5 PropTech trends
Shen Chiu, Development Director
Big Data & Analytics
We need to understand the data that we have and how to make sense of it, and what that information will provide. The data will effectively drive our decision-making going forward; how we improve our building performance and cost, understanding and optimizing the utilisation of space, all of our investor and our investment decisions, and most importantly probably customer engagement.
We know that socio-economic trends are leading to property more as a service than as a product. Customer needs and insights from that data will help drive our understanding on how to provide their services.
Internet of Things
This is the connectivity of all devices to the internet which we know is becoming more ubiquitous. These devices will let us collect the data, and we we will control and visualize these through simple and intuitive user interfaces, or probably better these would be facilitated through passive and intelligent functionality, and it requires little or no interaction.
This is about taking the data that we collected through the internet of things and analysing it using machine learning and to find correlations and causations that a human would not otherwise identify.
We are already noticing disruption to traditional practices using artificial intelligence, the way we collect and use customer data, leasing and transaction activities - and real-time building performance and optimization.
This is the representation of the real word in a virtual space, and we have seen this used in computer games for many years, but now this is becoming a reality in how we undertake visualization and design of build. Encompassing the use of digital twins to replicate the real world in that virtual alignment.
Automation & Robotics
Both the physical and mental processes will be refined through the introduction of automation robotics. Repetitive tasks and routine tasks will be replaced, and we will notice increase in the need for creative thinkers - people with empathy decision-based management and cognitive tasks.