The impact of the digital transformation on the real estate sector
The future of the real estate industry is digital. The impact of the COVID 19 pandemic in particular has shown how important digitisation investments are.
EBS Alumna Ann-Kathrin Sommer, class of 2007 (Bachelor) and 2009 (Master), accompanies in her role as Key Account Manager in the construction software and real estate software industry her clients during digital transformation. In the interview Ann-Kathrin states the most important aspects for real estate companies in the transformation process.
EBS: What are the most important aspects that companies in the real estate industry need to consider during digital transformation?
- Digital transformation does not mean: I introduce a system and everything is better. IT is "only" the vehicle for implementing or digitising processes in companies. For this, I need to know my processes and also to reflect on whether they still need to be adapted.
- It won't work without initiative-taking change management and leadership support. Individual stakeholders / future users should be involved in all communication from the very beginning.
EBS: What challenges do companies face in the transformation process?
- Strong silo mentality in the individual departments (e.g. construction section, facility management) There are points of transfer but no-one seems to take much notice of them
- As a mirror image to the silos, there are isolated solutions for storing documents and data relating to the property. Everyone has his/her own data structure and communication channels.
- Processes are not typically documented at all. Knowledge about procedures is passed on verbally.
EBS: How do you think the real estate industry will have changed in 10 years' time as a result of digitalisation?
- We will be better able to manage natural resources (e.g. energy consumption) because IT will help with data analysis and technical systems can be directed according to consumption.
- We will have less technical facility outage and lower maintenance costs - thanks to predictive maintenance .
- Projects for the conversion of real estate objects will take much less time because the existence and quality of property data will be significantly enhanced with the help of BIM models and digital twins.
EBS: Which three tips do you have for companies in the real estate sector now having to reorganise themselves?
- Network: regular exchange in networks: what are others doing? What is successful? What is not? Think outside the box: what is happening abroad in the field of real estate digitalisation?
- Status quo: where do we stand today? How far have we come in the digitalisation process?
- Vision: where do we want to be in 10 years? Why is digitalisation important for us?
Ann-Kathrin Sommer will answer further questions in our upcoming Spotlight Session on 19.04.2023: