Democratized data and IoT in CRE spaces will change how CRE providers and Facilities Managers operate. According to McKinsey&Company, the potential of data democratization will open new doors and opportunities to build better tenant experiences. For example, companies may democratize data by crowdsourcing ideas from employees and tenants alike. Facility Managers need to understand a few best practices to take advantage of democratized data and the IoT in CRE spaces.
The Problem With Poor Access and Application of Data
CRE brokers have a history of limited access to data in the course of working with small “mom and pop” shops with limited data and resources, reports Richard Sarkis of the National Real Estate Investment. Any attempt at conducting research took considerable time and resources, delaying access to information and creating barriers to gaining a competitive advantage. Unfortunately, limited access to data continues to plague CRE providers. This is especially true among smaller scale CRE managers. However, democratized data and the IoT in CRE spaces can be used without the steep investment costs associated with the implementation of new technologies in the past.
Democratized Data and IoT in CRE Spaces Offer Strong Benefits
According to Eric Matisoff of InfoWorld, democratized data and the IoT, when combined, give all facility management team members. The ability to take ownership and responsibility to use the data in decision-making processes. In a sense, the democratization of data that has been collected there IoT-enabled devices creates data-driven team members, and when the bright people are informed about a given situation, they can better understand anomalies and act upon them. As a result, overall costs of facility management decrease, and this is in conjunction with the cost-effective use of all resources.
Best Practices to Democratize Data
CRE providers should follow a few best practices to democratize data, including:
- Set the right budget. The democratization of data will require the integration of existing systems, so it is essential to set the proper budget. Also, setting the right budget will reduce redundancies among team members by adequately allocating resources where they are needed.
- Invest in new technology, including tools to filter, visualize and share information. Some people may learn better from visual cues, so CRE providers that genuinely want to democratize data will need to invest in new technology to better visualize and share information.
- Train team members to use data in decisions. Since team members will not have access to data, they may require additional training on what to do with data and what it means for essential job responsibilities.
- Create a center of excellence for data management, including accuracy, curation, sharing, and training. A critical factor in the use of data and its democratization lies in ensuring the quality and accuracy of data, as well as adherence with the steps as mentioned earlier.
Put Data to Work With Collaboration-Conducive Tools Now
Everyone uses data at some point in the day, so it makes sense to give your team members the ability to use data appropriately. Once data have been collected through IoT-enabled devices and analyzed with state-of-the-art big data analytics, team members can make informed decisions and be more productive. Facilities Managers should follow the best practices to data democratization and consider working with an experienced data democratization advocate, like ENTOUCH. Get started by visiting ENTOUCH online or by giving us a call at 1-800-820-3511.