What is Proptech?  

Proptech refers to the practice of incorporating technology into the real estate industry. Proptech players are committed to creating efficient & customized digital solutions for real estate developers, investors, insurance providers, brokers, and property management companies. This cross-industry technology collaboration is set to change the way people research, rent, buy, sell, manage, and invest in real estate.  

Here is a list of Proptech technologies redefining the real estate industry:

Artificial Intelligence & Machine Learning  

AI and machine learning-enabled platforms allow enterprises to make insightful decisions. Processing a huge amount of available data enables companies to personalize and offer properties based on individual customer preferences, personality traits, and values, rather than just geographic location or size. It can also analyze and predict any safety hazard or construction defects, saving time and money. It also helps enterprises foresee future competition concerning any geography by evaluating the probability of occurrence of relevant events such as changes in the demographic pattern of the micro-market, income distribution of individuals in the vicinity, project viability in the future. Furthermore, correctly trained and designed Artificial Intelligence & Machine Learning algorithms are helpful to determine the property valuation and help predict the pricing trends more precisely.  

Augmented Reality and Virtual Reality  

The digital era has changed customer behavior – people now search online before making any purchase. Potential real estate buyers are no exception. Augmented Reality and Virtual Reality technologies open a new arena for real estate providers to make the buying experience more exciting and accessible. Maintaining a demo project has been a pain for real estate developers, costing them time and money. AR/VR enables them to create and conduct virtual tours of properties for their potential customers, which will allow them to experience the final product even before construction begins from the comfort of their own homes. This will also benefit long-distance customers who can’t physically visit the project. Real estate providers can use virtual tours that detail various parameters of the property, such as temperature control, safety precautions, community guidelines and help them get acquainted with the property well in advance. Virtual tours can also provide a realistic view of the project to the prospective customer. Their expectations are set before project initiation and can help deliver the final project by meeting the customer’s expectations.  

Robotic Process Automation  

Real estate and property management involve multiple documents that are data-heavy & rules-based, which reduces the productivity of employees and the business. Real estate companies can now bank on robotic process automation to automate these rule-based tasks and enable valuable human resources to focus on business-critical functions. Real estate operations such as tenant onboarding, portfolio management, payment reminders, NAV calculations, KYC compliances, maintenance scheduling, work orders, listing management, rent management, etc., can be automated leveraging RPA. Focusing on business-critical functions, such as interacting directly with potential buyers and sellers, enhances the probability of more closed deals, resulting in positive revenue growth. RPA improves transparency and visibility into various business processes, thus enabling realtors faster and wiser property management.  

Internet of Things (IoT)  

The Internet of Things (IoT) is helping the real estate industry grow and manage businesses more efficiently than ever before. IoT devices can send alerts and notifications to tenants or property managers in case of a safety hazard or other emergency issues. They can also keep track of maintenance history, identify potential problems and allow for predictive maintenance. IoT devices can also help property managers understand tenant behavior and preferences to improve properties and provide a superior customer experience. Before making a purchase, any prospective customer or tenant can evaluate the property’s history on maintenance, electric works, plumping, fire incidents, etc., through its connected IoT devices. Processing the immense variety of data available from IoT sensors through advanced analytics poses the enormous potential to offer meaningful & valuable insights that will change the way real estate works.  

The Future of Proptech  

The Proptech ecosystem is rising and will undoubtedly continue to grow, with budding start-ups becoming larger, global enterprises. Proptech will redefine the real estate industry, just like FinTech transformed financial services and InsurTech transformed insurance services. For real estate organizations to thrive and prosper in the increasingly digitalized future, understanding and effectively utilizing Proptech solutions is the way ahead.   

But the question is, how can enterprises be prepared to leverage the Proptech revolution? How can you future-align your real estate & construction business? Black Rock IT Solutions can help! Drop a mail to sales@blackrockdxb.com. Our real estate professionals have the in-depth industry knowledge and the technical experience needed to help you achieve your business goals. 

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The scope of change that automation will bring about in the coming years is comparable to the impact cloud computing or digital transformation continues to have today. A good automation strategy enables businesses to use their resources more efficiently, reduce human errors, complete repetitive tasks, streamline business processes, improve delivery models, and contain costs. 

Two popular automation strategies are Digital Process Automation and Robotic Process Automation – both distinct yet compatible strategies in the automation ecosystem. 

Let us take a look at these two strategies in detail.

What is Robotic Process Automation?

Robotic Process Automation is an emerging field within Business Process Automation. It uses artificial intelligence to automate low level, repetitive, rule-based tasks. RPA initiatives often use software bots that act as synthetic IT application users, executing repeatable, structured, high-volume clerical tasks. 

Often using existing IT systems, RPA can often extend the lifecycles of enterprise legacy systems by improving the speed and accuracy of the systems in use. 

However, RPA are not ideal for streamlining operations that include workflows, especially when they include tasks that involve complex decision-making or sophisticated multi-step business rules. They are also not recommended for business processes that need human intervention. In these cases, Digital Process Automation would work better.

Advantages of RPA

• Reduced cost: The speed and efficiency of legacy systems can be improved by automating tasks.
• Lower human errors: It is possible to eliminate human errors in iterative tasks through automation.
• Increase Employee Productivity: Employees are freed from their mundane tasks, allowing them to focus on higher-value tasks and innovation.

What is Digital Process Automation?

Unlike RPA, which was task-focused, DPA is a process-focused strategy. DPA uses a broader, more holistic approach to automation. 

Its focus is not to automate the end-to-end tasks of an organization’s business process but to enhance the organization’s business process strategy by integrating complementary tools that would enable organizations to transform it. 

DPA revamps the company processes and provides a better experience for its customers, employees, and even vendors. DPA strategies include Workflow Automation, Decision Management, Case Management, and AI & Predictive Analytics. These tools automate old techniques and processes, freeing up time for result-oriented and experience-oriented activities. 

Advantages of DPA

• DPA Improves User Satisfaction:   Transforming business processes improves the user experience for all stakeholders (employees, customers, and even external vendors)

• Better Decision Making: A comprehensive DPA strategy can enhance decision outcomes under a variety of circumstances

• Predictive Decision making: Predictive models can be used not only to highlight potential situations, but they can also recommend ‘next best actions’.

The case for using both RPA and DPA at your organization

A successful automation strategy should include both DPA and RPA techniques. The productivity gains of RPA techniques complement the process transformation of DPA techniques, and together, they compound the productivity gains of each of them deployed individually. 

Time-consuming and repetitive work can be performed by bots, saving your employee’s valuable time. For example, say an employee has routine interactions with multiple customers to furnish the same information repeatedly. This interaction can be automated using a bot, improving the experience of both the customer and the employee. Employees can now focus on high-value work and innovation rather than waste time on mundane tasks, improving organizational competitiveness. 

In Conclusion

It is not enough to install a set of tools that tick the “Decision management” or “AI/ predictive Analytics” box – these tools in themselves run the risk of turning into independent silos. Rather, they should be components of an integrated system of automated tools. This needs specialized suppliers – experts, who can integrate these separate technologies into a comprehensive solution that is tailored for the specific needs of your business. 

blackrock helps enterprises across the globe transform their business processes.  We develop holistic business process transformation and automation strategies with a specialized focus in domains such as healthcare, retail, transportation & logistics, and Fintech.

If you would like to take advantage of the transformative power of automation and are looking for a reliable IT partner, drop a mail to sales@blackrockdxb.com

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