The top development trends in the Kingdom in 2023 are factory automation, smart living, and smart working. These trends are accompanied by technological solutions that are transforming real estate (RE) in the Kingdom. Currently, the construction sector in the Kingdom is in its progressive state with positive growth prospects. The Deloitte Survey revealed that 75% of construction companies experience project delays due to ineffective supply chains. With greater plans for smart cities such as the NEOM, automation of construction cannot be overlooked. The growth process and prospects of ideal life balance must be accompanied by technology for the RE to enjoy various benefits.
Benefits of Technology Solutions
- Efficient planning and estimation. Construction software enhances collaboration with players within the supply chain to ensure that team members receive prompt notification in the event of delays.
- Better tracking of activities. Software tools paired with GPS are vital in tracking the location of assets and monitoring the activities of the team.
- Reducing prediction errors. The role of property technology in precise prediction is valuable in simulating real-world conditions to inform planning.
The benefits of technological solutions in the REmake a big difference between those who succeed and those who fail when venturing into construction space.
RE PropTech Transforming Construction
Construction CRM
Customer relationship management has played an important contribution to relieve RE stakeholders from data extraction that compromised time management in construction. For example, using the CRM, contractors can schedule, report, and quote management while consultants rate contractors to make informed decisions. The software also facilitates record-keeping for ease of accessibility when a new team takes over construction work.
Jobsite Management Software
The onsite management tools with GPS are important aspects to consider when undertaking construction projects. In the event of an accident, filing an accident form is instant to enable the manager to take timely action. These tools perform functions such as improved communication, effective collaboration, and organized recording of activities.
Design Software
Various design software such as Autodesk BIM 360 plays a critical role in eliminating construction errors and potential design issues. They allow for the creation of virtual models and improve floor plan management and visualization of other property elements. The construction design team that relies on the use of design software are not only effective but is empowered to accomplish tasks satisfactorily. The technological transformation of design aspects due to proptech put tech users ahead in the game.
Project Management Software
Contractors who are assigned project management understand the need and value of technology to get the work done right! There is a need to have an overview of the activities such as procurement, budgeting, task assignments, and workflows. As a result of Proptech, the construction project manager can tackle multiple projects at the same time without feeling the constraint. While the software doesn’t guarantee success, it provides an opportunity for effectiveness in dealing with the challenges that limit project managers in the industry.
Other prop-tech transforming the industry such as data analytics software which ensures that contractors do not miss opportunities for forecasting remains valuable to RE stakeholders.
In sum, Proptech remains to be handy in the transformation of the RE industry, especially in the Kingdom where mega projects such as The LINE and the Red Sea are in the pipeline. The application of the right technology will play a key role in meeting sustainability objectives as well as the timely delivery of the projects. Proper integration of technology in the construction process remains valuable in the pursuit of vision 2030 given their role in enhancing productivity among the workers in the industry.