DIGITAL transformation, sustainability, and innovation are some key considerations that Africa’s commercial property movers and shakers are grappling with in today’s fast-evolving industry.
Speaking at the East Africa Property Investment Summit this week, the managing director of Broll Uganda, Moses Lutalo, stressed the need for integrated digital solutions that would encompass property management, integrated facilities management, financial management, mobility and business intelligence.
The summit in Nairobi brought together investors, developers, and property leaders from more than 25 African and global countries to network, share information and conduct business in the fast-growing east African region.
“Digital transformation has become key for the real estate industry globally and in Africa, with an increase in the number of processes and transactions that take place online. This was accelerated by the pandemic but has now become a driving force in itself and there is no turning back,” Lutalo said.
Off-the-shelf solutions might handle one aspect of property services, for example, arrears management. While this will do the job at hand, a solution that is not integrated with other parts of the financial, property and facilities management processes cannot be leveraged to uplift business processes, efficiencies, transparency and quality of data.
According to Lutalo, what is actually needed is a platform that runs on the internet via a private or public cloud as a Software as a Service (SaaS). The native online nature of such a solution would enable a work-from-anywhere and on-any-device workforce.
Here, multiple modules would include purpose-built workflows that align with international best practices, provide a seamless uplift of existing business practices and guarantee data quality and integrity.
Growing concerns around climate change and rising energy costs have also increased the demand for energy-efficient innovations.
This is particularly germane in African countries that struggle with intermittent power supply, high fuel prices and looming carbon taxes. To future-proof their investments, real estate players can add significant value by investing in energy efficiency measures such as smart meters and data analysis tools aimed at alleviating some of the financial pressure on tenants.
Lutalo further said that integration was key to every aspect of the retail services sector.
“Whether its lease and property management, asset management, tenant management or getting to grips with debtors and creditors, when these aspects all come together in an integrated way, our industry will be able to achieve new heights of efficiency and digital evolution,” he said.