9 September 2022PropTechOutlook· Where do we want to position ourselves in the market?· Do we want to be an industry leader and accept the risks that come with being a first mover, or do we want to follow and play it safe?Before answering those questions, it's important to consider this: the concept of technological innovation should first be focused on solving the problems that are either extremely inefficient, mundane, repetitive, or unnecessary. Once you have an idea of what specifically your organization may be able to benefit from, only then does innovation start to show its value.Listen, there is nothing wrong with following the herd. Staying competitive in any space often means innovation and advancement with the current trends. Whether with building design, leasing, and marketing, operations, or technological advancements, there are many ways to stay competitive. But to disrupt, that is a whole different mindset.Develop a standard decision-making process for innovationOrganizations have a difficult time separating the "I.T. team" from the Technology and Innovation team. While these are by no means mutually exclusive, the focus is inherently different. Having a Technology Leadership Team has aided CA Ventures in developing cutting edge cross platform innovation. We have developed a collaboration forum for bringing new ideas and challenges to the table and processes for discovering, vetting, and implementing new products and services.Innovation requires buy-in from the entirety of the enterprise. Having representation for all departments streamlines the decision-making process. All departments face different challenges. Working together to solve those as a group reduces inefficiency and enables greater scale to all innovation. When considering the growth of this space and the required human capital just to keep up, this team becomes a critical part of the future of industry.End GameUntil recently, real estate has been viewed as not much more than a physical space for residents to sleep and park their car. But as we've seen, repositioning our mindset away from the physical space and into properties being hubs for the delivery of products and services can transform the physical into something much more intangible.The seamless integration of the entire ecosystem allows for informed actions and reactions based on the feedback of other devices in the system. As the platform develops, the density of the ecosystem grows. Each individual component plays a major part in the efficiency of the property.These interactions will drive:· Energy savings· Disaster prevention· Integrated resident services· Better tenant interactions· Improved security layers· Increased building value· Enhanced due diligence packets· Business Intelligence· Predictive maintenanceThe concept of the Apartment As A Service (AaaS) becomes inevitable as we advance down this path. Apartment buildings will be embedded with cross platform integration, a central backbone of big data, and building intelligence. All leading to supercharged residential experiences unlike anything seen today. Technology is no longer an after thought for consideration. It is imperative to start with a defined outcome in order to maximize your return and move forward with impactful solutions
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