Institutional real estate investment managers M&G Real Estate and Delancey have begun using a new digital app whose developers claim will revolutionise the investment appraisal process.

Dashflow for CRE is designed to end the commercial real estate industry’s reliance on spreadsheets and outdated software when assessing potential investments.

Real estate agency Colliers International has also been named as one of the app’s early adopters.

Michael Molloy, a co-founder of Intellect Automation International (IAI), which developed the software, said: “The app can do in minutes, even seconds, what can take hours or even days to do with existing platforms.”

Molloy said it is “liberating the property investment appraisal process”, eliminating ”the grind – and potential errors – of spreadsheet modelling, and allows team members to bring their talent to bear on the core aspects of underwriting a transaction”.

Last year, IAI was given £400,000 (€453,303) by investors to develop the software in the UK. The company plans to roll out the iOS-based software across continental Europe, the US and Asia-Pacific.

*An earlier version of the story referred to M&G Real Estate as M&G Investments due to an error at source.