Adoption of Proptech Crucial to Future

One of Australia’s leading enterprise software companies, TechnologyOne, believes the property industry is at risk of missing a once-in-a-lifetime opportunity to drive new growth on the back of Covid-19.

Asset intensive industry director at TechnologyOne Brian Devlin said Australia and New Zealand’s property industry will soon be built on a foundation of technology and analytics, rather than traditional bricks and mortar.

“Like many other industries, the property sector is ripe for disruption,” he said.

“With a strong and innovative local digital economy, Australian and New Zealand’s property industry is well placed to capitalise, but we’re seeing many organisations who are too distracted too realise the full potential of technology to mitigate market disruption and achieve strategic goals.

“Proptech is a bit of a buzz word, but it shouldn’t be—its already here and is being utilised to maximise growth and profit.

“There are great Australian enterprise solutions available which can help businesses find ongoing efficiencies, and better inform investment strategies over 10, 20 and 30-year time frames—all using existing data already at their fingertips.”

Devlin said modern buildings were generating terabytes of detailed insights and that that in turn is creating new avenues of opportunity for property owners and managers to be much more proactive in anticipating and delivering the levels of service that their tenants and stakeholders demand.

“For some businesses, this means first getting these insights out of filing cabinets, for others it’s about ramping up potential with a technology foundation, an enterprise software solution which allows all parts of the business to work in harmony,” he said.

“Put simply, if you don’t have a solid ‘digital core’, with data centrally available and accessible via a mobile-enabled, ‘intelligent’ enterprise-wide system, you are likely to fall behind.

“Capturing the right data, analysing it, interrogating it and acting on the insights gained, so that you’re making intelligent and informed decisions, is allowing owners and managers to be much more proactive than ever before.

“As Australia and New Zealand grows and recovers after Covid-19, we need to get this right.”

Using a sporting analogy, Devlin said an intelligent enterprise system not only allowed the owner or manager to “play defence” by optisming the use of things such as utilities, the lighting, the HVAC (heating, ventilation and air-conditioning) and the lifts, to lower their own and their tenants’ costs, but also gives the opportunity to “play offence”.

“That’s the next frontier, intelligent use of the information you’ve gathered to make informed decisions, improve your service levels, apply human-centred design and proactively invest when and where needed," he said.

"Getting that long-term asset management plan right really drives your ‘offence,’ and an intelligent enterprise system—or one that works together across all platforms and applications—can help with that.”

TechnologyOne has built up a strong reputation as providing a sophisticated and contemporary enterprise solution for numerous leading brands as well as property start-ups.

The Urban Developer is proud to partner with TechnologyOne to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.