The Leader Magazine

SEP 2017

Issue link: https://theleader.epubxp.com/i/866748

Contents of this Issue

Navigation

Page 33 of 67

34 SEPTEMBER 2017 ThE lEadER F E A T U R E A R T I C L E Lessons learned As digitization becomes increasingly central in CRE, technology adoption and planning increases in importance. Here are some learnings from our digital transformation: • It takes a village. The smartest technology initiative succeeds only to the extent that end-users embrace it. Before deploying an IWMS, our CRE and consulting leadership engaged 65 stakeholders around the world. Work- place strategies incorporate employee input, too. • Make the business case. Technology requires funding, and funding requires a persuasive business case for the CFO. For new initiatives, outside consultants can provide benchmarking data and case studies. Once you've invested, defi ne metrics to quantify the ROI so you can make the case for the next initiative. • Own your data. Data is power, which is why creating a global CRE data ware- house and data-governance program was a longstanding goal. Also, don't underestimate the value of having the right tools and technology platforms in place to manage multiple work streams or geographies. Access to accurate, real- time data leads to better, smarter and faster decisions. • Cost savings is an outcome, not a path. Financial savings and operational excellence are table stakes in CRE. Your team needs to perform at its best at those activities in parallel with pursu- ing your technology journey. Re-skilling your talent, providing innovative services and making good technology decisions will enable you to up your game in every area – and cost savings ultimately should follow. Trimble Real Estate & Workplace Solutions) and implemented the high-priority lease administration and space management modules. We also put a plan in place to implement additional modules in the future to continue building our CRE data warehouse. Fast ROI paves the way to a new vision Within the fi rst several years, the value of our technology investments became clear. With faster access to portfolio data, the CRE team negotiated a major lease three years before expiration, at a below-market rental rate. As market rents skyrocketed, our lease agreements became increasingly advantageous. In fact, approximately 10 percent of the lease value for one of our transactions equaled the entire spend on our core CRE technology applications. And that was only one transaction. With ROI fi gures in hand, we made a strong business case to the CFO for our next round of technology investments. Even as we made great strides with improved data and analytics, we still lacked a master data-governance system. What we needed was an integrated global data warehouse and single portal through which the entire portfolio could be analyzed with business intelligence tools. Meanwhile, the bank as a whole was responding to the emerging fi ntech threat with additional investments in technology and innovation. While the bank pursued the ultimate goal of becoming a fi ntech leader, the CRE team envisioned becoming a global leader in its use of CRE technology. Working again with our outside consulting team, we created a new technology roadmap for initiatives through 2019. The updated, far-reaching vision is closely aligned with activities of the larger bank and illustrates what CRE 5.0 will look like. Its four pillars – CRE workfl ow technologies, business intelligence, data governance and workplace technologies – will help the bank make smarter, faster real estate decisions and improve the employee experience. Perhaps most important, a single "source of truth" database is a key part of a fl exible "plug-and-play," application-agnostic technology strategy. That is, we ultimately will be able to adopt and aggregate data from smart building systems, wireless sensors and other Internet of Things technologies, service delivery applications and vendor systems for real-time analytics and insights.

Articles in this issue

Archives of this issue

view archives of The Leader Magazine - SEP 2017