PART 3 : HOW TO BE A KNOWLEDGECENTRIC REAL ESTATE DEVELOPER AND INVESTOR

Cloud technology allows cost-effective online project monitoring and tracking

In Part 2, I shared the views of two prominent RED CEOs on the two priority areas that real estate developers need to focus on in order that their project can be executed successfully, i.e.

1) Product-Market Fit

2) Time To Market

Beside the above, the other critical areas are:

Appointment of a competent main contractor or sub-contractors;

Monitoring and tracking of the construction progress, sales collection and cost expenditure; and

Obtaining and issuing all the required documents for physical delivery and handover of the property to the purchasers.

All these critical areas should be highlighted in the RED Master Project Execution Map and listed as critical milestones within the master execution programme.

PROJECT MONITORING AND TRACKING SYSTEM

However, in order to ensure the project delivery timeline and other key project performances such as cost and quality targets are adhered to, a project monitoring and tracking system needs to be deployed. With increasing adoption of the Internet, mobile devices and SaaS (Software as a Service) by businesses and consumers, real estate developers and investors should adopt the latest online project monitoring and tracking system similar to other industries like logistics and document delivery services such as DHL.

Online project monitoring can give great benefits to the industry key stakeholders such as the project owner/ CEO and the consumer, i.e. the property purchasers, allowing the project owner to monitor and track his projects in real time and the property buyers to have their legal documents delivered to their “in-box” on demand.

The key criteria in selecting an effective online solution is to have a single-point delivery platform with embedded industry standard document templates covering the entire development project lifecycle from project initiation to completion and handover to buyers. The online delivery system’s main components should cover the following:

1) The project lifecycle

2) Management view

3) Consultants Team

4) Photos/Videos Gallery

5) Maps

6) Meeting Minutes

7) Drawings Collaboration

8) Knowledge Centre

9) Web Links

10) Critical Issues/Alert

See sample diagram (Chart 1)

chart1

INTEGRATED DOCUMENTATION MANAGEMENT & COMMUNICATION PLATFORM (IDMCP)

How can we create a cost-effective online project monitoring and tracking system that enables the RED CEO, Investor and Project Manager to access, retrieve, monitor, review and approve critical information and activities while communicating and collaborating with other key stakeholders? The answer can be found in today’s cloud technology which empowers people and businesses to be always connected via multiple devices and gadgets such as desktop computers, laptops, tablets and smart phones. With cloud-driven human to devices convergence, critical information can be delivered to the RED CEO and key stakeholders on demand anywhere anytime. See Chart 2.

chart2

An effective Integrated Documentation Management & Communication Platform should cover the following features:

1) Project Dashboard

2) Folders and Sub-Folders in tree view structure to capture documents and files covering the entire project lifecycle

3) Documents and files that can be uploaded, downloaded, with annotation and screen preview features and permission levels assigned to designated users

4) Management/CEO views should have snapshot view with key project milestones and summary reports highlighting critical issues

5) Photos and videos gallery having both thumbnail and list views with preview and zoom features

6) Project meeting minutes in standard template formats covering all important reporting issues

7) Drawings in various file formats that can be uploaded and shared by consultants and project team should have preview, zoom and annotation features. See Chart 3.

chart3

PACKAGED KNOWLEDGE CONTENTS

Whereas the IDMCP is the backend software engine that enables the users and stakeholders to access, retrieve, monitor, review and approve critical project information, a key missing component to fully utilize the IDMCP is the availability of standardized documents templates that must first be uploaded to the IDMCP. This is due to the current practice where various stakeholders own and possess their own documents and if these stakeholders upload their documents without an “in-built” organized documentation structure, it will cause confusion and information clutter.

In order to overcome such disorganized information clutter, a Standardized Document System needs to be developed. An effective way is to create document templates to be linked with the RED Canvas illustrated in Part 1. Document Templates are standardized documents such as procedures, flowcharts, checklists, forms and meeting minutes that are essential information required for the RED stakeholders to manage, coordinate and share information. See Chart 4.

As seen in Chart 4, RED knowledge contents are compiled, packaged and categorized into document templates that are linked to K-Blocks comprising K-Blocks 1-9 that cover the entire project lifecycle. The document templates are given unique references-example “T-1.01a-Land Search” to be linked to the relevant K-Block.

By creating K-Blocks, knowledge contents creation can be similar to the “IKEA” DIY business model, i.e. instead of DIY self-assembly of house fit-out components, we are now able to DIY self- assemble RED knowledge. See Chart 5.

chart4chart5

THE MOBILE RED CEO, INVESTOR AND PROJECT MANAGER

Today, mobile devices such as tablets and smart phones manage our social and business life allowing everyone whether we are bosses or workers to be connected every day, every minute wherever we are. With cloud technology driving the convergence between human and devices, critical information can now be pushed from the office IT servers to the field and vice versa. This allows the RED CEO, Investor and every stakeholder to manage, monitor, track and make decisions on the go, anytime, anywhere instantaneously. It means that every RED stakeholder can now carry knowledge with him in his pocket. See Chart 6.

chart6

CONCLUSION

The objective of this write-up is to address the following:

1) Who are the key stakeholders and drivers of the RED business?

2) What are their key concerns, challenges and priorities?

3) What can be done to address their key concerns, challenges and priorities?

4) How can a knowledge-centric RED learning and project management platform addresses their concerns and provide an effective solution so that they can enhance their project performances and delivery while reducing the risk of project failure.

In conclusion, by embracing a 4-steps accelerated learning and project management platform covering knowledge contents creation, process mapping, internet and mobile deployment, anyone can be a knowledge-centric real estate developer, investor and project manager executing and delivering their project successfully. See Chart 7.

chart7

ericAr. Eric CL Gan is the founder of REDceo.net. His mission is to empower anyone to be a knowledge centric real estate developer and investor on a DIY accelerated learning and project management platform. He is reachable at www.redceo.net or google “ericgan2”.
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