Digitalization of real estate - and everyday life (which came in between)
"Digitalization issues are perhaps the hottest issues in the real estate industry right now."
That was the beginning of the description for the Real Estate Market Day Digitalization which was held in Gothenburg on November 21st. During the day, we talked about Artificial Intelligence, Digital Twins, IoT, Big Data and a lot of others trendy buzzwords. Ekan management has previously written that digitalization enables property owners to make money in new ways by using data and information about the property.a. However, the question ishow far is it from these high-flying visions to everyday "bread and butter" challenges? Which of the trends could, and should, you join right now?
Below we summarize three reflections from the fair's lectures and panel debates:
Select some trends to join
The journey from today's situation to a fully digitalized real estate industry is long - there is a risk of being overwhelmed and paralyzed. What trends will bring you the most business benefit today and in the long run? The digital twin is not built in one day.
IT must enter the management groups!
The majority seemed to be in agreement that if you are serious with your digitalization journey, IT must be represented in the management groups. IT and digitalization should not be seen as a cost within Finance in the organisation chart, but as a possibility for the strategy and new business models.
The property owner needs to own its data
Information about the properties comes from hundreds of sources; operating systems, sensors, and users. These data sources must be linked together in a platform where the property owner can use the information about the customer and the property as a strategic asset to create new customer offers and services.
During 2019, Ekan has worked with 25 real estate companies, both commercial and public, large and small. We see that they have come a long way on the digitalization journey and are choosing different approaches to develop digitally. The majority work actively with digitalization, reviewing their competence in the field and working with many exciting pilot projects. However, many still have a way to go before the organization is seriously permeated by digital work methods and mind-set. One tendency is that the opportunities and challenges are identified, but the road map is blurry and the compass direction has not been taken out.
What Ekan can help you with
We believe that the first step is to take a step back and paint the map. Therefore, it is about time tolook into the crystal ball, the surroundings and all buzzwords, at the same time as reflecting on how mature your own organization is today. Ekan Management helps clients answer the questions: What does our current situation look like? Within which areas can we create business value within 12 months? How big step is our organization ready to take right now? Where do we start?
We at Ekan management are happy to support you in shaping your future digitalization journey. Get in touch with any of us!