7 top trends for facilities management in 2022

Posted on by MRI

Explore the key trends and topics that FM teams across the globe should be focusing on in 2022, from the continued adoption of hybrid working, through to a greater adoption of the IoT and AI.

Every year the boundaries of the facilities management industry noticeably shift. As new technologies emerge, expectations change and working practices evolve, this industry must react to successfully meet these.

With the digital transformation of the sector showing no signs of slowing, facilities management software is steadily being accepted as a core business tool in organisations of all shapes and sizes. But this software is just one aspect of FM that has greatly changed over time – something that will continue for the foreseeable future.

How has facilities management evolved through the years?

It is remarkable to consider how far the facilities management industry and FM software has progressed just in the past few years.

Building managers are no longer bound to spreadsheets and T-Card systems to manually oversee operations. The power of a robust CAFM system can be held in the palm of engineers’ hands. Smart building technology is enabling teams to create the most comfortable environments possible for employees, residents and customers.

The COVID-19 pandemic has also had a noteworthy impact. Approaches to on-site working shifted dramatically, and the FM sector needed to adapt accordingly. Technology and techniques have needed to become increasingly mobile and flexible, and there is a heightened expectation from today’s workforces about their wellbeing at work.

As an industry, facilities management has always adjusted in response to changes in society, demographics and technology – 2022 will be no different. Below we discuss 7 of the standout trends that FM professionals should keep in mind for the year ahead.

1. FM teams consolidate their visibility

While it is hard to take away positives from the pandemic, this significant shift did place the efforts and duties of FM teams in the spotlight like never before. Previously working in the shadows, these professionals were pushed to the forefront to ensure the wellbeing of employees, residents and others was secured in these challenging circumstances.

Whether it was keeping workplaces clean and disinfected, organising safe maintenance routes, or reconfiguring space, FM professionals were more visible than ever across all types of facilities.

2022 will concentrate on FM teams consolidating this visibility, and not let things revert back to the way they once were. With more people aware of the role these teams play to keep everything in working order, we anticipate that they will be more frequently referred to for their insight when forging company-wide strategies.

As organisations increasingly rely on data-driven decisions, the expertise of FM professionals, and the information gathered by their software solutions, will be relied upon more than ever to guide companies forward.

2. Continued adoption of hybrid working

One trend spurred forward by the pandemic that will continue to gather steam in 2022 is hybrid working:

  • 98% of people would choose to work remotely, at least part-time, for the rest of their careers (Buffer)
  • One in three workers would be willing to quit their job if it didn’t offer flexible working (Robert Half)
  • Over 70% of office workers want more flexible remote work options, while over 65% want more in-person time with colleagues (Microsoft)

As this approach to working becomes widespread, with the growing adoption of flexible hours and hot-desks, FM teams must be prepared to implement these without impacting on the quality of their output. This may include the facilitation of co-working and managed workspaces, or introducing mobile apps that enable teams to work effectively regardless of where they are.

If your company is not yet set up for hybrid working, this year is the time to start. Looking into smart building technology, enhanced space management and mobile solutions will put you in a strong position to reap the full benefits of hybrid working in your organisation.

3. Shrinking real estate footprints

Due in part to the shift towards hybrid and remote working, many organisations in 2022 will be seeking to reduce the scale of their real estate. Rather than pay over the odds for expensive office space that is no longer required due to a reduced number of employees on-site, steps will be taken to cut out these costs.

However, these actions will require FM teams to review how their buildings are configured to accommodate everyone on-site comfortably. Space and move management will be top of the agenda, so smaller layouts can serve larger groups of people when necessary, and create environments more suitable for hot-desking and collaborative working.

Companies will find themselves increasingly reliant on robust facilities management solutions to ensure that their organisations can adapt to a more compact environment, with no decrease in their employees’ quality of life or their day-to-day productivity.

4. Environmental and social responsibilities

2021 arguably brought environmental issues and climate challenges to the forefront more than any year prior. People are increasingly conscious of the need to turn the tide to protect the health of our planet, and regulations are being – and will continue to be – introduced in response to this.

