Real Estate players have not always been early adopters when it comes to technology according to Oxford University (PDF | 3.4Mb). The trust in a well-established operating model, the lack of industry best practices and knowledge in the digital space have all been major factors for late technology adoption.
However, the pandemic was a catalyst toward transformation. Recent trends in big data, cloud and automation bring opportunities for change that cannot be overlooked. Technology offers a competitive advantage, enabling resilience, better risk management, improved governance and operational and cost-efficiencies.
“The Real Estate fund industry is at the infancy of a culture shift where technology is becoming a critical element of transformation.”
Today, we’ll focus on five key areas where we observe technology as a differentiator that facilitates growth – and where you can make changes now to drive your business forward.
Automation to replace manual
The Real Estate sector is characterized by a low level of automation. Most organizations preserve a manual, excel-focused approach to performing day-to-day operations.
Spot the most repetitive and high-volume tasks to automate and enhance your operational efficiency. This will allow your personnel to focus on topics that matter.
Manage your regulatory and operating risks
Managing large structures’ risks requires experienced personnel and enhanced coordination to handle complexity. The costs of compliance and risk management increase nearly in proportion to a company’s growth.
As we see in other sectors and industries, governance, risk and compliance (GRC) technology offers the Real Estate sector the capacity to manage and monitor the regulatory and operating risks reducing cost.