Real Estate Investor June 2021 June 2021 | Page 15

DIGITALISATION
What is Digitalisation ? Digitalisation is the use of digital technologies to change a business model and provide new revenue and valueproducing opportunities . It is essentially the process of moving to a digital business .
Digitalisation of your business can give you a competitive advantage of doing things better , faster and cheaper . The main areas of digital transformation are technology , data , process and organisational change . In the real estate environment ‘ PropTech ’ uses digital innovation to address the needs of the industry . In the most successful organisations , innovation never stops . The demise of innovation can be sudden and unplanned , or a creeping development that infects all organisational corners . The big question is : how do you innovate your company ? Who has the most of the right answers ? Where do you start ?
Digital innovation continues to change economies and markets , reinventing the way we do business - accelerated since the advent of Covid-19 . The real estate industry has generally been slower than most to transition to digital , however , now it ’ s at the point where it can benefit from innovations that are propelling businesses and industries forward .
The impact of PropTech on the real estate sector is changing the way we buy ,
sell , and interact with our properties ,
how it streamlines processes and makes
transactions more efficient and also
presents applied solutions for real estate
development
and
the
management
thereof .
What is PropTech ? PropTech formed from the words property and technology is a combination of innovative technologies and solutions that optimise the growth and management of real estate . It refers to technology that aids or improves the way we buy , sell and manage property
The most comprehensive research report on PropTech was compiled by Oxford University , Future of Real Estate Initiative at the Saïd Business School led by Professor Andrew Baum . He reports that PropTech is one small part of the wider digital transformation of the property industry . It describes a movement driving a mentality change within the real estate industry and its consumers regarding technology-driven innovation in data assembly , transactions , and the design of buildings and cities ” ( Andrew Baum and James Dearsley , reported in Davenport , 2019 ).
What is Fintech ? The FinTech industry includes online payment systems , crowdfunding equity and debt platforms and online exchanges , which provide the foundation of the PropTech revolution . The use of fintech apps has increased
SA Real Estate Investor Magazine JUNE 2021 13