These regulations will no doubt impact all forms of buildings and organisations, which will need to take strides to reduce their carbon footprint. So, we anticipate many FM teams to start moving in this direction in 2022, harnessing their software solutions to address energy consumption. This could include:

  • Utilising smart building sensors to only switch on lighting, heating and other climate control systems when spaces are occupied
  • Introducing energy management software to track energy usage in real-time and identify opportunities to reduce consumption
  • Adopt asset management software to extend the lifecycle of components, reducing the need to manufacture and acquire replacements

5. Addressing new regulations

Each year brings with it a flood of new rules, regulations and standards that facilities management teams must get to grips with, and 2022 is no different.

For instance, in the UK the Building Safety Bill will change the health and safety processes surrounding high-rise residential buildings and hospitals. Responding to the events of the Grenfell tragedy, this sets new responsibilities for the ‘Accountable Persons’ to ensure all mandatory safety measures are in place in a built environment.

This is just one of numerous updates that will be introduced across the year, and as ever FM teams will need to stay informed of these in order to avoid compliance-related penalties.

This makes a solution like our distinct SFG20 module beneficial. Because it automatically performs updates to the latest SFG20 standards, companies can rest assured that facilities maintenance is being conducted compliantly.

6. Harnessing IoT, AI and connected devices

While the Internet of Things (IoT) and artificial intelligence (AI) have been available to the facilities management industry for a while, every year this technology continues to evolve and become more readily accessible to organisations globally:

75.44 billion IoT devices are anticipated to be installed worldwide by 2025 (Statista)

Yet, while this technology is now more available than ever, relatively few businesses are reaping its benefits. We expect this balance to be addressed in 2022 as awareness of these devices and sensors continues to grow.

For example, AI-based facilities management systems can automatically generate maintenance schedules, repair reports, replacement requests and more without any human involvement. This can greatly improve efficiency and productivity, particularly when these tools can perform outside working hours.

IoT and connected devices will also empower FM teams to maintain quality, comfortable workplace environments remotely. Whether this is automatically adjusting climate control settings, or capturing data from entry points that can steer crucial operating decisions, this technology will be relied upon more heavily this year than any year before it.

7. Movement towards predictive maintenance

Finally, we anticipate 2022 to be another massive step towards the adoption of predictive maintenance or planned preventative maintenance (PPM).

It is still the case that too many organisations rely on reactive maintenance practices, which are more costly and less efficient than planning works in advance. By having FM software in place that understands the assets within a building, teams can predict when they need maintenance to keep performing optimally.

Planned preventative maintenance unlocks numerous benefits to any organisation, including:

  • Extended asset lifespans
  • Minimal risk of business interruption
  • More organised workforces
  • Better budget management

In addition, AI and IoT technology have a part to play here. By tracking the performance and behaviour of assets over time, this experiential data can inform PPM schedules based on real-life feedback, meaning that over time asset maintenance will only improve.

Future-proof your facilities with MRI Evolution

2022 will be an interesting year for the facilities management industry. Still not fully removed from the fallout of COVID-19, we anticipate this year to be an important one for:

  • Consolidating the visibility and importance of FM teams within their companies
  • Responding to the growing trend of hybrid working, and the ramifications this have on building layouts and space planning
  • Ensuring companies fulfil even stricter environmental and social responsibilities
  • Greater adoption of beneficial technologies such as the IoT, AI and predictive maintenance

To keep your own organisation on course to follow the trends that emerge this year and beyond, it is essential to have a reliable system at the heart of your FM operations.

MRI Evolution is the ultimate solution for total building management. Connect and control your entire facility through one central hub, responsible for managing every aspect of your organisation.

  • Gain uninterrupted, end-to-end insight over your operations
  • Benefit from complete asset management and smart maintenance planning
  • View valuable business analytics through customisable dashboards
  • Minimise costs with total oversight of your budgets

Get in touch with our team today to discover the long-term benefits that MRI Evolution can bring to your business.

Posted in FSI

Meeting government and organisational sign-in and contact tracing needs

Posted on by kestoesta

While the world adapts to the changing environment, employers and organisations are focussed on their COVID-19 safe plans in an attempt to protect staff, customers and visitors from infection and to stop the spread of COVID-19. For the government, aged care sector, hard-hit hospitality sector and other COVID exposed businesses, this means collecting the required contact information from visitors and staff for the purposes of contact tracing.

