News

Technology can help mitigate risks in the property industry

OFFICE • November 4, 2021
Tags: INNOVATION, COMMERCIAL

The recent survey on the challenges and growth of the property industry, conducted by the Property Council of Australia and Procore Technologies, have revealed the industry’s growing appetite for digital transformation and how industry leaders are preparing today for what comes tomorrow in their joint research report ‘The Data Differentiator’.

Property Council’s NSW Executive Director Luke Achterstraat said the report examined how technology could help business leaders to navigate the increasingly complex compliance, regulation and risk landscape.

 

“These pre-existing drivers, overlaid with a global pandemic, have forced the construction industry to rethink the tools and processes it has relied on for decades. New technology is necessary to not only meet cost, efficiency and compliance requirements, but also to keep sites safe and open.”

 

Mr Achterstraat said industry’s leaders understood the value of technology to deliver better quality outcomes, which was apparent in the industry’s response to the pandemic, taking on industrial and logistics projects and upgrading existing assets.

 

Key highlights from the report include:

  • 82% of respondents said compliance and a commitment to high quality were “imperative” to ensure projects remained competitive; however 18% saw compliance as either “somewhat important” or “desirable”.
  • 53% of respondents said digital transformation was on their radar; 20% said it was not.
  • 21% of respondents review their project management software every 12 months, but 22% operate the same system for five or more years.
  • 85% 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.

Click here to read the media release.

 

Written by: Aidan Green.

Download report