Digital transformation is driving changes in technology and culture and cannot be underestimated to stay resistant to technological innovations. The property industry has been a slow adopter, but more and more businesses in the property industry have started to ask for my advice. Sooner or later all businesses will learn that digital transformation is inevitable and will happen with or without cooperation. Businesses can be disrupted from the outside-in or embrace change and actively start transforming the business for the better. Some might be able to do it alone, but the majority of the traditional actors in the property industry need to invite in skilled professionals to help undergo digital transformation, developing new solutions, challenging and innovating “status quo” – and that is actually what I see happening. Traditional actors in the property industry are forming partnerships with entrepreneurs, like us, and together they transform businesses for the the better.
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Proptech is often referred to as disrupting the industry, and well I said it myself: “Businesses can be disrupted from the outside-in”. However for me PropTech is not about disrupting the industry but transforming it. Innovative technology is not leaving the traditional actors behind. It drives productivity and efficiency leaving more time for what really matters. Sure more new people with new skills have entered the property industry and more are yet to come. And sure some businesses might get overtaken by innovative start-ups without a warning. But one must remember – a fundamental prerequisite for all businesses to stay on top of the game is not only to solve the challenges of today, but also addressing the issues of tomorrow. In order to survive businesses must constantly adapt the inconstant world – keep up with new tendencies – invest, experiment, innovate.