Realcomm 2024 was a whirlwind of activity that highlighted the innovation and evolution happening right now in the commercial real estate industry. This year’s discussions revolved around a central theme: the transformative power of data. As the industry navigates new challenges and opportunities, it’s evident that every strategy, decision, and innovation begins and ends with data. From establishing robust data foundations to leveraging AI for enhanced decision-making, the conference underscored the pivotal role of data in shaping the future of real estate.

Unsurprisingly, addressing data quality frequently came up in discussions as a crucial pre-step to any sort of strategic data projects, especially AI initiatives. Speakers across different sessions shared how they are working to ensure data cleanliness across their organization, and how they leveraged new tools (including AI) to identify areas or ways to increase data quality. What we found particularly interesting however, was the general consensus that there’s still a lot of work to do as it relates to data quality, even for organizations that have already started their AI-readiness journey. As one panelist put it during their session, “News flash, most of your data is terrible and you’ve got a lot of work to do.” The issue of data quality will likely continue to be a hot topic as organizations work to be more AI-ready. 

Another key topic from Realcomm was the need for data to be more accessible, usable, and moveable. This was not news to us, but to hear some of the other solution providers talk about enabling data to seamlessly flow across a client’s organization, was a refreshing change of pace. Instead of talking about just getting data out of silos, sessions covered data standardization, data connectivity, and data mobility, all of which are vital for building a composable data architecture that supports dynamic and responsive business operations.

While some of these topics have been covered before, the biggest difference was the sense of urgency behind making data more accurate, standardized, accessible, and moveable. The message throughout all the sessions was loud and clear: the time to address data and digital transformation is now, not later. Clean, reliable data is no longer a luxury but a necessity for informed decision-making. Delaying these initiatives could mean falling behind in an industry where every second counts. Trustworthy data is the cornerstone of strategic decisions, and the industry recognizes that immediate action is essential to maintain a competitive edge.

Even though each session provided different perspectives on the evolution of the industry, everything came back to the role and the power of data in driving transformative innovation. As Justin Segal, President of Boxer Properties said,  “Think of data like water. You can cook with it. You can drink it. You can shower with it. You don’t need to know how to operate a water treatment plant to know what you want to do with the water, but we all agree it needs to be there.”

When organizations achieve clean, trusted data and establish a composable data architecture, the possibilities for AI-driven innovation are vast. With these elements in place, AI can transform decision-making processes, providing predictive analytics, real-time insights, and advanced data modeling capabilities. This enables organizations to optimize asset management, anticipate market trends, and make informed investment decisions. AI, powered by robust data, can unlock new levels of efficiency and strategic foresight in the commercial real estate sector.

You don’t need expertise across the full data value chain to know what you want to do with it. You do need a way to make sure your data is consistently clean to get the result you want – and Cherre can help. 

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