The Five Cs of PropTech and The Value Of Integration
The average business utilises around 50 different tech products each day. Information has to bounce from mobiles to laptops to software, not to mention stakeholders and decision-makers. In the property industry, PropTech takes centre stage in addition to the usual suspects. For most, these are seldom connected or directly compatible with one another, and naturally, productivity suffers.
The term is economy. Not just in the literal sense, but equally spanning economies of scale, process efficiency and commercial viability. As increasing data and systems come into play, we need new processes and data management procedures. These factors beg the question: When does it all become too much?
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Let’s talk about PropTech (property technology)
Each data transaction within a workflow also has to preserve data integrity across all of its relevant modules, which isn’t possible if systems can’t communicate or share data through a central hub.
What is required here is the ability to integrate platforms to retrieve, collate and translate data to be pushed from a central repository and satisfy queries on demand. Looking at the issue, we’ve identified five ‘C’s’ which demonstrate the value of investing in a PropTech digital integration process to cover the whole life of an asset.
Rising demands on infrastructure and resources determine what technologies and processes building owners choose to implement, supporting targets for environmental and financial viability, creating a greater need to make effective decisions informed by a singular overview.
Currently, there is almost no compatibility between disparate systems, which robs the ability to represent data from the entire ecosystem.
Data now becomes the core factor in this equation. Each day, we generate an Everest of information within disparate systems, software, and data languages. But unfortunately, there is almost no central process to validate data efficiently, worsened by the risk of human error.
PropTech integration platforms simplify this data flow between systems, creating a central space for all data, which can push specific information to whichever system needs it.
The system roadmap for a PropTech integration platform is unique and dynamic. As a common example, an organisation might use one platform for finance and invoicing, another for managing reports and client accounts, and a third for project files.
Data spread across each area without resolution, something we recognised as a major flaw. So, we developed our in-house integration platform to integrate data from end to end.
Our method pulls data into the platform and processes it according to the client’s requirements. Then, it pushes the resulting information in response to any query from a designated reporting system, such as Hendry Client Portal, our online reporting and management platform.
Sustainable operations and conservation of resources are integral to effective business management and decision making, supported by creating a singular workflow aided by automated processes. A Stanford Social Innovation Review study found that 90% of CEOs today state sustainability as a ‘fundamental’ element in overall business success.
This impact is not lost on facility and operations managers either, with 66% willing to spend more for PropTech integration technologies, which increase their environmental performance given the Return on Investment.
This data introduces a new question: how will they track it? Part of effective conservation is making informed decisions, especially once performance targets and indices are involved. But unfortunately, facility managers and property owners usually don’t have a cohesive model that can compare data side by side.
Usually, this involves trawling through multiple data sets and platforms to reach a single understanding. On the other hand, an integration platform removes this process entirely by tying systems together to build relationships between data sets.
Disparate modules, systems and data breed inefficient operations and poor decision making, driving costs and preventing optimisation. On the other hand, time can be saved immediately through a data integration layer, as we’ve already discussed, revealing insights that might have been overlooked.
Predictive analytics emphasise this effect at a high level, demonstrating the full value of your Intellectual Property and a greater ability to leverage greater returns and efficiencies.
Regrettably, the rush for analytical capability has caused too many to implement tools without first ensuring a consistent level of data quality. Therefore, it is better to automate quality assurance and verification processes in your integrated platform at the start. The automation can then use qualified data to build readily deployable predictive models.
More effective management also means lower operating costs and maintenance. We share data to optimise building performance and resource consumption. These factors, coupled with the smart building technologies that enable them, reduce initial capital outlay and enable higher returns on investment.
The market is currently reflecting on Commercial RE’s developing proprietary software versus aligning with companies who can utilise a base PropTech integration platform and develop to their requirements. A platform that only satisfies their current software, infrastructure and work demands leaves little to no room for expansion or modernisation. At least, not straightforwardly when it comes to interfacing new resources with old ones.
Market trends also reflect this shift as fewer CRE’s or large asset owners look to build new software, which becomes more expensive and difficult to maintain.
Hendry has deployed our in-house integration platform to streamline operations and data management for the built-form. Together with our clients, we’ve been driving greater efficiency and sustainability to create value at each level of the value chain.