Going full tech: the six-point action plan
Commercial real estate professionals need to be ready for the drastic changes that lie ahead
We are currently riding the third “wave” of technological change, and corporate real estate (CRE) professionals need to be ready for the drastic changes that lie ahead for their businesses.
Taking the long-term view, it is never too early to start planning and embrace change. What steps might you take to get ready? We break it down in six simple steps.
Align your innovation strategy with real estate
Where will your business be in the stack by 2030? Does your CRE team know what your innovation team has planned for the next couple of years? A lack of collaboration between the two departments can mean missed opportunities for technology enablement and inefficient workspaces. Engage your C-suite to understand the business requirements around innovation, then align and adjust your real estate strategy accordingly.
Choose your innovation model
Innovation needs to be fully integrated into your organization’s functions. Decide which model — accelerator, coworking or innovation space — is most suited to your business. Next, identify whether your organization has the capability to manage space or explore a partnership.
Define a real estate innovation strategy
Stay on top of the latest and emerging technologies, such as, among others, virtual reality, augmented reality and the Internet of Things. Map out exactly how your business can benefit from using these technologies in the future. Technology moves quickly, so make sure you are ahead of the curve.
Adopt talent-driven workplace strategies
The war for talent is only going to get more competitive in the years ahead. Review your location and workplaces against talent strategy, and leverage labor analytics to understand where the concentrations of talent and essential locations are. Don’t forget to put user experience at the forefront of workplace design.
From 2020 to 2030
Identify tomorrow’s innovation hotspots
Predictive location analytics can intelligently pinpoint future hotspots. Focus on developing markets with strong talent surpluses for your industry, and identify cities with large talent pools. Find second and third tier locations in emerging markets that are up-and-coming sources of top talent.
Integrate contingent and autonomous workers into space requirements
A contingent workforce will form a key part of the workplace. Assess which business functions will be outsourced or automated, and adjust your real estate footprint accordingly. Introduce flexible options into your portfolio to allow real estate to scale as your workforce changes.