Most businesses globally are now required to display a government-issued QR code for those entering their workplace to scan and this is where WhosOnLocation comes in. Using existing tools available in the WhosOnLocation visitor sign in process you can now combine your standard WhosOnLocation sign in experience with your government-issued QR code. This avoids the cumbersome process of using two separate processes and QR codes which may have resulted in poor visitor experience.

Government-issued QR code

Governments globally have provided QR code posters to help with contact tracing. For most businesses, this means all visitors and employees are now able to scan the government-issued QR code with their smartphones before entering a business. This is a priority to the health care sector and other businesses looking after vulnerable people. In the unfortunate event that a case of COVID-19 is reported, the government can use this data to trace the scope of the community and workplace outbreak in order to reach out to any close contacts and reduce the likelihood of further transmission.

Complementary protection

By combining the government-issued QR code system with your WhosOnLocation subscription you are adding an additional tool to your risk management strategy, allowing you to:

  • Screen those coming on-site and identify anyone that may pose a risk to those people in your duty of care, such as your employees and guests.
  • Deliver a seamless sign-in experience for your guests.
  • Meet your compliance obligations regarding government-mandated contact tracing without having to choose between the government QR code and your people presence system.
  • Support social distancing guidelines by setting occupancy limits within your WhosOnLocation account. These will then alert you when total occupancy is nearing or has breached these limits.
  • Easily access comprehensive people presence reporting in the unfortunate event of an alert that your workplace might have been exposed to a person of risk.

How do the two systems work together?

You can choose from three options to combine the two systems depending on the experience you want to offer your employees and guests.

Option 1 – Add the government QR code to your kiosk sign-in process

When employees and guests arrive on-site, they:

  • Follow the normal kiosk sign in process.
  • Scan the government-issued QR code when presented with the question on the kiosk.
  • Complete the sign in process.

Option 2 – Add the government QR code to your touchless sign-in process

When employees and guests arrive on-site they:

  • Scan the QR code on your kiosk/poster to start the touchless sign-in process.
  • Follow the normal sign in process, at the end direct users to scan the government QR code poster.

Tip: As a backup, we recommend having your government QR code poster displayed in your reception and at all entry points for those who can’t sign in using a smartphone.

Option 3 – QR code poster

If you don’t want to make changes to your kiosk sign in process or only use our QR code posters, we have a poster option available. When an employee or guest arrives on-site, they will need to follow the steps on the poster:

  • Scan the government QR code.
  • Scan the WhosOnLocation QR code and enter their details, answering any questions required to complete your normal sign-in process.

To add your unique QR codes and branding to the poster we have created a design file you can edit.

Already using a visitor management system?

The government contact tracing systems are not visitor management systems. They do not ask visitors to select a host, they do not capture other information such as vehicle parking details or ask the visitor to sign waivers or NDA’s. Your visitor management system will give you detailed information of who came on-site and who they met with, it’s important to remember the government does not want to have to look through every organisation’s visitor management reporting, which will differ from customer to customer, the new rules require organisations to use a government-issued QR code.

Book a demo

Strata Master v14 is here: Your strata management software’s biggest release yet

Posted on by kestoesta

Strata Master’s biggest release yet is finally here! Engage your clients and suppliers while making life simpler with Strata Master v14 and File Smart v8.5. Here’s a quick rundown of the features available to you when you upgrade to the latest version.

Strata management software updates

MRI Strata Connect

Upgrading to the latest version enables you to access MRI Strata Connect – the fully cloud-based maintenance and community engagement module designed to help you manage more lots whilst improving service. Now you can:

  • Easily lodge and track maintenance requests, with complete transparency for all stakeholders from start to finish.
  • Help get maintenance jobs resolved quickly by assigning a Virtual Maintenance Manager to do the hard work for you.
  • Setup different quote and invoice approval rules for each building.
  • Eliminate manual data entry with Smart Invoice extraction.
  • Ensure creditors are fully compliant with access to their compliance status and insurance details in real-time.
  • Provide owners and residents access to important information and submit maintenance requests with interactive building profiles.
  • Quickly create individual chat rooms for a specific invoice, job or document – keeping all communication consolidated and tracked for easy auditing. 

