The integration of technology into everyday processes will be key to success and will lead to a new way of looking at buildings, market experts told Real Asset Media’s Proptech, Data & Innovation Summit in London recently.
‘A building with no connectivity is worthless,’ said Hamish Dupree, Head of London Markets, Wired Score. ‘Insurance companies should look at technology when assessing the value of a building to understand how it will adapt and if it is future-proof’. It is possible now to have the computational capability to predict the future value of a building, but it is an opportunity that many do not take advantage of because of lack of knowledge, said Yasmina Darveniza, Investor, Round Hill Ventures: ‘There is a huge difference between collecting and accessing data and using them in an efficient way, and very few companies know how to do that’.
Successful companies will not just collect the data but interpret them and offer solutions based on that knowledge, said Matt Partridge, Founder & Ceo, Infabode: ‘More decisions will be made based on data, so their trustworthiness is crucial. My advice is always question the data’.
In order to make good and sustainable decisions it is important to ‘always engage with the occupiers, and validate the data with the enterprise client,’ said Lisa Cations, Senior Director, Head of Enterprise Sales Europe, Hana.
Companies will engage with tech when they see value being created. One way of doing that is creating ‘marketing twins’, said Ben Chesser, CEO, Coniq: ‘Building models and predicting changes really works’.
The first casualty of technology will be inefficiency, said Daniel Sprunker, Co-Founder & Managing Director, realxdata: ‘We will be able to react quickly and to make precise decisions based on good analysis of the data’.
Gathering new data allows investors to get a better picture and make better decisions. ‘At the end of the day the decision-making process is human,’ said Michael Molloy, Co-Founder, Dashflow for CRE. ‘Technology just improves and speeds up process’.
Some complain about the mountain of data they have to deal with, but in some sectors ‘the problem is that there are not enough data in order to manage them effectively,’ said Michelle Buxton, Managing Director, Toolbox Group. ‘Retail is detail, as in that sector in particular managers need all the information they can have’. There is still a long way to go. ‘We are not collecting enough data from our buildings to make them better and more user-centric,’ Dupree said. ‘We are just at the beginning of the journey’.
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