The modern-day industries have no choice but to accept the wave of digitalization sweeping worldwide. This wave of digitalization that was slowly taking in all the industries accelerated manifold under the influence of the COVID-19 pandemic when almost everything was digitalized.
Consequently, even those industries that were in the nascent stage of digitalization grew to use and derive the benefits of the trends. The flood of digitalization has also affected the real estate industry, and it is only for the betterment! Digitalization has proved to be revolutionary for the real estate industry in many fields and has helped to overcome many bottlenecks in real estate industry.
Here we will elaborate upon how the digitalization of the real estate industry has helped in each phase of a real estate project and made everything simpler for both the customer and the service provider.
CHALLENGES IN THE REAL INDUSTRY:
- Financial Plans: The financial plans which are set up are all manual. Along with it, the cost and budget planning are also done manually. This leads to higher manual intervention and increase the chances of mistakes.
- Project Lifecycle: There are multiple aspects of the project such as procurement of the material, monitoring of the contract etc which are never constant and keep changing. Management of the project lifecycle manually is very time consuming and cumbersome process.
- Land Acquisition: Due to lack of technology, there is less visibility into the progress or in payments and documentations.
- Manual intervention across Campaigns: Due to manual intervention, there is immense loss of leads and business opportunity which affects the revenue.
- Lack of Real time visibility: The projects require proper visibility on material stocked, parking category, discount monitoring etc which goes missing when there is no digitalization in place.
1. Project planning and construction management
Project planning is one of the most daunting tasks of implementing any real estate project. The major bottlenecks are infrastructure budget planning, integrated BOQ management, Manual PR/ Indenting, and progress updates. Digitalization of the real estate industry can be end-to-end integrated project management that improves progress by 20%.
2. Procurement and services
Real estate is not just about the building as a structure, but it takes care of the functionalities- securities, taxes, parking management, etc. There are many considerations like standard card rates, input tax credit setup, composite supply orders- that, if left to human handling, can take a lot of time and slow down the procurement process. With the digitalization wave, the procurement procedure has become more efficient with great transparency.
3. Finance and Accounting
This is where digitalization makes the greatest difference. With the right use of technology, human effort can be reduced by 40%, which means it is faster, more efficient, and reduces the chances of human errors. So be it an unreconciled amount in the bank account, visibility of the weekly cash flow, TES compliance, GSTR reconciliation, or integration for vendor discounting- automated accounting, controls, and IMS can take care of it all!
4. Handover to facility management
With the digitalization of real estate, it becomes easy to hand over the plan to facility management to ensure the project passes all industry standards and adheres to snag monitoring demand.
Handling the hundreds and thousands of registrations manually can be a very daunting task. It is nearly impossible to select, sort, and organize the registrations that come in every day, and it is even more challenging to offer discounts to them. The AI-powered software takes care of all the registrations for you. With cloud storage, the data can be accessed anytime, from any corner of the world.
6. Customer Onboarding
For the effective execution of any project, good coordination between the various working departments of your company and between the company and authorities like Real state’s regulatory authority is crucial. The major bottlenecks are- liaisoning and Real Estate Regulation Association management, and management of cash flow. The management process becomes extremely easy, convenient, and organized with ERP/CRM
7. Post Sales
Whether getting an architect certificate, communicating with a customer, checking for defaulter, or coordinating the collection process, everything becomes easier when you get access to 360-degree lead visibility and other relevant data with CRM. Since the process is digitalized, the boundaries of time and place are dissolved. The customers can connect with the buyer and keep exploring options at any time of the day, from anywhere.
BENEFITS OF DIGITALIZATION
- The customer experience is very smooth and elevated with the greatest level of transparency, ease in communication, and better opportunity for the real estate company to pitch to the customers.
- The visibility of cash flow and cost flow is greatly improved so that the losses and gains-all transactions are transparent and can even be analysed with AI-powered software applications
- The quantity, cost, and budget monitoring become very proactive, and it becomes very easy to integrate the various departments of the real estate while considering a project budget.
- Since the trade or project is monitored at every step, there are fewer to no loopholes or lags. This results in improved consistency, and the project is completed in time.
- The digitalized procedures are more economical than the non-digitalized ones. Both direct and indirect costs are greatly alleviated.
- The marketing methods are more effective, and it is easier to change and manage the ongoing campaign with the digitalization of the real estate marketing
- The customers can also look at the sites with videos and 360-degree views and simulations made available on the website.
Highbar Technocrat is one of the leading end-to-end IT solution provider for the Infrastructure, EC&O, Real Estate, and Power sectors. They are SAP Gold partner and offer a wide bouquet of digitally integrated solutions ranging from implementing SAP-based ERP solutions like S/4HANA, RISE, Cloud-based solutions to 5D BIM for mega infra-projects, RPA & IoT solutions, and many more.
With an in-depth understanding and core competence of the construction & infrastructure industry, Highbar has demonstrated expertise in the Private, Public, and Government sectors covering roads, ports, smart cities, airports, railways, irrigation, power, water supply, as well as urban and industrial infrastructure like telecom, manufacturing, and mining sectors. Highbar is the perfect blend of domain knowledge in the infrastructure business with a team that is well equipped to understand and relate to the requirements of the sector.
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