If you’re a real estate developer in the current market, you’ll know that there are big changes underway for the industry. The path to project completion isn’t an easy one, with obstacles including financing, acquiring land in a competitive market, a complex and diverse regulatory environment, environmental concerns and the lagging state of infrastructure development such as transportation, water and energy systems.
Added to this, while many of you have started to digitise your workflows, often systems and data are disconnected and frequently stored in separate locations. This can result in project teams working with incorrect or incomplete information, ultimately leading to rework and derailed workflows.
How does it sound to be able to not just exist, but thrive in the current landscape? Well, to do so, we’ve identified four key business priorities real estate developers must focus on.
These four business priorities are:
Digitalisation of asset lifecycles is playing a critical role in meeting these strategic goals for sustained revenue growth in the current marketplace.
Smart property developers are recognising the critical role data plays in the current landscape for informed decision-making, to reduce operational costs, and to optimise the asset lifespan of projects. Adopting a Common Data Environment (CDE) is the first focal point for all digitalisation, because this will help to serve as a central space for project information. A good CDE will also streamline collaboration across teams by providing a single source of approved project data.
The key capabilities of a good CDE include having a shared workspace for team members from various disciplines and locations, controlled access to stored information, a structured approval process to regulate data flow, and mechanisms for tracking and managing CDE-related activities. These elements combined will help to foster effective collaboration, ensure data security, and make your project outcomes better.
Having a good CDE in operation is also the first step to harnessing the power of AI, which can in turn provide predictive modelling and can forecast property values, rental yields, and occupancy rates with greater accuracy, mitigating risks and enhancing investment strategies.
Sound good? We thought so. But if you’re still wondering how this all fits together, take Dat Xanh’s use of technology as an example.
Dat Xanh E&C is part of the Dat Xanh Group, a prestigious real estate brand with nearly 20 years of establishment and development across Vietnam.
Using Autodesk Build and BIM360 for complete project management, the team’s processes have been transformed. Project processes have been automated, and their design drawings and construction plans, as well as machinery and equipment specifications, are just some of the documents being shared and approved much faster within the new system.
This has resulted in:
According to Dat Xanh CEO Le Hao, “The use of technology has made project management more efficient and faster than conventional methods. Now, we’re focusing on the further value of digitising workflows and project data.”
In an industry where time, cost, and quality are paramount, digitisation is a strategic necessity for property developers aiming to achieve growth in an ever-evolving market.
The ability to harness data to inform planning, refine processes, and gain valuable insights will empower you to enhance asset performance, streamline efficiency, and optimise project delivery. This will support you to minimise risks and delays and protect your profit margins with better cost management – resulting in more lucrative capital projects.
To learn more, check out all the findings in the full eBook The Real Estate Developer’s Guide to Gaining Value Faster from Projects.
