Building Controls, Human Resources, Maintenance and Operations, Sustainability/Business Continuity

The Rise of Proptech and What It Means for Facilities Management

As facilities managers or field experts, new challenges arise as the world grows more interconnected and data-hungry. These include the need to handle massive volumes of data, increase efficiency, and embrace cloud computing. Since the world is moving more quickly, businesses that do not adapt risk losing their ability to succeed and the possibility of surviving.

One way to win these challenges is to use proptech. Proptech is the way to revolutionize the industry’s operations and the built environment. New technology has many potential uses, so let’s learn what’s on the horizon of proptech-integrated facilities management.

What Is Proptech?

According to Forbes, proptech first appeared in the tech world in the 1980s when real estate organizations started looking for more effective ways to manage their portfolios and investments.

All of the technological tools such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT) used by real estate professionals to improve real estate’s purchase, sale, marketing, and upkeep are known as proptech, or property technology. 

Depending on your perspective, these cutting-edge technologies are sometimes called commercial real estate (CRE) tech, Retech, and real estate tech. But proptech always refers to a strong fusion of technology and real estate.

Proptech helps integrate innovative technologies like artificial intelligence, augmented reality, IoT sensors, drones, 3D printing, and big data into the very fabric of our built spaces and structures.

Impact of Proptech on Daily Facilities Management Operations

As new technologies like IoT sensors or building management systems become available, more and more people are looking for adaptable proptech initiatives that can be quickly scaled up.

Building operations and facilities maintenance teams can benefit from proptech in several ways:

Workflow Optimization

Many operations, including inventory management, work order management, scheduling, sustainability tracking, and more can be automated with proptech. This can increase productivity by lowering the time and resources needed to finish activities.

Proactive maintenance can assist in minimizing downtime and extend the life of the equipment by predicting when systems like HVAC and critical infrastructure are likely to fail. This predictive analytics is made possible by integrating sensors and analyzing performance data.

Mobility and Decentralization of Data

With proptech, building systems may be remotely managed, reducing the need for on-site people and enabling facilities to be maintained and operated from anywhere.

You can store your data in a cloud-based smart building platform to enhance collaboration, communication, and data-driven decision-making among your facility maintenance team.

Having mobile access empowers managers to monitor sites and resolve issues in real time.

Remote Work Collaboration

Proptech may also be used as a digital visualization tool and “digital twin” to schedule maintenance, maintain security and building access tracking, and increase efficiency overall. This gives you an overview of your building operation systems regardless of location.

Using real estate help desk software, tenants may submit tickets or requests for any issues, and support staff can quickly address and resolve them. Using these digital tools, you can easily share updates and information about properties.

Enabling remote collaboration ultimately allows for leaner teams and operations.

Key Challenges and Considerations for Widespread Proptech Adoption

Though proptech can improve facilities management, some challenges need overcoming before implementing these advanced technologies.

  • Resistance to change might impede the adoption of new systems and processes. Having buy-in from leadership and change management planning are critical for integration.
  • Data silos also hamper efficient decision-making and process improvement. Following IT best practices for system integration and cybersecurity is essential.
  • Effective deployment of sophisticated analytics and automation is set back due to a lack of technical knowledge. Investing in training and partnerships can close skill gaps.

However, remember that the worldwide real estate tech industry is valued at $521.7 billion, with an expected 8.6% CAGR between 2020 and 2025. 

So, a flexible, scalable proptech platform that facilitates seamless integration puts you on the path to greater operational and maintenance efficiencies.

Mike Szczesny is the owner and vice president of EDCO Awards & Specialties, a trophy store and dedicated supplier of employee recognition products, branded merchandise, athletic awards, and crystal trophies.

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