Powering the Commercial Real Estate Industry through Cloud

By CIOReview | Tuesday, June 12, 2018

105

198

The world generates around 2.2 billion gigabytes of data each day, according to a report published by McKinsey Global Institute. Producing such massive amount of data and simply locking them up in cloud storage yields no result. Rather, it raises important questions, such as, “What do we do with this data?” and “How can this data help industries in business decision-making?” This is challenging particularly in Commercial Real Estate (CRE) industry where transactions are mainly driven by data.

Until the emergence of cloud technology, brokers and their prospects alike would struggle to find up-to-date CRE information, such as location, current value, future projects related to a particular property, among others. Compared to traditional CRE tools, the cloud-based software offers immense flexibility and mobility to CRE professionals as they can access data in real-time—anywhere, anytime. Moreover, modern cloud-based CRE software has been able to eradicate compatibility issues, enabling the stakeholders to download data across devices, including smartphones, tablets, and PC/laptop.

However, many CRE professionals within the community are reluctant to switch to cloud solutions, raising concerns about security, reliability, or ease of use. Nevertheless, cloud technology is the future of CRE industry, considering its ability to provide real-time data with high accuracy and speed as a result of increased computing capability. Above all, what makes this adoption successful among CRE professionals are the availability of high quality and reliable information coupled with unparalleled efficiency.