PropTech transformation is slow going, KPMG survey says

The property industry is making slow progress in adopting enterprise-wide PropTech strategies, says KPMG’s third PropTech report. The report reveals that 58% of respondents said their real estate business has a digital strategy in place – a figure that is up 6% on the previous two years’ findings. However, less than a third (29%) of those polled say they have an enterprise-wide digital strategy. Andy Pyle, UK head of real estate at KPMG, said: “Real estate may be an industry deep-rooted in bricks and mortar, but it’s far from immune where digital disruption is concerned. It’s clear that the industry’s key players are slowly but steadily waking up to this fact, with many now focussing on the increased ability to improve efficiencies; reduce-costs; develop closer customer relationships and utilise enhanced decision-making capabilities.” He added: “PropTech is an area that continues to climb the boardroom agenda, especially as competitors begin to demonstrate a competitive advantage through its use. Having said that, our findings suggest that many players might need to start looking further afield for expertise to fully execute their digital aspirations . . . In the UK, a number of property companies have begun looking further afield to acquire the skills needed for a digital future – whether that be data scientists, innovation specialists or to improve customer experience. In parallel, we’ll increasingly see industry bodies and universities adapt their courses and professional training so that the surveyors of the future are fully equipped in this area. The industry clearly recognises the vital role talent and skills will play in the coming years.”

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