For this thought-leadership piece, we have collaborated with Liam O'Connell, Global Technical Director for Sodexo.
We live in a world of mega data that encompasses all aspects of our daily lives. On average a human in todays society will receive 2 million pieces of data every day. The amount of data collected is increasing and will continue to do so.
- Every 2 days we create as much information as we did from the beginning of time until 2003.
- Over 90% of all the data in the world was created in the past 2 years.
- The total amount of data being captured and stored doubles every 1.2 years.
- We perform 40,000 search queries every second on Google alone, 1.2 trillion searches per year.
In the ever-evolving landscape of institutional real estate, managing diverse and international portfolios presents formidable challenges. The need for scalability, effective cross-border vendor oversight, and accurate data is constant, while the pressure to deliver cost-efficient results only intensifies.
Traditional, labour-intensive management methods, characterised by information silos, are becoming increasingly obsolete and time consuming. The digital transformation of real estate portfolio management has become not only desirable but an imperative for maintaining a competitive edge and legal compliance.
Digitalisation offers a powerful solution to the complex and diverse challenges in managing property portfolios, particularly for companies with a large global real estate presence.
In FM, there are many tools and products that collect data form our various operations, from cleaning and catering to occupancy and technical services.
- BEMS
- Remote/performance monitoring systems
- Occupancy
- CMMS
- Smart Building Technologies
These systems collect large amounts of data and some of them can provide insights into the operation and efficiency of the service or equipment they are monitoring.
However, all of this data is largely useless without some analysis and insight into what the data is actually telling us, and the data can be confirmed as being accurate.
Risks
As with any data, the integrity of the information source is paramount. Rubbish in/rubbish out! The potential for false data eroding the desired outcome is large so all digital systems should have a verification loop where ‘unexpected’ data or data sets (outliers) are identified and discounted for analysis.
What happens if the digital platform fails? As seen recently with the Global Microsoft issues data backup and recovery systems become essential. Cyber security on these platforms is also essential as they often sit on a customers IT infrastructure and could provide a ‘back door’ into proprietary data.
Conclusion
The real estate industry stands at the cusp of a digital revolution, with the potential to transform how portfolios are managed and commercialised on a global scale. By embracing comprehensive digital solutions Facilities Companies can provide the extra edge so that a vast plethora of organisations (i.e from real estate organisations, institutional players up to start-up founders) can navigate the complexities of international portfolios more effectively, ensuring they remain competitive in a dynamic market.
In an industry where efficiency, data-driven insights, and agility are paramount, the adoption of advanced digital platforms is not just a strategic advantage—it’s a necessity.
Register For Our Upcoming Webinar with Liam!
Experienced in all aspects including Strategic Planning, Business Development, Mobilisation, Operations and Procurement, Liam has a broad experience domestically and internationally. Don't miss out on this webinar where he will discuss a data-driven approach to Energy & Asset Management within Facilities Management.
