More than half of Australia’s property leaders have digital transformation on their horizons, according to a new report from Procore Technologies and the Property Council.
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Three key takeaways:
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The Data Differentiator: Australian property leaders reveal how using data today can mitigate tomorrow’s risk was based on a July 2021 survey of 166 senior industry leaders in Australia.
The report finds the pandemic has not significantly influenced the viability of the industry’s project pipeline, and that leaders are focused on technology as a long-term play, rather than a response to short-term challenges.
Ken Morrison, the Property Council’s chief executive, says the survey results “underscore the remarkable resilience of our industry”.
“The industry’s main worries are weighted towards the challenges of growth: securing land and funding, and delivering trustworthy buildings at a rapid rate,” Morrison says.
In response to these challenges, senior leaders are “driving digital technology agendas at speed,” notes Tom Karemacher, Procore’s vice president for Asia Pacific.
“Industry leaders are boosting their baseline technology and data capabilities to better balance their risk profile, with digital transformation an area of focus for 53 per cent of respondents.”
Morrison says a host of challenges, from regulatory pressure to emissions reduction, were already driving Australia’s development industry to invest in digital technology prior to the global pandemic.
“New technology is essential to keep sites safe and open today, but long-term it will help the industry meet cost, efficiency and compliance requirements,” Morrison says.
The Data Differentiator is the first instalment in what the Property Council and Procore expect will be an annual report with insights and information to guide technology investment and business decision-making.
Among other key highlights, 85 per cent of respondents noted COVID-19 has not influenced the viability of the industry’s project pipeline. Rather, their concerns are about challenges of growth and managing risk.
“The survey reveals a clear divide between digital leaders and laggards,” Karemacher adds.
“Most respondents recognise that technology and data underpin better decision-making, eliminate mundane tasks, help to retain top talent and, importantly, support the delivery of trustworthy buildings. Despite this, 79 per cent of development companies are reviewing their project management software with alarming infrequency,” Karemacher says.
“The survey results are a source of optimism as the development industry sits at challenging crossroads. But the report also comes with a clear warning. We need to step up our investment in digital technology to transform our processes, elevate quality and meet the challenges of the twenty-first century,” Morrison concludes.
Download The Data Differentiator.