Here are some of the ways Proptech is transforming the real estate business
More advanced technical tools have made their way into the real estate sector over time, transforming the way properties are built, sold, and managed.
According to the 2017 KPMG Global PropTech Survey, an increasing percentage of real estate organizations are adopting digital transformation. “This rapidly expanding trend is motivated by the demand for improved efficiencies, cost reduction, and decision-making that will help the organization become more nimble in order to give greater client experiences and satisfaction,” says Jayesh Maganlal, Damac Properties’ chief information officer.
Over time, more sophisticated technical tools have entered the real estate industry, revolutionizing how properties are constructed, marketed, and managed. Data analytics is being utilized to produce more accurate property valuations, for example. Virtual reality (VR) tours have also grown in popularity, owing to the fact that they allow potential buyers to practically see and immerse themselves in a property from anywhere. From virtual property staging to property presentation, technology is consuming the full spectrum of real estate transactions. According to Goldman Sachs, the market for virtual reality in real estate might earn $2.6 billion by 2025.
As technical breakthroughs in the internet of things (IoT) have begun to improve linked lifestyles, the popularity of smart home devices and services has increased. According to a recent analysis by YouGov, an international research data and analytics firm, more than a third of UAE respondents had a more favourable attitude toward artificial intelligence (AI) and automation than respondents from more established Western markets.
Damac is working to create a tech-driven future by reengineering processes and simplifying technological architecture, all with the goal of improving customer experience. It has undertaken a number of technology and data transformation initiatives in collaboration with prominent worldwide consultants in order to increase agility, obtain deeper business insights, and thereby increase operational efficiencies.
For example, as part of this process, it provides 360-degree images of its ready apartments to residents, tenants, and prospective clients to give them get a sense of the high-quality of its residences. Customers can even virtually customize their apartments or villas to fit their interests through this virtual viewing experience, giving them a taste of what it would be like to live in their future residences.
The real estate developer has also created the Living app, which aims to make a variety of services and processes for homeowners easier and more seamless, including cash settlement, document uploading for property handover, amenity bookings, and special discounts on services, among other things.
The business is technology.
Damac understands that technology is no longer just a means of doing business, but is the business itself. “Information technology has moved to the forefront of our business operations, and we’re making sure that technology is ingrained in every process and business function,” Maganlal says. “More crucially, digital transformation must be viewed as a never-ending process, for as long as technology develops, businesses must adapt or risk becoming obsolete.”
He emphasizes that any digital transformation endeavor must never lose sight of people in order to be effective. “It’s not simply about putting together a platform to digitize operations or adding software or apps to make them run.” People in organizations must have the appropriate skill set to move forward with the transition,” he says.
Talent acquisition, according to Maganlal, is crucial to an organization’s digital capabilities, as is providing continual training and continuing education options.
In all of this, the chief information officer, chief technology officer, or chief digital officer, as the person leading the transformation is known in some organizations, must be a key voice now more than ever, especially in a post-pandemic world where digital channels and tools are increasingly replacing physical platforms and processes. Almost every component of an organization now relies on or uses digital tools or processes, therefore the chief digital transformation leader must be a significant decision-maker and management partner.
Damac’s next phase of digital transformation is focused on creating shared experiences for all of its stakeholders, including customers, workers, partners, and others. This total experience (TX) is all about operating in environments that are free of vacuums and silos. It mixes and overlaps many disciplines such as multi experience (MX), customer experience (CX), employee experience (EX), and user experience (UX) in a fluid manner (UX). “We’ve made considerable progress in addressing customer experiences through new digital touchpoints, improving the user experience to simplify ways of communicating and interacting with our consumers, and digitizing the journey of all our processes across the organization,” finishes Maganlal.
Article from: GulfBusiness