Strata Connect cloud based strata management platform webinar

StrataVote two-way integration

Strata Master Version 14 delivers a two-way integration with StrataVote, providing unrivalled meeting, electronic voting, and documentation functionality to Strata Master users. With this integration you’ll be able to:

  • Host online meetings to increase lot owner participation and satisfaction.
  • Create beautiful agendas and minutes quickly with custom templates that match your brand.
  • Facilitate pre-meeting and live electronic voting.
  • Cover all types of meetings – whether you’re in Queensland doing a VOC home, you’ve got secret ballots, you’ve got AGM or CGMs, etc.

Macquarie Direct Debit integration

Lot owners will now be able to opt into Direct Debit themselves from their nominated bank accounts. With this integration, you’ll be able to offer an additional service to your portfolio and reduce arrears by taking the burden off owners to remember to pay their levies on time. Find out how it works here.

Building Managers in Strata Master

A new Building Manager contact type has been added to Strata Master so building Managers can be added the same way as Real Estate Agents. You’ll be able to assign a Building Manager to single or multiple corps via a new Building Manager tab on the building card. And from there it’s easy to include them in your email and SMS communications, Work Orders and Quote requests, and even allow them to approve invoices via the portal using Online Invoice Approval.

Levy Wizard Enhancements

With the new ‘Generate Levy Notices’ option, you’ll be able to generate Levy Notices via both print and email in the same levy run. Plus, a new SMS option has been added to the Levy Wizard, helping levy contacts stay on top of their payments by automatically SMSing them when levy notices are issued. Enhancements have also been made to Additional Contact, Levy Notice and Levy Notice email templates.

Plus many more enhancements to Strata Master, including 20 of your User Voice suggestions! 

More on Strata Master v14

To learn more about Strata Master and File Smart v8.5 you may read the release notes here. You can also take the self-paced course for a step-by-step guide in using the new features.

Property management software update: Property Tree September 2021

Posted on by kestoesta

Your Property Tree login screens have a fresh, new look! This plus more property management software features are in the September 2021 release. Here’s a quick rundown of all the enhancements available for you starting this month.

September 2021 property management software update

Rebranded Property Tree login screens

The login screens now have a refreshed look and feel to align with our MRI colour scheme. Messaging has also been improved for issues that occur when logging into Property Tree – making it easier to troubleshoot errors.

Global Search to access tasks quickly

With the Global Search function, you can now search over 160 tasks and features. There is no need to navigate from the Management, Accounting, or the Trust & Reports Landing Page to access a task or function. The Global Search will also display the 5 most recent searched tasks or features, which will simplify the navigation in Property Tree.

Groups and Tags Enhancement

You can now filter the usage of Groups and Tags and export to PDF or CSV to view the Groups and Tags currently in use and to identify missing tags.

Drill-through Reporting now in Business Insights

If you’re using Business Insights, you know how its customizable dashboards allow you to easily view performance and revenue across your agency. Now it’s made even better with a drill-through capability for the Agency and Fees boards. This will enable you to view the source data reporting and export to excel for each graph on these two boards.

Improved Messaging in Invoice Genius

Invoice Genius will now display a pop up message to advise you that you cannot upload more than 100 invoices.

Increased limit in Creditor Invoice & Compliance Register

The limits for the search results have been increased from 500 to 2000 for both Creditor invoices and the Compliance register.

ANZ Bank files for BPAY

If you’re using ANZ Bank, you will now be able to process tenant download using .brf files for BPay payments.

New Partner Gateway integrations

  • Property Space – Property Space digitalises the rental process with paperless leases, tenant inductions, condition reports, routine inspections and more.
  • Snug – Automated Tenancy creation, rental references within Property Tree.
  • Testimonial Tree – Testimonial Tree will help your agency in automating customer satisfaction surveys, testimonial management and marketing.
  • MyConnect – The Integration syncs Property and Tenant information, which assists your tenants with their utility connections through MyConnect.

More on Property Tree September 2021 release

To learn more about this release you may read the release notes here. You can also take the self-paced training for a step-by-step guide in using the new features.

