‘Proptech’ is the name given to any technology for the real estate space, a merger of the words ‘Property’ and ‘Technology.’ With current estimates for future investment in Proptech placed at $20 billion (Pitcher Partners) the true impact of Proptech has not yet been fully realized. But how can companies capitalize the impact of Proptech and how might we make the right decisions that assist us to realize this value?
Each CEO, CIO, Head of Innovation, Head of Technology or group leader has a remit to execute on the business digital strategy. The way in which strategies are built can identify different business needs and the problem that needs to be solved. But companies need to prioritize their outcomes in order that they can deliver on the true impact that Proptech can provide to not only just execute on strategy but find the value and avoid the adage of ‘technology for technologies sake.’ Leveraging the impact of Proptech can be approached with five priorities in mind:
• Humanist: the way in which we can enable teams with technology
• Efficiency: the pursuit in delivering business performance
• Risk and the way in which Proptech can mitigate it
• Point of difference: to differentiatein the highly competitive markets
• Asset value: to honour our partnership with our clients and property investors and deliver value at an asset level
Commercial property management is a resource intensive service, whereby our solutions are delivered by our teams of people. When your product is your people, you can look at ways in which delivery of services can be enabled by technology to deliver better outcomes. Within our technology and product roadmaps we prioritize how a project might improve the livelihoods of our teams performing their everyday tasks. This can include removing the ‘points of pain’ from internal teams where you receive the largest amount of feedback on functionality, complication, or difficulty or ultimately any item that might make the role much easier to fulfil, and more easily solving the problem of adoption with a defined approach on how it will enable and not hinder teams.
Improve Business Efficiency
Encompassing all building processes, removing onerous tasks, and supplementing with automated solutions.