It is time for proptech CIOs to adopt innovative technologies to drive efficiency and better performance.
FREMONT, CA: Looking at the funding scenario, it is evident that proptech companies have had the recognition of investors throughout 2019. In 2020, there will be a possibility for proptech players to continue that successful run. For that to happen, it is important for proptech CIOs to strategize the deployment of technology. To guarantee meaningful decision-making, proptech CIOs have to update themselves with industry information, driving critical insights continually. When CIOs are armed with contextual data concerning the market, the industry, consumer expectations, and overall trends, they can serve outstanding leadership and manage strategies that enrich technology deployment and utilization. The current article talks about the scope of development for proptech firms in 2020 and the technology trends that will play an effective role in shaping proptech services.
• Increased Collaboration
The real estate industry is an immense one with multiple stakeholders and comprehensive supply chains. For the longest time, maintaining the workflow and coordinating operations was a significant task. Now, proptech businesses have come up with technology-backed solutions, helping real estate companies improve collaborations and drive productivity into workflows tremendously. By 2020, real estate organizations that form the client-base of proptech firms will generate a demand for intelligent solutions that make transactions safe and convenient. Centralized platforms where multiple stakeholders will have personalized access to payment-related information will find a lot of takers. Commercial, as well as residential real estate companies, expect extensive solutions that support all forms of interaction between suppliers, borrowers, or lenders. Additionally, analytics tools that process transactions to offer crucial insights are also going to attract the attention of CRE.
• Customers Prioritizing Futuristic Capabilities
Modern home buyers and renters assume property portals and real estate companies to draw potential properties in a pragmatic manner. Mere descriptions of amenities and dimensions of properties are not enough. 2019 saw proptech businesses offering solutions that facilitate better graphical representation of commercial and residential spaces. AR and VR have also seen a better rate of adoption, with many online property platforms deploying the visualization technologies to provide potential customers a better view of the buildings. In 2020, the twin technologies might become the norm if CIOs in proptech prioritize the futuristic capabilities. Clients and their customers will benefit from AR and VR devices becoming viable via proptech offerings.
• AI and ML CreatingMore Opportunities
Although Artificial Intelligence and ML are not unusual in the realm of proptech, 2020 might generate a lot of new opportunities from the prospect of applications to solve difficulties in the real estate industry. While some of the proptech businesses are working towards improving the accuracy of decision-making by improving AI, others are looking to offer novel solutions that use ML to verify financial documents. With enhancing the capabilities of digital solutions from proptech companies, real estate businesses can hope to improve automation in operations and mitigate the volume of repetitive tasks allotted to staff members. Proptech firms can also enjoy the straight implications of using analytics to study markets and create forecasts. Thus, CIOs should root their constant efforts towards improvising AI, ML, and analytics capabilities.
The real estate industry is traditionally dependent on proptech companies. Real estate leveraging advanced technology for providing better service to customer and improve overall business performance. As long as proptech CIOs have a practical approach that promotes innovations, their firms will stay in lime light finding enthusiastic investors and clients throughout 2020 and beyond.