Late to the Digitization Party
From the PM Network Blog
by Cameron McGaughy,
Aaron Smith, Deryn Zakielarz, Jill Diffendal
PM Network is the award-winning magazine for members of the Project Management Institute. This blog will highlight some of the publication's valuable information and insights, keeping you up to date on industry trends.
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“Going digital” has been the transformation goal in many sectors for some time now. But there is one industry that has just recently jumped on the digital bandwagon. That industry is real estate. An article in May PM Network® examines this newly opened playing field.
Both startups and established companies are launching projects to bring technology into the realm of selling and renting property, homes and offices. That technology runs the spectrum, from use of big data to more accurately assess a home’s value, to virtual reality platforms that will enable prospective buyers to view offerings without actually being there, to crowdfunding that will allow people to invest in international real estate.
The numbers show the growth of “proptech”: Investment in this field rose from US$1.8 billion in 2015 to US$9.6 billion in 2018. And 97 percent of real estate executives told KPMG that they expected digital and technological innovation to significantly impact their businesses.
Bringing tech into real estate is a little different than bringing tech into other industries. The resistance to change and lack of awareness of emerging technologies makes it difficult. And testing products with minimum viable products generally doesn’t work because of the high value of transactions, the article reports. Project managers might consider testing products in simulated transactions.
Software dealing with mortgages have similar considerations. In this part of the real estate industry, automated helpers for approval decisions have to take into account variables on loan applicants’ income that might affect these decisions.
Proptech project managers walk a fine line between designing their products to accommodate variables and keeping the cost down to prospective customers. But that might be a line worth walking because of the growth opportunities in this late-to-the-digitization party sector of the world economy.
PMI members can turn to PM Network every month for trends news that you can use in your career.
Posted
by
Dan Goldfischer
on: May 02, 2019 09:27 AM |
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Comments (11)
Please login or join to subscribe to this item
Aditya Lal
Program Director| Sita Corp
Belle Mead, Nj, United States
Good news, need to go to PM N/w for the full article but one question, is it really late for the digitization or is it just starting up?
Speaking just for PMI, we started a digital transformation several years ago. Others?
Alok Priyadarshi
Project Manager| Tata Consulting Engineers Limited
Jamshedpur, Jharkhand, India
Wonderful article sharing great initiative taken by real estate industry. Digitization is new law for current economy. If anybody wants to succeed then you have to embrace digitization.
Thank you!!
Very interesting thanks for sharing
Thanks for highlighting this, Dan.
Drew Craig
Sr. Agile & Product Coach| Vanguard
Philadelphia, Pa, United States
Alfred Horton
CEO & President| AOC Connect, LLC
Lovettsville, Va, United States
It is always much more difficult to digitize than originally expected. Thanks for sharing.
Paul Boudreau
President| Stonemeadow Consulting
Kanata, Ontario, Canada
Using big data and predictive analytics has great potential. Thanks for sharing.
Thanks for this very useful aproach.
Thanks for sharing your view.
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