Doing More With Less

Commercial real estate managers are under intense pressure to increase corporate profit margins. It’s a challenging task:

To achieve this goal, they have to  maintain high occupancy levels, invest in the right markets at the right time, deliver projects on time and on budget, and control operational costs – all while strategically planning growth or diversification. 

It’s even more challenging because of economic conditions. Budgets are tight, employee morale is generally low and most organizations are doing more with less. The result: a higher potential for errors. In its  sixth annual survey of global financial institutions’ information security efforts, Deloitte Touche Tohmatsu describes human error as today’s greatest security risk. “In  today’s unsettled financial environment, employees maybe disgruntled, worried or otherwise distracted and as such security vigilance is ever more vital,” it warns.

It urges financial institutions “to be vigilant in protecting their data and implementing checks and balances to reduce the risk and potentially catastrophic consequences of security failures.”  The potential problem is just as real for CRE professionals, who routinely deal with massive amounts of potentially sensitive financial data. So what’s the solution?

How are commercial real estate firms who are already struggling to boost profits with fewer resources minimizing the risks of security breaches and data loss? Does  the bottom line hinge on better technology or using more experienced, better trained employees to manage existing technologies?

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1 Comment

Filed under economic crisis, mistakes, Real Estate, realtybytes, Technology

One response to “Doing More With Less

  1. The industry must embrace technology and automation. With the volume of data and paper that this industry handles now, the workload levels exceed any reasonable ability to check and proofread the documents, financial statements, lease agreements, contracts, government mandates, industry information, general correspondence, not to mention the inflow of email and internet news bites. There is so much of this workload that can easily be handled by automation, yet it remains the same. There is more wasted motion and mundane, routine processes in this industry that the only way to bring relief is to get its automation on track. Organizations such as OSCRE.org are trying so desperately to bring attention to the fundamental that this industry needs standards. Standards will permit communication between databases and enable transactions to occur electronically rather than by paper. To date, standards are not yet embraced. As a 25 year veteran of commercial real estate, my team and I are taking on this challenge and hope to make a difference by joining efficient solutions such as OSCRE.org affords with databases currently in the mainstream with the internet. There is a huge gap in providing the 24/7/365 internet automation and access this side of the real estate industry needs. Visit: http://www.oscre.org and join my LinkedIn.com group which is about PM and FM innovation at http://www.linkedin.com/groups?gid=1858850

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