Become a fixed asset management master by avoiding these 5 common failures

Posted on by MRI

A window into your system

There are common failures that often occur with fixed asset management, largely due to ineffective systems or policies. However, the common mistakes that many organisations experience don’t need to be a re-occurring factor in your management. Each of these problems has a solution that can easily remedy the situation.

Understanding the top five failures that can occur when managing fixed assets allow us to offer effective resolutions for each.

Failure 1: Using spreadsheets

Nearly all spreadsheets contain errors, which is to be expected with information entered without effective controls. Whether it is because of incorrect background asset data or a wrong formula, there’s little doubt that information you pull from the spreadsheet, such as depreciation calculations, is likely to be inaccurate.

Spreadsheets allow for several different types of errors to occur, thereby making it difficult to ensure precision and accuracy. Additionally, several people within one accounting department will often access, manage and edit the same spreadsheet, which can compound the likelihood of errors.

Not only does access by more than one person cause potential for additional errors, but it also removes the ability to maintain an audit trail and overall security. With spreadsheets, you are unable to track actions made by users. Besides the probability of being error prone and lacking security, spreadsheets are also:

  • Unable to accommodate ‘parent/child’ relationships, making it challenging to accurately track and manage these important hierarchical dependencies. 
  • Ineffective in meeting historical reporting and forecasting environments, because of the complexity required by these reports and the inability to rely on the data. 
  • Unable to export information directly into government forms, requiring them to be filled out manually and risking incorrect transcription. 

By going from spreadsheet to software, you can eliminate many of the errors that the use of spreadsheets cause. For example, depreciation formulas and assets can be defaulted for each book, based on any defined asset category, which will help remove depreciation errors. Processing depreciation in a specialist system, rather than spreadsheets, is faster and easier. With a specialist Fixed Asset Management system, it can be completed with just one click of a button. It will also provide the structure to link ‘parent/child’ assets, set up security for all users, and offer the ability to run standard and customisable reports.

Failure 2: Not completing a proper physical audit

The credibility of an organisation’s data (the existence of assets and its Net Book Values) will be in question if it cannot be verified.

Verifying what an organisation owns and the whereabouts is essential for credibility. A physical audit is also an effective asset management procedure that can help ensure assets are insured at the correct level, maintenance is accurately budgeted for and unexpected ‘write-offs’ are avoided.

Physical audits are essential to clean up the variances between what is being financially accounted for on the asset register and what is present. The potential risks of not conducting a physical audit include:

  • Inaccurate physical verification of assets can render the asset register unreliable. 
  • Depreciation could be allocated to the wrong company/cost centre/department/division 
  • Depreciation could be misstated resulting in over or under payment of taxes 
  • Missing assets (potential theft problem) could go undetected 
  • The audit trail of transferred assets can be lost 
  • Assets could be under or over insured 
  • Exposure to accounting audit write-up 

An organisation can avoid these risks by implementing formal physical audit policies and procedures along with a supported asset tracking system which will help control and manage the fixed asset register. Barcode tracking technology can help reduce the time and money spent managing assets, making proper physical audits quick and simple to carry out.

Failure 3: Unauthorised changes are occurring

There are two ways in which unauthorised changes can occur and cause problems. The first is unauthorised access to the system and the second is not having the correct procedure in place for changes to asset events.

Security of data is critical to compliance for corporate governance regulations. To avoid unauthorised changes occurring in your organisation’s fixed asset register, security should be defined at user level to ensure that confidential information can be viewed only by those who need to see it. Individual or group access rights should be designated according to an organisation’s specific requirements. This cannot take place with spreadsheets, so a specialist system is essential for this security.

A well-planned transfer and disposal process plays a key role in effective asset management. An automated procedure that allows multi-user approval can help streamline processes and afford time and costs savings while ensuring the accuracy and accountability of the asset register. Using a specialist system with event request authorisation functionality allows users to create a transfer or disposal request which is then sent to a pre-determined supervisor for approval, thereby allowing organisations to ensure all changes made to the asset register are authorised.

Failure 4: The lack of a centralised asset system and processes

Many organisations utilise a mix of different systems across departments and with increased pressure on organisations of all types to do more with less, communication and transparency between departments is an important part of streamlining business processes. A central asset register can not only help simplify asset maintenance, but it also provides that desired increased transparency and easier communication.

