Around two-thirds (65%) of occupiers think technology and/or software can help them tackle their biggest challenge but few use it to improve their business intelligence.
The survey – researched as part of our Software and Technology use in the Real Estate Sector: Occupier Challenges paper – reveals that 58% say technology and software influence the success of measuring performance against their KPIs. This is a surprisingly low figure given the capability of these solutions to offer this functionality.
And while most occupiers think technology and/or software can help them to overcome their main challenge, highlights how nature of this challenge varies by business. For example, understanding of the property function across the wider business was ranked the greatest challenge by most occupiers, closely followed by property acquisition and site availability. Perhaps surprisingly, cashflow in respect of lease payments was seen as the least challenging issue.
“Given the variation in opinion among occupiers of what exactly represents their greatest challenge, it says a lot about the quality of software in the market that a majority think technology can help them overcome this,” says John Cuppello, CEO of Qube Global Software.
“But – at the same time – there is still a lot that the industry can learn from this research, most notably the low levels of occupiers using software and technology for business intelligence. We find that some companies may not actually be harnessing their existing systems and data to their maximum capability. Most systems come with integrated Business Intelligence functionality that will interrogate historic data and enhance the decision making process. These systems can make a huge difference to the success of the organisation. It is a waste of the full potential of the software, and indeed the investment in it, if it is not utilised.”
About the Study
The Software and Technology use in Real Estate – Occupier Challenges paper was research commissioned by Property Week in conjunction with Qube Global Software. It features data from more than 800 responses to a survey of property investors, occupiers and agents.