A single source of truth

14 / 03 / 22 - 2 minute read

For a long time, the real estate industry has dragged its feet in terms of digitalisation. Now though, it’s rapidly picking up the pace.

Digital processes are poised to transform the entire business model of real estate investment management, from individual properties to real estate portfolios and investments. As this trend picks up pace, players in the real estate industry need to und

The future of real estate business is digital

As data essentially becomes a value driver, automating data collection, analysis, and reporting concerning assets can lead to greater transparency and more efficient investment management. 

There’s no doubt that regulatory reporting requirements will increase as risk reporting becomes more important. Digitally automated portfolio analysis and reporting are essential to meet these growing requirements, say more than 80% of clients. 

Integrating information from all the various stakeholders involved in managing a property, whether property managers, service providers or tenants, is also vital to holistically and efficiently manage a building or even entire portfolios.

When it comes to smart buildings, it’s essential to create a broad, structured database for the various partners involved. This can provide the real estate industry with valuable information on how to improve processes, such as the energy efficiency and eco-balance of a building, as well as the quality of decision making.

In other words, the various relevant information from different stakeholders needs to be amalgamated to establish the necessary level of detail.

Creating one database for all stakeholders to connect to the whole real estate value chain through intelligent platforms establishes a “single source of truth.”

Some call it Big Data

Creating one database for all stakeholders to connect to the whole real estate value chain through intelligent platforms establishes a “single source of truth.” This common, centralised data pool enables processes to be automated across the board, preventing data entry and processing duplication between the various stakeholders.

Technically, this can be achieved via open and automated interfaces (API) and data formats. In future, we will need more intelligently networked platforms, where all this combined information can converge. The user interface should remain easy to use and tailored to users’ requirements. 

The more partners involved, the more attractive this common data pool becomes. New technologies from the PropTech sector, such as document analysis supported by artificial intelligence, can also be integrated to enhance their added value and ensure seamless end-to-end workflows.

 Ultimately, real estate managers now have to decide whether to invest in the digitalisation of modern IT systems based on machine-readable data from such a “single source of truth.” Or they can join an open industry platform, which is likely to emerge in the next few years. 

For PATRIZIA, the decision is clear-cut. The ‘single source of truth’ approach is a crucial element of PATRIZIA’s digital transformation. PATRIZIA has significantly invested in the digitalisation of processes and endeavours to maximise the use of data as part of our positioning as a leader in technology and digitalisation. And, of course, to act as a forward-thinking partner for our clients.