This is Part 3 of our 6 Part Practical AI Guide.
If you're looking for an AI reference guide, we've outlined our tips for maximizing AI adoption within your CRE business below. However, for those of you interested in learning more, we highly recommend delving deeper into our core foundations.
It all begins with strategic planning. This is essential for incorporating AI into business operations. As a starting point, you can leverage our 3 AI Personalities framework to identify the areas where AI could have high impact within your business.
Once you identify these areas the next step is to create a roadmap for how AI will be integrated and used effectively. A good strategic plan consists of clear goals and objectives which help to align the AI initiatives with the overall business strategy. AI should be implemented for the sake of implementing AI, it should drive true business value.
The plan should further outline the specific steps and actions required to implement AI. It should consider factors such as budget, timeline, and resource allocation. By having a well-defined strategic plan, commercial real estate businesses can maximise the use of AI and achieve their desired outcomes.
Building or updating the IT infrastructure and software systems is crucial for supporting AI applications. If you're running your business on a number of separated systems such as multiple spreadsheets, inboxes, accounting software, cloud storage etc, extra work will be required to prepare all the available data for AI to ingest and utilise. This is why it is important to have systems that integrate well with each other and allow your business to maintain a single source of truth.
The right property management tool should set you up to succeed in an AI driven world, by allowing you to build a rich data depository whilst allowing you the flexibility to leverage specialist tools like inboxes and accounting software through rich integrations. Other key considerations for an AI-ready IT infrastructure include ensuring data quality and security. Credia was designed with these key considerations in mind.
While modern software solutions offer numerous benefits, it's essential not to overlook the human aspect of these changes. Your team members and tenants are the heart of your property management endeavours, and their experiences matter. Below are three initiatives that we found supported us with leveraging AI.
Modern software empowers your property management team by simplifying tasks and enhancing their efficiency. This can lead to higher job satisfaction and increased morale. When team members can focus on meaningful, strategic work rather than getting bogged down in administrative tasks, they feel more fulfilled and motivated.
As technology evolves, your team may need regular re-skilling and up-skilling to fully harness the power of modern software. Investing in training and development ensures that your employees remain competent and confident in using these tools. This not only benefits your business but also enhances their career prospects and job satisfaction.
While automation and technology are essential, it's crucial to strike a balance with human interaction. Personalised tenant experiences, face-to-face communication, and responsive customer service remain vital in maintaining positive tenant relationships.
Despite good training in place, introducing new software and processes can be still challenging for any organisation. Effective change management strategies are essential to navigate these transitions smoothly. These include:
Transparent and clear communication is paramount when implementing change. Keep your team and tenants informed about upcoming changes, why they are happening, and how they will benefit everyone involved. Address concerns and questions promptly to alleviate uncertainties.
Involve your team members and tenants in the decision-making process when possible. Seeking their input and feedback can lead to a more seamless transition and ensure that the changes align with their needs and expectations.
Provide comprehensive training and ongoing support to your team members. Ensure they have the resources and guidance they need to adapt to the new software and processes. Encourage open dialogue, allowing them to voice any challenges or difficulties they encounter.
Regularly monitor the progress of the transition and gather feedback from both your team and tenants. This allows you to make adjustments as needed and fine-tune the implementation process. Continuous improvement is key to a successful transition.
A lot of this thinking is built into the way we operate at Re-leased and how we onboard our customers from a world of unstructured data to a structure world that prepares them to adopt and maximize AI within their business.
