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Financial executives are pressured in today’s digital age to produce more actionable insights, reports, and analytics, especially those in the corporate real estate =- the second largest expense for businesses nowadays.
In fact, financial teams are encouraged to have modern visibility when it comes to their real estate offerings so they can fully support business and financial goals.However, there remain financial leaders who lack the tools to effectively manage their facilities.
Consider the different expenses involved in simple real estate transactions such as tenancy, ownership, maintenance, building design, and construction.If there is a blockchain technology in a business unit, it paves the way for information-sharing and neutral collaboration wherein participants can support the processes including regulatory compliance, transactions, contracts, and more.
“We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another.In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before,” said Executive Chairman Klaus Schwab during The Fourth Industrial Revolution in Geneva, Switzerland.
This advanced corporate real estate management is no longer the manual spreadsheet model.It has become a strategic move to help businesses and has a better understanding of the company’s real estate assets that is really helpful for CFOs.
IBM’s Chief Operating Officer David Strokes also said, “Cognitive technology understands, reasons, and learns in a way that allows knowledge and best practice to scale and will quickly become infused into the workplace to complement individuals and teams.”
It is important that business systems should be connected in today’s corporate real estate environment.By tapping the power of innovative technologies like virtual reality, the Internet of Things, and blockchain, it would be possible for CFOs to consolidate real estate information, improve building operations, and even perform real-time analytics and reporting.