What is happening around the PropTech and Business Ecosystems during 2020?
How do you make sure you have sufficient property for running your business? If you are a property provider, have you already taken in use the full power of PropTech?
“COVID-19 has fundamentally changed what is essential and what is nice to have in the commercial property sector. PropTech is now an essential tool.”
Source: https://f.datasrvr.com/fr1/820/46311/Colliers_How_COVID-19_is_accelerating_PropTech.pdf
PropTech – what is it?
“Proptech is one small part of a wider digital transformation in the property industry. It considers both the technological and mentality change of the real estate industry, and its consumers to our attitudes, movements and transactions involving both buildings and cities.” Defined by James Dearsley 2017
After that stated, it has been recently also slightly updated according to https://www.unissu.com/proptech-resources/what-is-proptech
- "PropTech is a wider part of the digital transformation of the property industry: PropTech is a small part of a larger ecosystem, affecting and affected by a vast amount of industries and their respective innovations - endogeneous and exogeneous, as Andrew Baum puts it in is PropTech 3.0 report."
- "PropTech represents a mentality change: It is not enough to think of PropTech as a physical move towards digitisation; the mentality change, that required to best understand and apply the disruption, and move away from tried and tested traditional methods is equally important."
According to Venture Scanner Real Estate Technology (PropTech) funding has hits to new record, which simply underlines the fact that PropTech will be the one of the big if not mega-trends in near future.
Source: https://www.venturescanner.com/2020/07/14/real-estate-technology-funding-per-deal-hits-record/
How about Business Ecosystems then? Why they are still important and how PropTech is disrupting it?
Advances in technology and increasing globalization have changed ideas about best ways to do business, and the idea of business ecosystem is through to help companies understand how to thrive in this rapidly changing environment and especially now when world has changed due to the global crisis that seems to be continuing for some time it makes correct selections with flexible business ecosystem(s) even more crucial!
Let’s mention for example the use of artificial intelligence by room.ai, beacons by Smart Service Connect, smart home viewing booking tools by Front Door, blockchain technology by Ubitquity, virtual reality by Matterport, augmented reality by Datrix, or data visualization by Create.io. Others are using connected objects, 3D printing, mobility technology, big data, etc.
Why these startups have a competitive advantage is because of their ability to bring innovation into each step of the process and radically rethink existing systems and their core offerings.
And it’s indeed worth pointing out: PropTech startups come in with a new vision and a desire for reinvention; starting from scratch, they want to rewrite the book on tomorrow’s real estate industry. They might address one highly specific aspect of the industry such as BIM management and coordination between the many actors of the construction business, or they might take on the entire business model, such as is the case with rental property management or transactions for existing residential properties.
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