Companies value innovation, better data storage, and collaboration. At least that’s what we’ve found out from our experiences with corporations from the housing sector. Modern companies are tired of the struggles of scattered API’s and slowly gathered data, and are looking for ways that would enable easier collaboration between different teams in their organization.

Improvements needed

Companies need both technological and structural developments, however, it’s easier said than done. Technological improvements have improved tremendously in the artificial intelligence and machine learning field, where trends from two years ago already count as ancient history for specialists. In such quickly developing environments, corporations also need to take their piece of the pie and embrace the infinite options modern technology has to offer.

Currently, organizations highlight the accuracy of inspections and flexible use of data as the key developments that are the most beneficial. This goes alongside the number of smaller issues that quickly accumulate into annoying bunches of problems that would be solvable with the use of actionable, flexible data. Thankfully, organizations are realizing this and are constantly trying to improve their processes in order to become fully modern and progressive. However, this poses a challenge to housing corporations in particular, where administrative processes have been outdated for quite a few years now.

While these issues are certainly challenging, discussions between Octo and corporations in the field bring the optimal software one step closer to reality each day. But first, it is necessary to understand what kind of issues these companies are facing.

Aging issues in modern corporations

Currently one of the biggest challenge in housing corporations is to optimize and improve databases. Databases are crucial in every single aspect of the work of these corporations and it needs to maintained and updated to contemporary standards for multiple purposes. They allow for better communication between different boards of the company, not to mention the reduced frustration coming from the increased common understanding resulting from a well-organized, all-accessible database.

Databases don’t come without issues. We all know that. However, as we have seen numerous times, companies in the real-estate sector seem to struggle more than usual with maintaining and updating the way their data is stored and sent across their organization. Sometimes it is almost impossible to believe the lack of automation and digitalization in the administrative part of these companies. Even in 2019, there is a fairly high chance that at least some housing data is kept in paper form, in a random drawer in the office. Even though digitalization made it possible to store data more efficiently, manual data management still poses problems to teams in organizations.

Data is not used properly if it isn’t stored properly. Or at least it isn’t utilized enough. As we all know, there are many different teams in a company that work in different fields. These teams frequently request data from other teams in order to speed up processes, get quick answers to urgent questions, or to understand issues better. However, what many encounter on a frequent basis, is the lack of organization when it comes to data management. Databases edited and managed by one team might have a completely different way to sort information than another team. This doesn’t only make work more confusing, but it also makes teams more prone to mistakes, especially when it’s data that concerns sensitive information.

Manual data management is constantly prone to human errors, we’ve established that. But what is the solution to such issues? We believe, that the solution lies in the form of an overarching platform that allows for easier, systematic data input. Having one database for all, with clear standards and criteria definitely helps to avoid common mistakes and frustration at the workplace. However, there is one key feature of such databases that makes them infinitely better: flexibility. Such methods allow for future developments that build on data, enabling the company to implement new solutions quickly and efficiently without unnecessary extra effort to gather all information.

Better building inspections

Housing corporations certainly have a number of issues to deal with, and building inspections are key players in the maintenance of their properties. However, these inspections for long have been done manually through the use of specialist personnel. While they produce excellent results when measuring damage and defects, specialist personnel take extensive time to inspect every building on a corporation’s portfolio. This leads to the stunning 10% a year average building inspection rate using manual methods, raising a red flag for these businesses. Besides being slow, this method is very costly and affects multiple department of the firm that impact the outcome of each inspection.

It is clear that the sector needs a new solution for building inspections. One that is quick enough to ensure the safety and health standards of each building on a corporation’s portfolio in time. In the year 2019, it makes sense to look for digital alternatives as innovative solutions to old problems. Digitalization offers countless options to revolutionize multiple aspects of such processes, while potentially reducing costs and time.

Currently, we are working on a digital alternative to building solutions using the power of artificial intelligence and image recognition. We envisioned a platform that would allow all members of a housing corporations to see a detailed overview of their buildings, with constant updates on their damage and health status. Our platform would allow for issuing specific reparations, easier communication between departments, shared databases and enhanced collaboration. Additionally, our digital solution is expected to increase the average yearly inspection rate of a corporation’s portfolio from 10% to over 95% a year. This ambitious number represents our determination to provide a service that ensures the safety standards and well-being of every building it’s used on.

So, what do we need to look out for?

There are countless developments in the smart sector that have the potential to change the way we do our daily tasks forever. However, even today, we can bring innovation to our workplace only by embracing new solutions and ambitious ideas. We advise you to do the same: think about your organization. What are the major difficulties you face on a daily basis? Do you think your company is ready for an upgrade in technology? Talk to your colleagues to find out about their insights and opinions on the efficiency of your processes!