9 November - 2020PropTechOutlookIt is key to understand that data governance procedures and policies protect not only sensitive data from unauthorised access, but also provide clear direction on what data can be shared, and with whomproperty measurement (International Property Measurement Standards). Shortly, these will be joined by data standards for the International Land Measurement Standard (ILMS)--a due diligence framework for rural land property surveying--and the International Valuation Standard (IVS), known to many as the `Red Book.'Furthermore, we are developing--through our BCIS (Building Cost Information Service)--the ability to take construction cost data from a variety of data formats and sources and convert these into a variety of standard industry data formats. Without data being available in a common format, the ability to carry out meaningful benchmarking across global construction and infrastructure projects is limited.Data must be trusted and protectedIt is critical that the data that is collected and stored can be trusted. The role of professionals right across the built and natural environment has never been more vital to ensure that information is collected and verified and that any digital representation of a real estate asset is true to life. While the data held on blockchain applications is immutable, the sector needs to make sure that the original data sources can be relied upon, because provenance and data quality is critical.Whilst the benefits of sharing data across the sector should be clear, allowing market transparency, and benchmarking for owners and users of real estate assets alike; there will always be situations where data cannot be shared for privacy and reasons of commercial sensitivity. It is key to understand that data governance procedures and policies protect not only sensitive data from unauthorised access, but also provide clear direction on what data can be shared, and with whom.Our solutions provide trusted and safe data for real-estate firms to help signpost them to PropTech firms and technology innovations that adhere to RICS' professional standards, through our Technology Affiliate Program (TAP) and growing global community of exemplary PropTech firms.PropTech must be embracedThe coming years present a massive opportunity for those in the built environment to embrace the innovation of the latest technology advancements, including data standards. We will provide support to help stakeholders understand and implement property technology and RICS data standards at a commercial and technical level, to ensure that they advance their capabilities and keep pace with the evolving market and changing customer needs.
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