Road maps are an organization's essential planning tool; even a road map for digital transformation has become the best practice in organizations that are future-ready.
FREMONT, CA: Planning has always been a crucial part of success, even if the plans transform as the future unravels. By planning for all circumstances, a course of action for the future is set, and the allocation of resources provides the idea of the goal that needs to be accomplished. As said by Winston Churchill, “Plans are of little importance, but planning is essential.”
Road maps are an essential tool for planning, and permutations of road maps, including product road maps, IT, application, and even road maps for digital transformation, have become the best practices in organizations that are future-ready. In commercial real estate, road maps are embraced in pursuit of the greatest optimization to the field: Proptech.
When it comes to the adoption of technology, real estate has always been a step behind other sectors. Since the last few years, the course of technology adoption is changing in the field, but planning technology transformation is years behind. Due to this fact, it has become inevitability for the real estate companies to focus more on creating proptech roadmaps. The whole purpose of creating a proptech roadmap is :
• To prioritize investments in proptech to sync with business goals.
• To cohesively link key stakeholders, including owners, investors, management, and tenants.
• To help evolve a business consistently and thoughtfully.
Below listed are six pointers that one can follow to create a proptech road map for his /her organization
1. Set Straight the Company’s Business Goals:
Propetech should always be used in the service of an organization’s major business goals. If the goals of the company include cost reduction, increased revenue, larger margins, or more significant market share, then each target will have a different road map.
2. Understand the Potential Proptech Solutions and Make a list:
With the fundamental business goals set, brainstorming, and research about all capacities of proptech should be conducted keeping in mind every single step of the building’s life. These steps include planning, investment, construction, property management, facilities management, utilities, safety/security, tenant experience, and resale.
3. Always Prioritize:
A road map without any prioritization is only a list of goals to achieve. To create the road map, take each of the solutions and map them into near-, mid-, and long term goals for a business. Split the projects to be carried out into three categories: compulsory, luxury, and unnecessary.
4. Collect Feedback from Key Stakeholders:
Successful road maps are not the ones designed in boardrooms. They become the right path only when people executing the plan mold and refine it accordingly. The feedback from key stakeholders, such as property managers, facilities managers, and building tenants, is vital for the first draft of the road maps. The priorities and solutions suggested by these people are necessary and helpful for further processes.
5. Set up Vendor Relationships Early:
Proptech sector is an isolated stream in today’s on-demand world, where customers are used to getting what they want with a click of a button. And, due to this, the building contractors and company heads need to build vendor relationships in the early stages.
6. Plan for at least 18 Months out into the Future:
Large commercial real estate projects need attention 18 months before its construction begins. Utilizing the same timeline for the proptech road map will turn out to be helpful as well. The time can be used for considering more options, flexibility by viewing more technology from its commencement.
Road maps don’t just help the organizations plan and execute; it helps the organization and teams evolve. It is high time for executives to take note of the technology and apply road maps to gain advantages for their organizations.
See Also: Top Proptech Solution Companies