9 PropTechOutlookDECEMBER - 2022access control applications to allow tenants and prospective customers to come and go with a mobile device. Adding IoT sensors to building infrastructure has allowed property managers real-time data for predictive maintenance, water usage, and improved energy efficiency without being on-site. Smart properties save money, improve the tenant experience, and increase the value of the property.Data & Analytics There is no lack of data to collect in real estate, and the size and velocity of the data sets can be daunting to manage. There are hundreds of data-related technology vendors, each with its own silver bullet to solve your data pain points. The data strategy and maturity of an organization are more important than any specific technology solution. Data in the wrong hands can produce bad information and, worse, lead to bad decisions. As organizations mature in their use of data, they go from answering questions like: What happened? Why did it happen? To answering questions of a predictive nature like: What will happen? How can we make it happen?Within real estate, organizations want to use data analytics to:· Predict market conditions· Make property investment decisions · Predict property maintenance · Understand customer segments and predict customer behavior· Understand rate and pricing elasticity · Automate digital marketing effortsAlthough the data strategy and maturity of the organization is more important than the specific technology solution, there are key technologies that can drive adoption and accelerate maturity. The adoption of cloud data platforms can be a significant enabler by giving your organization new tools and capabilities. Most cloud data platforms have machine learning libraries and frameworks that allow you to use advanced analytics without having a deep data science background. The architecture of these platforms enables massive parallel processing of data that you can store at a nominal cost.Connected Strategies The key behind any digital transformation efforts is to have a sound strategy. Introducing new technologies into the organization may have some localized efficiencies and benefits. However, with the high rate of failed technology initiatives, it is essential to consider other factors. Digital transformation requires significant structural and process changes. The impact digital transformation has on the organizational culture cannot be underestimated.The digital strategy needs to compliment the overall organizational strategy. It may appear to be easy to replicate the technology, organizational structure, and workflow on paper. It can look as simple as updating to new software or system, but it is not. Carefully consider how the digital strategy impacts customers, employees, and stakeholders. But make no mistake, the time to get started is now. The digital experiences we deliver should delight our customers, not frustrate them
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