Digital transformation is not something real estate companies should be engaging in merely in order to be seen to be doing the right thing – it spawns new business models and amplifies the potential of existing models.
Two central tools in this are Building Information Modelling (BIM) and Data Analytics (the assessment of data resources). Together, they inject data-driven value into the life cycle of a property, from planning to construction, building operation and use by occupants – and the performance this fuels is one of the key factors that wins over customers to PATRIZIA.
A consistent pool of data
PATRIZIA has been systematically executing a number of core business projects in recent years, spanning not only every stage of the value chain, but also different levels of the company hierarchy. The result – and our ongoing strategy – is that we are now more closely dovetailing and integrating our business model, processes, information and technology.
Overall, this allows PATRIZIA to create a seamless, digitalised value chain – from the property to the investor. This is underpinned by a uniform, binding and continuously updated pool of data. It also establishes the prerequisites for a digital platform based on automated interfaces, which in turn empowers PATRIZIA to link up effortlessly with partners in the real estate industry, the public sector, and trade and industry in general.
The investor portal and the service provider portal
The online portal introduced by PATRIZIA makes us a leading player in the real estate industry thanks to a comprehensive portfolio of services and a differentiated approach to reporting. The investor portal works over and beyond established fund reporting methods, offering all investors just-in-time, personalised information and facts on their investments. This allows PATRIZIA to offer ultimate transparency, thus empowering investors to adjust or align their portfolios at any time they like. Well thought-through investment decisions are underpinned by data models supplied by our in-house research department.
Our system environment also allows external partners to input information and documents themselves via the provider portal. Not only does this enable the provider portal to offer an additional option for capturing information, it also simplifies the administrative side of collaboration.
We think disruptively – by tradition
We’ve never had problems with digital transformation at PATRIZIA. We’ve been thinking disruptively for a long time. The result of this ongoing process of critical self-reflection is constant change and improvements in processes.
We have a number of interdisciplinary agile project teams working independently on digital solutions – leading to new apps, services and systems. Based on a holistic approach, all areas of our business are dovetailed and integrated into the work carried out by these teams until each task or challenge has been solved. This ensures that projects result in the right outcomes not only by answering needs from an IT perspective, but also by addressing the requirements of different areas within the business – as well as the needs of our customers, for whom, ultimately, each solution is developed.
Our modern approach to agile project teams establishes clear areas of responsibility, reduces and manages complexity, and delivers transparency based on competent practice. Not only does this appeal to our staff, business partners and customers, it also brings them on board in managing the complexity of transformation in unison.
A powerful and secure IT infrastructure
This may sound like something that should be a given, but with so many reports in the media about attacks on corporate and institutional information systems, we consider security a matter of constant concern and significance. PATRIZIA operates a highly powerful IT system that meets all the requirements of investors, business partners and the regulatory authorities, particularly when it comes to data security and the reliability of systems and processes.
The high standards of data security we adhere to at PATRIZIA are also safeguarded by our employees, who receive ongoing training in this area and have access to the very latest technology to carry out their work.
We place strong emphasis on ensuring our employees receive (IT) training in all parts of the business. This is because we know that our vision of revolutionising the real estate investment market is ambitious. And so it should be.
The implications of Multi-Cloud Solutions
The best way to remain flexible when it comes to the increasing use of digital technology for processing and storing information is to introduce cloud computing. This allows IT infrastructure – storage systems, computing power and applications – to be provided via the internet. PATRIZIA uses a multi-cloud concept to do this: we link cloud solutions from a variety of providers according to the particular priorities of each area of the company – such as security, data volumes, speed or price. Adopting this approach not only makes it possible for us to react and adapt quickly, it also means we are less dependent on individual suppliers, thus bolstering the resilience of our IT infrastructures.
Best of Suite
To make it easier for staff to work with our IT systems on a day-to-day basis, PATRIZIA applies best-of-suite methods. What this means is that we use proven all-in-one platforms run by established providers. These not only provide tools spanning the variety of tasks involved in running different processes, it also allows for the option of integrating third-party suppliers into the platform, thanks to a series of adaptable interfaces.
The PATRIZIA New Work project
In the same way that digital technology allows systems to become more flexible, it also goes hand in hand with disruption to traditional working practices – including how workplaces and working hours are organised. In the late 1970s, the Austro-American social philosopher Frithjof Bergmann founded the New Work movement, an approach based on the concepts of autonomy, freedom and participation. These are all ideas we subscribe to at PATRIZIA – an approach that goes far beyond the current discussion regarding working from home. New Work is the kind of work people really want to do. At PATRIZIA, we use digital technology to ensure our structures allow employees to decide for themselves where or when they want to work – thus moving away from rigid working practices and making the processes of adding value more adaptable.