The register can be accessed and viewed across multiple departments including asset management, finance, IT, estates and maintenance, providing all the information required in a consistent and easily accessible format.

Sharing asset information in this way can deliver increased efficiencies and direct financial savings. For instance, the lifecycle of equipment and its maintenance can be effectively tracked and managed using a central system so that optimum value is obtained from the investment. This can include deployment, service and disposal of assets at the appropriate time.

“MRI’s Fixed Asset Management is a single source of truth, consolidating reporting across multiple companies and books in one for ease of use”

Failure 5: Poor reporting or lack of reporting

Composing reports and forecasts can be a lengthy, laborious and costly process that is often subject to human error if conducted by hand. Bad reporting can also affect organisations by:

  • Misinforming management of information that is critical to business decisions.
  • Causing non-adherence with compliance issues, resulting in the consequences mentioned above.
  • To avoid unreliable reports for your fixed assets, it is best to use a reporting tool in a specialist fixed asset system. Typical reports available in specialist systems that will help your organisation include:
    • A fixed asset balance sheet. This report consolidates starting points and ending points of the month and shows all the month’s activities
    • Events. The reports show all transfers, disposals and revaluations that have occurred in the given time.
    • Audit History.

To become a true asset management expert, it’s important not to disregard the importance of fixed asset management. Each of the five failures above can cause costly and sometimes legal penalties. The best way to avoid failing is to implement a specialist fixed asset management system with standard processes and procedures for your organisation to follow. With the proper rules and tools, fixed asset management can be fast, effective and simple to use.

Book a demo

Real estate investment post-COVID: Technology is here to stay

Posted on by Chris Vroman

Since March 2020, the real estate industry has experienced a large shift to a digital environment in the face of a global pandemic. As investors shift their attention to the future of commercial spaces in a tech-driven world, many are wondering which COVID-related changes can be expected to stick around.

In our upcoming webinar, a panel of experts from Deloitte, One11 Advisors, CohnReznick, and MRI Software will share their insights into the specific ways investors, owners, and occupiers in the real estate industry are reacting to current market trends. Here are some key pointers to look out for:

1) There’s increased interest in innovation – from all parties

Even as both the traditional office environment and brick-and-mortar retail were experiencing turbulence, the pandemic has accelerated the adoption of technology. Real estate owners and managers were forced to move their businesses further into the digital space than ever before, and many have come to recognise the benefit that these innovations can have on how their organisations are run. To quote Ken Meyer, Principal at Deloitte Consulting:

On a foundational level, everyone recognised that everything needed to be accessible, and everything needed to be properly integrated so you could drill down and see the data.

Since the pivot to digital in 2020, many of the reasons that owners and operators traditionally opted against impactful tech adoptions simply vanished. Now, with those barriers gone, companies are investigating the possibilities of tech innovation as a competitive advantage more than ever before.

2) Tech adoption can mitigate risk in strategic planning

Having access to the right data can help you make more informed business decisions, but in a world where it seems like everything is “unprecedented,” access to historical information isn’t always enough. Utilising technology that enables businesses to analyse market trends, variables, and other external factors can provide valuable insight that can be used to drive better decision-making and optimise return on investment.

3) Investors want to understand the end users of their services

Core aspects of offices and retail centres were dramatically impacted by the loss of foot traffic at the start of the pandemic. Real estate investors have become acutely aware that they rely on more than just consistent rent rolls and cashflows, they also rely on the employees that work for the occupiers, or on the customers that retail tenants depend on for profit. To boost performance in businesses dependent on the human element, investors need more information on the end users of their services – customers, employees, visitors – than ever before. By taking cues from the relationship-driven residential sector, commercial real estate investors are adopting smart technologies that enable them to benchmark the behaviours of those end users in order to drive performance.

Among all these observations, one thing that stands out is that the digital transformation in the real estate industry is here to stay, and when it comes to tech adoption, looking forward will be the only way to stay ahead of the curve. Learn more about the opportunities for real estate investors in a post-COVID environment in this thought provoking the webinar “Future-Proof Your Real Estate Investment Strategy: Best Practices from a Panel of MRI Partner”

Real estate investment post-COVID: Technology is here to stay

Posted on by Chris Vroman

Since March 2020, the real estate industry has experienced a large shift to a digital environment in the face of a global pandemic. As investors shift their attention to the future of commercial spaces in a tech-driven world, many are wondering which COVID-related changes can be expected to stick around.

