While the property industry globally has traditionally been a laggard when it comes to the use of technology, focusing more attention on assets such as physical buildings rather than technology, this has rapidly changed. A growing number of businesses are now introducing technology platforms and solutions to enhance the client-tenant experience and to ensure more informed investment and property management decisions are made.
Smart buildings are using advanced technologies to monitor, control, and optimise systems, including using sensors, automated systems and IoT devices to collect and analyse data to better understand industry trends and help property owners and managers make more informed decisions, become more sustainable, reduce operating costs, and generate more revenue.
“AI is one of the first PropTech disruptors in years that is not just smoke and mirrors,” says Ghilani. “Early adopters of AI-enabled solutions are already seeing positive returns in both operations and energy efficiency. However, to realise the full benefit of AI, property businesses need to understand how artificial intelligence will impact their business and what existing or future AI applications they need to prepare for as well as addressing privacy and data security concerns.