How can you integrate proptech impact assessment into your project management process?

1 Define your impact objectives

The first step is to define your impact objectives, which are the specific outcomes and indicators that you want to achieve or improve with proptech. These objectives should align with your project vision, mission, and values, as well as the expectations and needs of your clients, investors, partners, and end-users. You should also consider the relevant environmental, social, and governance (ESG) standards and regulations that apply to your project, and how proptech can help you comply with them. For example, your impact objectives could be to reduce energy consumption, improve tenant satisfaction, increase asset value, or enhance transparency and accountability.

2 Identify and evaluate potential proptech solutions

The second step is to identify and evaluate potential proptech solutions that can help you achieve your impact objectives. You can use various sources and methods to find and compare proptech solutions, such as online platforms, industry reports, expert opinions, case studies, or pilot tests. You should assess each proptech solution based on its feasibility, suitability, scalability, and impact potential for your project. You should also consider the costs, benefits, risks, and trade-offs of each proptech solution, and how they affect your project performance and returns. For example, you could use a proptech impact assessment framework or tool to score and rank different proptech solutions according to their impact dimensions and criteria.

3 Implement and monitor selected proptech solutions

The third step is to implement and monitor selected proptech solutions that have the highest impact potential and alignment with your project objectives. You should plan and execute the implementation process carefully, taking into account the technical, operational, and organizational aspects of integrating proptech into your project. You should also establish and follow a monitoring and evaluation system that tracks and measures the actual impacts of proptech on your project outcomes and indicators. You should use reliable and relevant data sources and methods to collect and analyze the impact data, and report and communicate the results to your stakeholders. For example, you could use a proptech impact dashboard or report to visualize and share the impact performance of your proptech solutions.

4 Review and improve proptech impact performance

The fourth step is to review and improve proptech impact performance based on the feedback and learning from the implementation and monitoring process. You should review the impact data and results regularly, and compare them with your impact objectives and expectations. You should identify and understand the gaps, challenges, and opportunities for improving proptech impact performance, and take corrective or preventive actions accordingly. You should also seek and incorporate the feedback and suggestions from your stakeholders, and explore and adopt new or better proptech solutions that can enhance your impact performance. For example, you could use a proptech impact improvement plan or cycle to guide and document your improvement actions and outcomes.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?