Disruptive forces are rapidly reshaping our world and technology is accelerating the speed of this transformation. Property technology (PropTech) will play a major role in this transformation and Real Estate leaders are looking at partnerships, alliances, and solutions to support agility, efficiency and scalability of their business models in this newly emerging ecosystem to win in their chosen markets. The real estate sector will be affected by digital transformation and the emergence of PropTech as an asset class in four crucial areas.
- Speed, reliability and efficiency are key to success in the core business.
- The automation and increase of flexibility of routine tasks, performance and processes.
- Drones, blockchain transactions, machine learning, predictive analytics and virtual reality are among many new technologies that help to increase process efficiency and optimise time, cost and risk. Choose the right mix.
- Data quality begins with solid data governance . Very few Real Estate players have a flawless data warehouse with a single point of truth.
- Interface breaches and never-ending reconciliation processes determine the every day business of thousands of experienced workers – there are better things you could do with your time.
- Proactively use data analytics to make faster and better investment and portfolio decisions, work more efficiently and find new sources of revenue.
- Flexibility and attractiveness of office concepts are a prerequisite for outstanding employers, high performing assets and attracting top talent.
- Prepare buildings for shorter lease terms and make sure they hold in the connected world.
- Smart Home, Smart Office, Smart Meter and Sensor Technology are only a selection of the many aspects that must be considered at the property level. Commuting, social behaviour and long-term planning will play a major role.
- Whether you are a user of the technology, want to monetize your data through predictive analytics or invest in companies in this new asset category, understanding the problem you are trying to solve is paramount to any investment strategy.
- As technological innovation takes root in the industry, real estate business owners, investors and PropTech businesses will need to continuously evaluate a vertically integrated technology solution as part of their business strategy to gain competitive advantage.
Thinking big to drive enterprise-scale transformation
When you think construction you don’t often think digital. PCL Construction and their Chief Information Officer Mark Bryant have flipped the script, creating a digital-first enterprise focused on construction excellence. With the goal of reducing costs, enhancing safety, driving lean construction practices, and leveraging technology to support greater productivity, PCL has changed the way their employees share information and interact on job sites. Join the conversation with host Jon Finkelstein and Mark, as they discuss how he took his vision to a reality, and what you can learn from the PCL digital transformation story.
The future of proptech
Proptech is predicted to reshape traditional real estate, with investment expected to almost double in the next year. But can technology solve some of the industry’s most pressing issues such as affordability? George Carras, Founder & CEO, R-Labs Canada Inc. talks about how technology is expanding transformation in the real estate industry and how a combination of physical and technology solutions will move the industry forward.
Contact us
Managing Director, Real Estate Consulting Leader, PwC Canada
Tel: +1 416 687 8143
