How Real Estate sector can leverage cloud

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How Real Estate sector can leverage cloud


Technology continues to revolutionize different industries including real estate. The development of a wide range of innovative IT solutions isfurther accelerating growth and is contributing towards encouraging productivity and streamlining processes, maintain stability and ensure business continuity. With so much happening on the technological front, real estate companies are also adopting to newer methods to streamline their working style and make best of the available technology on a regular basis. Cloud computing for past few years has emerged as solution provider for various critical aspects and nature of operations in the real estate industry.

As companies are moving towards digital workplaces and promoting remote working, they are increasingly migrating their services and data to the cloud.Meanwhile, COVID-19 outbreak has only accelerated the process of adoption of digital solutions at an unprecedented pace.

Real estate industry by its nature is expansive and needs proper integration of various teams specializing in different things. Seamless communication between its various facets is one of the pre-requisites for a successful real estate project and it also adds to various other benefits such as cost saving, optimum use of manpower, etc.

The real estate industry uses cloud solutions in all areas of the value chain. Whether it's project development, financing rounds, lettings or property management - mobile access to data has become a game changer. It has become more flexible for various teams to exchange the right data and information in due time and ensure that the overall operation runs smoothly. It also reduces the time taken in analysis of data and preempting the future challenges. The impact is not only becoming visible in maintaining a higher level of efficiency, but also in terms of the meeting the requirements of clients, tenants and occupiers.

Better delivery of services

Thanks to cloud-based services and technologies, the speed and transparency of real estate transaction have increased manifold in past few years, and it is becoming easier to keep a tab on various performance matrices of real estate assets. Besides, construction activities across the spectrum are reaping the benefits through timely delivery of various raw material, leading to less wastage and better optimization of resources.

Flexibility in scale

Real estate is a relationship-driven sector, where majority of business activities occur outside of a traditional office space, making it a mobile business. These characteristics make the sector a perfect fit for cloud computing solutions. Cloud computing allows real estate professionals to be more flexible and efficient by scaling up and down their requirements as per the need. They are no more required to carry voluminous blueprints, designs and charts and information can be edited and scaled up at the click of a button on their smart devices.

Disaster management and mitigation

The role of cloud-based technologies is expected to only increase in the area of disaster mitigation and management. The losses incurred by real estate industry because of natural and other calamities has been a big concern for a very long time. With cloud-based technologies, the disaster management professionals would be able to handle the accidents taking place in built environments more efficiently, not only saving lives but also would be reducing the cost of repair and maintenance.

A new avenue in real estate as well

Cloud computing essentially requires saving, analyzing and making available voluminous data to people at the click of a button. This has resulted in the advent of a completely new sub-sector of real estate called data centers and no wonder some big players in the industry have now jumped into the fray to try their luck. Data centers- besides being a brick and mortar real estate complexes are also governed by some very meticulously developed standards and a massive growth is expected in this domain in near future. Not only it provides a new growth opportunity for the domestic real estate industry, it also ensures that possibility for rapid expansion of other industries as well.

The author is Managing Director, Advisory & Transactions Services, India
DISCLAIMER: The views expressed are solely of the author and ETCIO.com does not necessarily subscribe to it. ETCIO.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.

Source: https://cio.economictimes.indiatimes.com/news/cloud-computing/how-real-estate-sector-can-leverage-cloud/78904007