects. Clients often gain 20% on their project timelines. Improved collaboration, decision-making, visualization, and clash detection are benefits proven to reduce costly change orders, delays, and rework.
7) New tech like 3D printing and augmented reality
Augmented and virtual reality are so new for commercial real estate, some headsets are still being tested. For example augmented reality headsets like DAQRI’s Smart Helmet could revolutionize how new developments are built and how construction companies troubleshoot problems.
They are also altering how real estate developers show off new properties. Instead of photorealistic prototypes on a computer screen, marketers can send headsets to prospects to let them literally walk around a multi-million dollar condominium or office. It makes data truly 3D.
Bonus Trend) Drones to Market Properties
Sell and lease real estate faster by using one aerial drone photography. Create a video with drone footage to show off your property in a way never shown before. Perfect for marketing properties to prospects.About HingePoint: HingePoint covers the AEC Industry and is the author of The AEC Industry 4.0 Report and the Autodesk Industry Report 2017. HingePoint helps construction and real estate development companies take control of their company’s information. We combine systems, software, and data so all company information can be seen and accessed from one screen, like a smartphone or computer. We specialize in BIM, 3D modeling, virtual reality (VR) Augmented Reality (AR) systems integration for construction and commercial real estate development. HingePoint provides AutoDesk, BIM and Revit consulting & services for the AEC industry with development & integration of AutoDesk products with enterprise systems. As members of the AutoDesk Development Network, we are a trusted partner with over 25 years experience of systems development and integration work in the AEC industry. We support development of Autodesk products including AutoCAD, Revit, M, BIM360 and are experts in integrating with enterprise systems including Salesforce, SharePoint & Office365. Our clients range from top hotel brands and restaurant chains to AEC firms and real estate developers and Facilities Management. We provide BIM with ROI. Results Guaranteed...Literally Guaranteed. [post_title] => 7 Trends in 2017 for Commercial Real Estate: SharePoint remains top collaborative tool [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => 7-trends-in-2017-for-commercial-real-estate-sharepoint-remains-top-collaborative-tool [to_ping] => [pinged] => [post_modified] => 2019-05-31 07:27:46 [post_modified_gmt] => 2019-05-31 12:27:46 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hingepoint.com/?p=12394 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 1 [filter] => raw )  => WP_Post Object ( [ID] => 11637 [post_author] => 3 [post_date] => 2015-06-23 18:11:51 [post_date_gmt] => 2015-06-23 23:11:51 [post_content] => Despite economic challenges, America continues to improve productivity often due to IT infrastructure, systems and technology that allow companies to “do more with less”. With the progress we have made, there are some companies that find these benefits elusive. Many of us are still working with systems that are antiquated, redundant or inefficient. Why is that? New systems, if not architected from an Enterprise point of view, can actually create inefficiencies. They must be integrated properly with existing systems… or the efficiencies promised… are rarely realized. Redundant systems cause all systems, to be out of sync. Instead of one clean data set, there may be many “dirty” sets of the same/similar information available. The situation actually confuses users, creates duplication and can cause “rabbit trails” for problem resolution. Your business experiences confusion… when what it needs, is clarity. Here’s an example: Most companies have a CRM (Customer Relationship Management) system. Even with CRMs, it’s not uncommon to have multiple users, and additional locations of customer records. Whereas duplication may be unavoidable… if not handled properly, there is the potential for data conflict. Customer accounts may be incomplete, or out of sync, causing the business to provide poor service. Ever called customer service only to hear “I don’t have that info in my system”. WTH? (What the heck?;-) Expecting the solution to come from “geeks” like us? The truth is: “Anyone can align their systems if they follow the concept of System of Record” As a starting point, most companies would agree with the following Objectives:
- Streamline systems to create greater productivity
- Eliminate redundancy and duplication to eliminate bottle necks, rework, and drive efficiency
- Maintain clean data (You’ve heard “garbage in = garbage out” think quality data “in”…to get quality decisions “out”)
- Document the steps in your business process. Create a spreadsheet to capture the tasks performed and tools & systems used by each user/role active in the process.
- Research the data used in each step. Include the information found in each report, screen, or document used in the process. Create a data dictionary of all data fields and the system they come from (and who “owns” that data).
- Agree on the company “system of record” for each data point within each step in the process.
- Locate the duplicate data – Check the steps recorded and the systems involved. This step is key. The goal is to standardize the data formats and establish a comprehensive “data definition” that supports the business.
- Migrate all data directly into the “System of Record” and then integrate the down-stream systems into it. Make the system “share data” across the enterprise, not duplicate it.
- Reduced IT costs
- Streamlined business processes
- Improved productivity
- Increased profit
- Happy Users! (Hey, nobody likes to input data into multiple systems)
- Gone are the days that 1 platform does it all. We see more clients using multiple enterprise platforms to put processes, transactions and services together for customers. For example – company websites will continue to need these systems integrated: Web applications, a content management system, a digital asset management system for photography, security for customer accounts, a shopping cart for purchases, credit card processing, analytic and tagging tools, Google Adwords, personalization engines, chat bots, and many more. All must be integrated to create a compelling and operationally efficient online platform.
- Moving to the Cloud and SaaS (Software as a Service) Solutions. If you are moving platforms to the cloud you will face a large number of systems integration challenges. First, the cloud application is off-premise and will need to be integrated with legacy platformswith which it will share or exchange data. Second, most cloud platforms are open systems (with open APIs) and offer multiple plugins and apps that extend and upgrade the functionality. Each app will need to be integrated as well. Lastly, securing cloud apps using enterprise ID’s and single sign on requires security, authentication, user account integration and testing.
- Date Migration. After building a cloud solution a developer must migrate corporate data from old systems to the cloud apps. Data must be extracted, transformed and loaded (ETL) using integration tools. If you need to connect real time data from another system, you face another integration challenge.
- Mobile and Bring Your Own Device (BYOD). The company, school district and consumer appexplosion means that a phone may contain 10’s of different applications. Email is sharing your contacts. Login to LinkedIn with FaceBook account, or download your photos to Dropbox or iCloud. While mobile apps may feel simple to use, they execute some very complex integration points. For example, a reservation application will need to integrate from your device back to enterprise platforms for security and login authentication. Pricing comes from a pricing system with buying coming from a shopping cart etc. Please don’t overlook these complexities.
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