Recently, a panel of experts from Deloitte, One11 Advisors, CohnReznick, and MRI Software shared their insights into the specific ways investors, owners, and occupiers in the real estate industry are reacting to current market trends. Here are some of the key takeaways:

1) There’s increased interest in innovation – from all parties

Even as both the traditional office environment and brick-and-mortar retail were experiencing turbulence, the pandemic has accelerated the adoption of technology. Real estate owners and operators were forced to move their businesses further into the digital space than ever before, and many have come to recognize the benefit that these innovations can have on how their organizations are run. To quote Ken Meyer, Principal at Deloitte Consulting:

On a foundational level, everyone recognized that everything needed to be accessible, and everything needed to be properly integrated so you could drill down and see the data.

Since the pivot to digital in 2020, many of the reasons that owners and operators traditionally opted against impactful tech adoptions simply vanished. Now, with those barriers gone, companies are investigating the possibilities of tech innovation as a competitive advantage more than ever before.

2) Tech adoption can mitigate risk in strategic planning

Having access to the right data can help you make more informed business decisions, but in a world where it seems like everything is “unprecedented,” access to historical information isn’t always enough. Utilizing technology that enables businesses to analyze market trends, variables, and other external factors can provide valuable insight that can be used to drive better decision-making and optimize return on investment.

3) Investors want to understand the end users of their services

Core aspects of offices and retail centers were dramatically impacted by the loss of foot traffic at the start of the pandemic. Real estate investors have become acutely aware that they rely on more than just consistent rent rolls and cashflows – they also rely on the employees that work for the occupiers, or on the customers that retail tenants depend on for profit. In order to boost performance in businesses dependent on the human element, investors need more information on the end users of their services – customers, employees, visitors – than ever before. By taking cues from the relationship-driven residential sector, commercial real estate investors are adopting smart technologies that enable them to benchmark the behaviors of those end users in order to drive performance.

Among all these observations, the panel of experts agreed on one thing: the digital transformation in the real estate industry is here to stay, and when it comes to tech adoption, looking forward will be the only way to stay ahead of the curve. Learn more about the opportunities for real estate investors in a post-COVID environment.

MRI Software wins 2021 Stevie® Award!

Posted on by Chris Vroman

MRI Software is thrilled to announce that we’ve won a Stevie® Award for the fourth time in the Large Computer Software Company of the Year category! For the past 50 years, we’ve taken pride in our ability to come together as one company with the best and most enthusiastic employees to deliver excellent software, services and support to our clients. As we continue throughout another year of tremendous growth, we’re honored to receive another Stevie Award as a result of our efforts.

Helping clients innovate for the future

Since 2019, MRI has expanded its technology solutions for real estate owners, operators and occupiers through new product launches, enhancements to existing offerings, and strategic acquisitions. MRI’s solutions help businesses respond to the challenges of COVID-19 and plan for the future by using technology to embrace digital operations and prepare for the return to the office. MRI is proud to be a PropTech industry pioneer that helps clients plan for the future by becoming technology visionaries through the execution of several key strategies including:

Transition to digital services – When the pandemic forced a sudden shift from in-person to online operations, MRI clients had access to software that allowed them to easily transition to virtual processes and maintain business continuity — from collecting rent payments online to managing the leasing process virtually and collecting digital signatures.

Reinvent the workplace – As a “new normal” rears its head, MRI has been at the forefront of helping real estate occupiers and landlords adjust to and navigate changes in space requirements, lease agreements and contracts. With space scheduling software and tools that help manage employees and visitors in the physical office, MRI is offering clients a way to reinvent the workplace for their business needs.

Forging a path forward together

This award underlines MRI’s understanding of where the real estate industry has been headed with or without the pandemic. Having the right technology in place will not only enable real estate organizations to preserve business continuity in the short term as they return to the office – it will position forward-thinking companies as industry visionaries that are able to thrive in the face of change. As we move forward into an era where the workplace experience will be more varied than ever, MRI is committed to both innovation and an open and connected approach to real estate software. Learn how you can become part of our award-winning team.