New research from BOMA International and Building Engines uncovers challenges and keys to success in technology selection, integration and adoption. Key findings include:
- Owners and asset managers stand to profit most from technology solutions that better address the breadth and strategic perspective of their roles. Only four percent of owners and asset managers consider themselves highly effective technology users.
- Early adoption is crucial for technology effectiveness in CRE: Achievers are four times more likely than Trailers to try new solutions as soon as they are available.
- Achievers spend appropriately on technology, while Trailers tend to under-invest in tools that would help them operate better. Nearly six in 10 Achievers have “technology” as one or more budget line items, compared to fewer than four in 10 Trailers.
- Achievers have different priorities when purchasing technology than Trailers. Whereas Achievers place higher priority on customer service and brand image in their technology purchase decisions, Trailers are more focused on cost and time savings.
- Solutions mandated by corporate offices or building owners are 20 percent more likely to be “highly effective” than solutions selected at the property level.
- Achievers choose highly effective solutions four times more often than Trailers.
- Time and resource constraints are the largest obstacle to replacing underperforming CRE technology solutions.
- More than half of CRE professionals expect artificial intelligence/machine learning and drone technologies to have a significant or profound impact on the future of the industry.