‘C’ stands for future: Covid-19 teaches us to better use data

In mid-January, the World Economic Forum focused on the three “Cs” in its report: Covid-19, climate and cooperation. The same three Cs will also shape the real estate industry throughout 2021. Time is of the essence but data can provide us with the answers we need.

Data points the way to a new normal

It is still not clear how hard our industry will be hit by a Covid-19 “aftershock”. Many market observers agree that fewer people will be going to the office, even once other areas of life start to return to normality and more and more people are vaccinated against the virus.For some, this shift in working patterns will enable them to cut costs. Others, however, will be worried about what to do with their property holdings. After all, even if companies reduce their physical footprints and spaces become vacant, the don’t simply disappear. Every piece of real estate belongs to someone. It serves a purpose – or it should. 

“We need to change the way we manage space”

In the midst of this complex situation, one thing is crystal clear: we need to change the way we manage space. We are all going to be hearing a lot more about space on demand and service on demand in the very near future. We need to more seamlessly integrate the ways we use and manage each and every property. For example, when individual workspaces, or even entire floors or sections of buildings, are temporarily vacant, they do not need to be heated, ventilated or cleaned.

We need data - but we trapped it in silos

In order to identify what is needed and where, many operators are still missing the most essential building block: data. Or rather, actionable data. Data that is not trapped in ring binders, Excel spreadsheets or in data silos – unused and unmanageable. Data provides the answers we need when we ask, “How should real estate be managed in the future?” When it comes to making data usable, no one can afford to think in terms of corporate or even departmental boundaries.In a long-overdue development, the German government recently announced a 240-point strategy to encourage companies to share data. Of course, we will have to wait and see how the new data strategy is implemented, but it is certainly a very welcome development. Beyond Covid-19, the failure to fully exploit the power of data is equally evident in the fight against climate change, a topic we want to highlight in a next blog post.

How are you using your data? 

At BuildingMinds our mission is to help our customers unleash the full potential of their data. Get to know more about how our platform enables real estate invesment and corporate alike here: https://buildingminds.com/solutions