2019 has been an eventful year for proptech companies. 2020 is expected to be even more exciting, provided proptech CIOs oversee the optimized adoption of technology.
FREMONT, CA: Going by the funding scenario, it is easy to see that proptech companies have had the attention of investors throughout 2019. In 2020, there will be a chance for proptech players to continue the profitable run. CIOs essay a critical role in proptech companies. How CIOs strategize the adoption of technology will determine the course their companies will take in 2020. To ensure meaningful decision-making, proptech CIOs have to consistently update themselves with industry information that can drive critical insights. When CIOs are equipped with contextual data regarding the market, the industry, customer expectations, and overall trends, they can serve valuable leadership and supervise strategies that enrich technology deployment and utilization. The current article talks about the scope of expansion for proptech firms in 2020 and the technology trends that will play an instrumental role in shaping proptech services.
• The Demand for Tools that Drive better Collaborations
The real estate industry is a vast one with multiple stakeholders and extensive supply chains. For the longest time, managing the workflow and coordinating operations was a major task. Now, proptech companies have come up with technology-backed solutions that help real estate companies to improve collaborations and drive efficiency into workflows vastly. By 2020, real estate companies that form the client-base of proptech firms will create a demand for intelligent solutions that make transactions secure and convenient. Unified platforms where multiple stakeholders will have customizable access to payment-related information will find a lot of takers. Commercial, as well as residential real estate companies, expect comprehensive solutions that support all forms of interaction between suppliers, borrowers, or lenders. Additionally, analytics tools that process transactions to provide crucial insights are also going to attract the attention of CRE.
• The Futuristic Portfolio
Today, home buyers and renters expect property portals and real estate companies to depict potential properties in a realistic manner. Mere descriptions of amenities and dimensions of properties are not enough. 2019 saw proptech firms offering solutions that enable a better graphical representation of commercial and residential spaces. AR and VR also saw a better rate of adoption, with many online property platforms deploying the visualization technologies to offer potential customers a better view of the buildings. In 2020, AR and VR might become the norm if CIOs in proptech prioritize the futuristic capabilities. Clients and their customers, both parties will benefit from AR and VR devices becoming viable through proptech offerings.
• Taking Intelligence Deeper with AI and ML
Although AI and ML are not new in the realm of proptech, 2020 might create a lot of new opportunities from the perspective of applications to solve challenges in the real estate industry. While some of the proptech companies are working towards enhancing the accuracy of decision-making by improving AI, others are looking to offer innovative solutions that use ML to verify financial documents. With improving the abilities of digital solutions from proptech companies, real estate companies can hope to increase automation in operations and reduce the volume of redundant tasks allotted to staff members. Proptech firms can also enjoy the direct implications of using analytics to study markets and create forecasts. Thus, CIOs should root their consistent efforts towards improvising AI, ML, and analytics capabilities.
The traditional real estate industry depends on proptech companies to leverage advanced technology. As long as proptech company CIOs have a dynamic approach that promotes innovations, their firms will be in a position to find enthusiastic investors and clients throughout 2020 and beyond.
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