Editor: Yardi’s Justin Harley noted recently in Property Week that “technology is more important than ever in the residential world”. This can also be said for the commercial world, yet many CRE businesses still have far to travel in digital transformation and data capabilities.
One response to Covid-19 has been the adoption of digital solutions that help organisations increase efficiency to weather financial storms. In tackling specific pain points around CRE data, the focus is on solutions that reduce reliance on labour-intensive, time-consuming manual processes. PDFx by HARNESS is one example, extracting data from 1,200 PDF investment brochures (tenancy schedule tables included) in the time it takes an individual to process just one.
To compete in the market, incumbents in the CRE industry need to harness their internal data better, especially now efficiency gains and cost savings are more important than ever.
This means being able to effectively capture, structure and fuse data sets so their data can be rigorously analysed and interrogated. Turning unstructured data into its structured form wastes less of this valuable resource and enables it to be used more effectively for decision-making.
Underpinning the successful operation of many businesses is the smooth incorporation of technological processes. Those in property who devote time to adopting digital and data processes are best positioned to have greater success in the new world.
Technology and data structuring solutions from third-party experts allow organisations to benefit immediately and prevents the high risk and costly distractions of attempting it in-house, so property specialists can devote their time to what they are best at.
Ben Mein, founder, HARNESS Data Intelligence