A perspective by Gopal Sapharu, Enterprise Applications Leader, IBM Consulting, India/South Asia
India’s real estate sector has been one of the largest taker and beneficiary of new-age tech. Until a few years ago, the sector followed a traditional approach with paper-based documentation, home grown legacy systems and inconsistent tools & techniques. In the nutshell what we witnessed was random technology intervention in few pockets, largely owing to its inherent complexities.
What changed the narrative was emergence of PropTech or property technology (developed & driven by technology companies & startups)… which got further accelerated by the pandemic.
To navigate the challenges posed by the pandemic, the real estate sector looked at new ways of optimizing their operations with IT solutions.
Now, technology-led concepts ranging from smart cities to smart homes - and everything in between - has made it easier for both developers as well as buyers. For instance, by leveraging hybrid cloud, real estate companies are digitizing both offline and online sales channels to enhance customer experience. It is also enabling the companies to understand and expand their customer base.
The sector is thus realising the immense value that PropTech brings in terms of increased efficiencies and improved bottom lines. Puravankara Limited - one of the real estate majors in the country - for instance, is leveraging technology to reinvent its processes to fuel tech-led innovations in its operations.
There is no denying that PropTech holds a bright future in India. Going forward we will see deeper intervention and adoption of technologies like cloud, ERP, AI, machine learning, big data, analytics, IoT and others to make data-driven informed decisions.
In addition to the adoption of technologies, a key success differentiator will also be the choice of a strategic business partner who not only has the right technology solutions, but also the necessary expertise, skills and support to execute and succeed.
Click here to learn more how Puravankara is collaborating with IBM to fuel tech-led innovations in its operations by adopting RISE with SAP.
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