Commercial Investment Real Estate July/August 2018 | Page 13

Today, the experience for all parties is exasperating. Chang- ing transactional efficiency to improve the user experience must encompass ease of access to the asset; availability of informa- tion; ability to conduct business anytime and anywhere; complete transparency; and interpersonal trust. Opportunity 3: Any innovation that enhances the customer experience will affect the entire industry positively. No innovation is likely to see substantial implementation without effective change management. As a result, to sustain innovation and adoption, it is important to inject a strong change- management culture and process. Underestimating the importance of a clear plan to introduce new technology processes most certainly will hinder user adop- tion. Internal marketing, communications, training, and user feedback must occur in tandem with leadership support. Instigating Innovation To drive innovation, use an experimental and design-thinking approach that identifies quick wins and solutions to persistent problems and limits the resources invested in launching the prod- uct. Take a long-term approach to digital transformation. In these increasingly complex times when business moves at breakneck speed, commercial real estate practitioners can build expertise by collaborating with external partners. Gain access to talent and technologies through outsourcing to, partnering with, or funding niche ventures. A small innovation or process improvement might contain the germ of an idea for a larger innovation. Over time, success- ful initiatives can be scaled up by aligning internal information technology and business organizations. Gaining Relevance Commercial real estate companies should recognize that their business models will need to evolve, stakeholder equilibrium will be challenged, and business processes will need to be reimagined. Organizations exist to serve their customers; intermediaries are a means to an end. By considering innovative ways to assess and manage system- atic change, firms will weather the fourth industrial revolution. Although we have seen incremental innovations, real disruption in the industry is just beginning. Rupa Dutt is a business transformation consultant in New York City. Contact her at [email protected]. Refresh Your Skills and Earn CE Credit CCIM Institute’s Robert L. Ward Center for Real Estate Studies is pleased to offer four new online self-paced, designee-only courses covering core CCIM concepts. Designees can register to earn real estate CE credit or take the courses at a reduced rate without CE credit. CRE Analytical Methods and Models CRE Market Analysis Decision Models Comprehensive review of CCIM designation core concepts including financial and investment analyses, market analysis, and user decision analysis. Comprehensive review of how to perform market research, assess market demand, and forecast future demand and opportunities for commercial real estate investment. CRE User Decision Models CRE Investment Decision Models Comprehensive review of the space acquisition process, comparative lease analysis, valuing leasehold interests, and lease exit strategies. Comprehensive review of how to apply key investor decision- making analyses to optimize investment returns, effectively forecast investment performance, and finance CRE investments. To learn more and register, call [phone], opt. 2 CCIM.COM July | August 2018 11