Corporate real estate Business Intelligence enables companies to differentiate themselves by better understanding the dynamics of rapidly changing external and internal environments, driving operational efficiencies and workforce productivity based on quantitative insights.
But this is just the beginning.
To truly achieve the business outcomes that align to corporate strategy corporate real estate teams must transform their culture at a much quicker pace and move from a tactical to a strategic focus.
They need to:
Drive the business intelligence data and analytics agenda in partnership with other departments in the organization. Enlightened organizations recognize that no one can truly set a vision without partners, and this logic also applies to business intelligence data and analytics. In support of shared organizational goals, heads of corporate real estate units should collaborate with their business peers to eliminate the fragmentation that ultimately limits the impact of business intelligence efforts. This requires a maturing mindset among corporate real estate leadership to add strategic value to the broader organization, but the pace of change must be quicker. In addition, having a standardized governance policy allows a baseline of objectives to be shared and refined. The sooner executives bring that coherence to their efforts, the better it will be for the organization.
Review and revise supplier relationships. Often corporate real estate executives are unsure if they have the relevant internal skills to drive a business intelligence strategy today. As a result, firms are increasing their spending on third parties to help improve their data capabilities, including data strategy. Corporate real estate leaders must review supplier relationships iteratively to ensure that they are partnering with firms, like catalystBIT, that are helping to successfully define their strategy and execute against it, matched against overarching corporate goals.
Structure teams for strategic focus. Few believe that their strongest capabilities lie with their talent (e.g., data scientists, managers, specialists). Corporate real estate leaders must reassess how to improve this. Before recruiting market and data scientists, look into how advanced analytics tools, for instance, simplify statistics and data visualization, and focus on how to expand data literacy across the existing team. Continually scouting out and hiring fresh external talent is another way to enhance teams. In addition, they must make user training for existing staff a priority.
Corporate real estate leaders have a great opportunity to advance the corporate real estate function to a strategic role within the organization using data and analytics. However, to do this they must rapidly transform their teams in order to become more data-centric. They also need to align and integrate data with other departmental data across the organization to derive greater value. Only when that is achieved can corporate real estate functions truly be strategic.