The real estate investment management landscape is evolving rapidly, driven largely by technological advancements and shifting market dynamics. While the value of real estate continues to expand globally, traditional approaches to technology have largely remained stagnant.
A recent survey by Deloitte reveals that 61% of global real estate owners and investors still rely on legacy technology infrastructures, hindering their ability to leverage valuable data and drive informed decision-making.
“Addressing data silos and the corresponding degraded speed of data flow across the organization should be mission critical in 2024,” the report states.
Legacy technologies, though established, often serve singular purposes and rely heavily on manual processes, leading to data silos and inefficiencies across organizations. The costs associated with maintaining these outdated systems, known as technical debt, can be substantial, with estimates suggesting it could consume up to 60 percent of every IT dollar spent.
Additionally, challenges in digital adoption stem from generational diversity, outdated job roles, and talent processes within the industry. Addressing these barriers is crucial in harnessing the power of real-time data and achieving agility in decision-making.
In the face of all these challenges, emerging technologies offer promising solutions that break down siloes and automate time-consuming processes.
To stay competitive in talent acquisition and innovation, firms should act now to enhance their technological capabilities. By reevaluating possibilities, establishing robust decision-making processes, and embracing emerging technologies, firms can navigate digital transformation successfully and position themselves as leaders in the evolving landscape of real estate investment management.
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