The theme of the conclave was ‘A Fusion of the Finest in Technology & Design’ where various industry pioneers and leaders discussed the role of technology in shaping the real estate sector.The conclave also hosted a panel on Dawn of Realty: Next Big Thing on Tech Agenda wherein our CEO and Founder, Sameer Nayar was invited to share his views on the role of proptech in the real estate space.
Other eminent panellists included Ajay Ramasubramaniam – Director (India), Zone Startups | Partner, Palava Accelerator by Lodha Group; Ashish Shah – CEO, Radius Developers; Vikram Kotnis – Founder & MD, Sell.Do; Bharat Dhuppar – Group CEO, Raiaskaran; Prasanjeet Dutta Baruah – Vertical Business Head, Facebook; Ramakrishnan P. – COO, Lodha Group.
The panel discussed how technology can shape the real estate and construction industry and why proptech has become so important in this era of machine learning and predictive analytics.
In today’s competitive economy, leading companies are using discipline’s like predictive analytics to compete and sustain. Rather than relying on primitive and intuitive methods when it comes to cost planning, procurement, inventory management, project management etc, managers are using data and technology for analysis and streamlining their processes to improve efficiency, manage risk and increase profits.
With the entry of RERA, the real estate industry that conventionally was perceived to have many fold returns, has shifted its focus towards timely completion of projects thereby turning them towards newer technology for efficient and timely project management. Technology is an enabler for this shift and the industry has to accept the value that it will add in the next years. Technology has the potential to improve the processes dramatically in pre, during and post construction to customer service. The faster we adapt to this notion the better we will be planned for future. The sector also has to extend the use of technology from planning to process streamlining, workflow automation, material buying, cost control etc.
Today real estate development is not different than any other manufacturing business in terms of operating margins. The industry is no longer willing to spend crores on a generic software that does not understand the local context of the market. The need of the hour is industry vertical focused technology solutions. BuildSupply is a leading provider of process management software and has already aggregated over 50 million square ft. of actual live projects on our SAAS platform Cost Manager.
BuildSupply Cost Manager is an end to end process management system specially designed for the real estate sector that helps in planned execution and procurement for projects by introducing standardization and transparency. With modules like cost plan, BOQ, tendering & vendor management, material & store management to name a few, the platform ensures seamless construction process management.
Technological advancements are changing almost every industry. Not just in terms of buying a property, but even in terms of standardising the entire project management process. The real estate industry is in its early stage of technological disruption, thus, it is of utmost importance for it to stay ahead of this curve. Says, Sameer Nayar.