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4 Strategies for Proptech CIOs Looking for Technological Excellence

By Enterprise Technology Review | Tuesday, August 04, 2020

CIOs handle the aspect of technology in proptech companies, and they can add a lot of value to business models and operational capabilities, creating a vast number of opportunities in the process.

FREMONT, CA: Proptechs are a combination of technology and the real estate industry. In recent times, proptech firms have performed a vital function in designing digital solutions solely for the real estate industry. Leveraging technology, the real estate industry has been able to incorporate new skills and enhance efficiencies in operations. CIOs play a very significant part in enabling proptech companies to boost technological prowess that improves business potential. A great blend of technologies, with a well-planned digital strategy, has the power to make proptechs extraordinarily proactive in today’s markets, which are evolving rapidly and valuing consumers a lot. CIOs can build successful technology adoption layouts for real estate businesses that desire a perfect balance between tech and functionality. The current article discusses how CIOs can craft viable strategies that help proptechs optimize their technology usage4 and infrastructure.

• Intelligent Decisions and Skilled Workforce

Accumulating tech talent is one of the biggest priorities in making proptech companies truly digital. Although CIOs aren't responsible for hiring skilled personnel, they do play a strategic part in determining the job description and technical proficiency of the candidates that the company requires in the course of growth and expansion. With highly-talented personnel, CIOs can scale up the utilization of technology to stimulate better processes. Making decisions regarding the use of technology is another crucial responsibility of  CIOs. Executing technologies without preparedness is challenging.  With a clear strategy, CIOs have better probabilities of advancing efficient spends in technologies which are relevant and give quick ROIs. Separate leadership positions in the technology domain also help proptechs improve their credibility as technology-efficient companies. Bringing real estate experts and technology leaders on the same page can do wonders for proptech firms that require perfect coordination between the two aspects.

• Deploying Technology for Better User Interfaces

Success in business depends on user satisfaction. In proptech companies, there are several unique features in the workflow which require dedicated solutions. No matter the product or service, proptech company CIOs should allocate sufficient resources for the proper design of the user interface. Creating powerful platforms and apps enables end-users to interact efficiently and intuitively, resulting in better customer experience. As a direct result of improved user experience, proptech companies can engage customers and get to enjoy a loyal customer base.

• Responsible Management of Funds and Vital Partnerships

Selecting digital solutions from the abundance of options available in the market is complicated and requires the intervention of the CIO. Besides, ensuring the relevance of the solutions in adding meaning and value to the business models and their perfect compatibility is also the duty of CIOs. While forging partnerships and vouching for third-party service providers, proptechs must carry out evaluations that help the companies determine the effectiveness measured from operational perspectives.

• Intelligent Upscaling

A phase-wise approach has helped proptech companies secure the best strategy while transforming into a digital enterprise. When experiments and trials are used to evaluate digital capabilities, proptech companies can confirm the successful deployment of selected technologies. On the contrary, when the scaling-up process is mishandled, and pilot projects are not introduced, it becomes tricky for proptech companies that want to improve technical abilities.

Proptechs must always do exceptionally well when it comes to leveraging technology since it is the enabler for real estate companies that look to adopt technology-based solutions and services. Framing digital policies is not a simple process, and CIOs, who are in the driver's seat in decision-making, should guarantee a reliable digitalization norm. No matter what segment a proptech company targets, technology is the driving factor in every sphere. As the fundings for innovative proptech businesses improve, CIOs must curate a high-quality digital experience for stakeholders, workers, and users.

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