Posted: 2023 | Pages: 89 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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CHAPTER ONE

1.1     BACKGROUND OF STUDY

Within the new era, called the information age or information area (Handzic, 2004), computers have integrated in our lives and so, deficiencies of industrial age, such as limited communication based on face-to-face or paper based interactions, and tangible and immediate knowledge  have been eliminated. Globalization based on competition, virtualization, or digitalization facilitated by information technology, as well as the transformation to a knowledge-based economy has formed the information age, and all organizations are trying to keep up with information area for becoming knowledge based organization. However, to achieve this goal depends on the number of successful knowledge workers in the organization and the use of successful, productive and efficient knowledge throughout the organization. This leads to using of knowledge in different ways in order to achieve organizational goals (Handzic, 2004).

Information technology systems have become an effective tool in transforming social, economic, and political life globally. Without its incorporation into the information age, there is little chance for countries or regions to develop. Information access and information sharing are getting more involved in human life by the increasing of information and communication technologies. The simple truth today, is that no profession can effectively succeed in solving her 21st century development challenges, unless the professional visions, aspiration, mission and strategies are fundamentally anchored in the realm of knowledge creation, and strategically driven by information technology (IT).

Implementing IT in organizations involves many aspects and entities in and outside the organization such as staff, the specific IT being implemented, operations, workflows, added value, organizational structure, standards and the implementation process itself. IT delivers tools and methods which allow control over the enormous complexity of FM processes. Without IT support the challenging goals of FM cannot be reached or can only be achieved insufficiently. IT not only functions as an integrating factor, but often also as a catalyst during the implementation of facility management. The correct IT effort becomes a critical success factor of the realization of Facility management (May, 2006).

These findings highlight the overall need for further research on implementation and use of IT systems in real estate management practices.

With the wide spread use and dependence on Information Technology globally, mere knowledge on an awareness level only is not sustainable as professionals are unable to apply the skill in practice in a meaningful way. Awareness level training in form of courses offered by service departments is not able to fully address the specific needs of real estate professionals in a meaningful way. In Nigeria today, we are all witnesses to the on-going Information Technology revolution in the Nigerian banking industry and the change from the use of manual filling and record keeping methods less than a decade ago to automated practice methods. Recently, ATM machines have been introduced into the Nigerian banking industry as well. The question to ask regarding real estate profession in Nigeria and large firms is how we have fared, and what our current implementation and utilization as a profession is?

In essence, continued improvements in technology have significantly revolutionized the way real estate companies operate in the current business environment. However, the impact on the performance of the real estate sector with the deployment of technology is largely dependent upon the depth of its involvement across the various facets of the operational processes. How real estate players innovate and respond to technological advances will undoubtedly play a major role in differentiating the companies, their projects and offerings in the minds of consumers.

In the long run, the advent of technology exposes the players to numerous challenges, as well as renders new opportunities to improve innovation, product development and customer support. The key to driving growth in such a scenario will nevertheless be dependent upon the willingness of real estate players to accept sophisticated technologies and seamlessly integrate them within their business operations.