As technology changes and evolves around the world, it affects each and every industry and how they do business. As companies hone their efforts to meet the ever-changing needs of customers, sectors that don’t keep up with these changes risk being left behind their more agile competition.
The Property industry is no different – which is why we at Forsite want to keep you updated with how the latest global technology trends are affecting our sector. We’ve scoured the Internet for the most current thinking on which technologies are having the greatest impact on the Property sector and contractor management practices.
Here are just three of the top trends we’ve spotted:
* AI / Machine Learning / Internet of Things
o While there won’t be a robot butler in everyone’s home anytime soon, machines will increasingly be running automated online interactions in place of humans. For the property industry, this will mean computers and chatbots automatically handling things like contract management workflow, search and online storage, as well as data collection and analysis. Whichever processes require massive amounts of data processing, you can be sure to see more artificially intelligent systems developed to handle these tasks in the future.
* Augmented / Mixed / Virtual Reality
o As cloud technology increases the capacity for collaboration, virtual and augmented reality technologies (also known as VR and AR) will offer management teams across the property sector tools that improve communication and planning, which will in turn improve job site safety and minimise costly errors.
o This often-misunderstood technology – which underpins cryptocurrencies like Bitcoin – creates a digital ledger of financial or informational records that cannot be hacked, negating the need for a central verifying authority, such as a bank. It’s potential applications for the Property industry are huge, as it will reduce the number of contact points required, and guarantee security of data.
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