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Top 8 Digitization Tools for the Real Estate industry – RealtyMyths

Digitization Tools for the Real Estate RealtyMyths

by Akhilesh K Prasad

India is expected to be the third largest construction market by 2021. It is, therefore, necessary that we develop technologically advanced solutions that will cope with this rapidly growing market. Considering the budget for software technologies globally, which is 1-3% of the total project cost, the Indian real estate industry has a lot of ground remaining to cover on that account. The focus of the traditional model of project management was on the delivery of products and services. Newer models interpret business strategy, provide effective risk management and derive solutions.

Some of the tools being used in the real estate industry are as follows:

Building Information Model

Building Information Model
This is a 3D model that is used for creating and managing project information. It gives detailed information on every aspect of the project. It helps construction professionals create better plans, produce faster results and stick to the budget. This technology is catching on rapidly.

CCTV Monitoring


CCTV Monitoring
Installation of CCTV onsite is arguably the best means to prevent undue hazard, prevent thefts, and to keep an eye on employees at work. Offsite clients are now able to monitor projects in real-time via smartphones.

Unmanned Airborne Vehicles

Unmanned Airborne Vehicles: In common language, these are known as Drones and used to monitor construction work at large sites. For instance, the management can view workers working at a height that would otherwise not be possible. Also, analytical drones are used for thermal mapping and land surveying. The legalities of usage of this technology have not yet been formalised. Once that is cleared, this technology is likely to become more popular.

Project Portfolio Management Software: This is a cost-effective web-based technology that is being used extensively to streamline the construction process and make it more efficient. It mainly helps in creating construction schedules, allocating resources, monitoring usage and generating reports.

Document Management Software (Cloud-based): This stores project-based documents in an easily accessible organised manner. It enhances coordination between teams working on a project. Lost data can also be easily recovered.

Online Conference Applications: More often than not, decisions need to be taken quickly. The stakeholders in large projects are often spread across the globe. This software allows them to hold online meetings as and when required. Moreover, documents can also be presented in various formats for quick reference.

Procurement Software

Procurement Software: The tendering process is automated through this software. The software is integrated with the Client ERP system and supports e-bidding process flows. It helps in maintaining transparency.

Web-based Collaboration Tools: It is essential that the teams working on a project are well coordinated. Web-based tools are used for real-time chats and group messaging to make this possible.

Apart from these, new applications and gadgets that will be of use to construction professionals are being introduced in the market daily. Digitization can assist the real estate industry and help it grow in leaps and bounds.

FDIAn MBA by qualification, Akhilesh has dabbled into various businesses. He is a keen debater, data miner and analytically inclined. His blogs tend to present a fresh perspective on any given matter.

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