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The digital tools of the future in the property sector
The property sector is leading the way when it comes to digital tools. The ongoing digital shift therefore demands a rapid transition. What are the tools of the future, and how should your company keep up with the rapid pace of development?
Challenges and opportunities
The property industry has the greatest potential in the market for digital development, but is finding it difficult to use digital tools correctly. Smaller property owners are also finding it a challenge to offer the same digital functions and opportunities as large property owners cost-efficiently and safely. There is a perception among many that the industry is a traditional one that is not willing enough to change, but it’s often about which priorities are made. Developing new offerings and new business models for growth markets has proven to be a success factor in achieving success in the digital transformation.
Despite the challenges, there are a number of smaller and bigger companies that have started the transition towards a more digitalised business. In the construction and property sector, more than 60% of companies have increased their use of industry-specific digital tools. Riksbyggen is moving towards an automation of services to a greater extent, and is enhancing its business value through innovation in existing business services. HSB is making a digital shift that aims to streamline day-to-day work, and to make it easier to collect measurable data and reduce energy consumption. With the right tools, the property industry has tremendous opportunities to develop its businesses and increase growth.
“Digital models of
properties make work
easier, as property owners
can check operations and
administration remotely”
Which tools should the property industry use and how should they be implemented?
Information technology helps the property market
Of the digital tools available in the market, proptech, or property technologies, offer a high level of flexibility for the property industry. The proptech sector uses information technology, which gives property owners the opportunity to digitalise all or parts of their business. Everything from letting and property management to visualisation, operations and maintenance is digitalised. But it requires competence if this is to result in more efficient management and create business value.
It’s important to have a project management team that knows how the tools are to be implemented and on what scale. The implementation of new tools also brings risks. When the industry wants to be able to conduct faster and more efficient transactions, the focus falls on security. This means that everyone within the business must be made aware of IT security and have an established security architecture. If there’s no clear leadership, an IT partner can make life easier by assuming responsibility for parts or all the digital process of change.
Artificial Intelligence
In terms of the development potential for the property industry, AI helps contribute to creating the greatest commercial value in the market. Work with AI features discussions about intelligent properties, where resource consumption can be optimised. Digital models of properties make work easier, as property owners can check operations and administration remotely. When data is compiled, services can be designed to create a digital ecosystem.
Properties can then control ventilation, electricity, and heating digitally. Collecting the information from the central financial systems creates the conditions for working with AI. But AI requires high capacity, with the right competence and expert individuals in the field of technology. To be able to use it correctly, you need people who are responsible for IT operations and who work systematically on implementation.
Read more about how digitalisation can generate business value