Lucernex expert and President Joe Valeri (see Joe’s management summary here) provides details of why Location is the key to Real Estate Technology.
My last blog discussed the very loose definition of IWMS and how it tries to describe a wide array of very different vendors. In this blog I will discuss one type of IWMS, Location Management Software, and what the different end users may need to focus on when selecting a Location Management IWMS.
What are the three things that matter in real estate – Location, Location, Location. This old adage about real estate applies to commercial real estate technology as well. The location is what real estate is all about whether you are a 2000 store retailer, a 30 building corporation, a large hotel company or a multi-building campus – everything you do in relation to your real estate is based on a location. And, managing the performance of each location to perform optimally is the ultimate goal for each location whether it’s optimizing revenue or minimizing cost.
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- Why a single platform IWMS beats “best of breed”
- How Capital Program Management fits in an IWMS?
I agree that location management is a critical management function particularly for retailers whose store portfolio is the primary business channel. However, the workplace is becoming ever more non-place centric, where knowledge workers range between company locations, home offices, telework centers, and non-tradtional locations such as hotels, coffee bars, and even the beach! That’s why I emphasized workplace in the IWMS acronym versus real estate to stress that workplace management must support workers irresepctive of where they work. Worker mobility is now a mainstream activity requiring workplace systems that support a highly mobil workforce. Location management is one of several crucial functions requiring a systems approach. I prefer to think about workplace management as both an asset life cycle management function AND a worker support function; location management on one side but service and worker support management on the other.