There are a multitude of risks – professional and personal – that come from investing in a software solution that’s more marketing hype than tangible deliverable. Let’s examine the business costs of vaporware for commercial real estate asset managers.
What is vaporware?
Are you familiar with vaporware? Vaporware is sort of a software bait-and-switch; it’s a little more virtual than reality.
“Vaporware is software that’s hosted on PowerPoint, says Daryl Pitts, Pereview’s SVP of Global Sales. “It is an illusion created by sales, allowing them to fake it until they create it.”
What are the business costs of vaporware?
The risks for investing in a software that’s mostly hype are numerous.
“With vaporware, you can expect failed implementations,” says Pitts. “It depends on what part of the software is still conceptual. If it’s the database, then functionality around having all of your data in one place never materializes. If there’s a lack of system integration, then good luck pulling in disparate systems, existing models, and so forth.”
In short – a loss of time and money, with nothing to show for it. And that leads to one of the biggest business costs of vaporware – the damage to your reputation.
“It’s not just the risk with buying something that doesn’t exist or the risk that you impose on your company, right,” Pitts says. “It’s also how this reflects on you. You were the project champion, you suggested that the company buy this product, and you signed the contract. And then you have to explain that it failed because you did not do your due diligence in the buying process? Yikes.”
“The question you need to ask yourself before committing to a commercial real estate software solution: “Are you willing to state your reputation – or your job – on this product decision? Because these types of projects are how you will be remembered at your company.”
How can you avoid the risk of vaporware?
The easy way to put your mind at ease is to invest in a proven, Life of the Asset™ solution for commercial real estate asset management.
Pereview allows you to manage the entire lifecycle of an asset from acquisition to disposition. Built by real estate professionals for the real estate industry, Pereview integrates siloed systems and processes, allows for push-button reporting, provides customized dashboards, and establishes standard workflows and guidelines for asset and data management.
Let’s chat about how you can do more with your data. Schedule a demo and interact with the software directly, then chat with our clients to confirm that, far from vaporware, Pereview is the only all-in-one solution you need for commercial real estate asset management.
More Information About Vaporware
If you need some more help identifying and combating vaporware, check you these articles in our “Be Vaporwar-y” series.