The main purpose of RICS study was to make people aware of the possible changes that technology would bring and therefore prepare them to cease the opportunity in the best way when changes occurred due to technological development.
RICS started their study in the year 2011 and in order to understand the possibilities of what future would constitute of “,they came up with 7 different groupings which were networks “,skills and multidisciplinary “,leadership and inspiration “,sustainability “,ethics, values and standards , thinking ahead and lastly technology which had the highest probability in future .The factors that would contribute to technological growth were as follows:
1.Evolution in internet access connecting isolated societies and adding to modernization.
2.Increase use of smart phones by younger generations.
3.Ease of overtaking markets and fast frequency of new technology
Differences in approach to technology was thought to be high due to variances in peers in workstations which becomes a problem and needed to be resolved for companies to make the best use of their opportunities
All that had occurred up to the year 2014 was merely just the beginning of what the technology could be used for .Surveying and geomatics were tech intensive and some usage of smartphones such as being able to control entertainment systems, temperature controls, securing doors simply using smartphone had sparked enthusiasm for incorporating these into money-making basis to real estate firms and other city infrastructures.
Some of the possible aspects in terms of innovation of technology that the study looked at were as follows:
• Better use of sensors in construction of building that would allow to save major costs and resolve the inefficiency problem faced for centuries in construction.
• Use of robotics to build structures saving time and material.
• RICS study also led to more information about the use of 3d printing in aeronautical sector to print parts and Chinas work in trying to create a material for construction purpose that would be cheap and quicker compared to traditional way of construction.
2. Integrated data and information: As more governments worldwide aimed to lower cost, technology seemed to be the solution as countries such as Singapore, UK had made it compulsory to use BIM to capture data and thus saw opportunity to integrate stored information across different industries such as real estate, design etc. using software’s and processes CAD-BIM-GIS. Environment professionals and insurer had also incorporated wearable technology, tablets into systems giving them more opportunity to build new software and thus capture and create value for data sets which were generally held by government.
3. More digital information available gave rise to new sources of information useful for analysis within countries and worldwide making big data analysis more valuable.
However with benefit of being able to access information readily comes with the risk of security and cyber terrorism .Not only that the article also highlights the fact that decision regarding construction using asset only takes into consideration of cost as maintenance which constitutes of 80% of life cycle cost therefore integrated information allows to look at the long term benefits of life cycle cost rather than the financial constrain alone. Other changes that would occur includes adapting to changing needs of skills.
The results from the research stated that sectors such as residential valuation, agency and brokerage, quantity surveying would be some of the sectors that would no longer exist in future which is thought to be true for the first two sectors only as demand for quantity surveying or cost management is expected to grow .Technology would result in some obvious changes such as people, place technology will be merged and thus more skills will be required in mechanical and electrical cost valuation services. Intricacy for advisers would rise and supervision and team work will be needed to enhance technical know-how. Higher investment in technology would take place; focus will shift to achieving innovation. For example”,
– Transactions and admin tasks will reduce as a result of technological growth
-kodak which was once strongest companies was overtaken with the emergence of technology
-similarly uber is replacing or competing against taxi drivers in many cities due to having cost advantage.
The next question that needs to be answered is if all the institutions, governments and society can adapt to change as many of the industries have been built in conventional methods and as time and technology takes over the fast pace advancement is happening to quickly. RICS study looks at some examples of organization and models that are fixed to flourish with growth of data and technology.
• CoreLogic a real estate data company in USA is a dominant player and branching out to countries such as Australia, Asia and China offering range of data related products including automated valuation models beside residential information services.
• Liquid space has been invested in by firms such as CBRE and avision young and thus entering markets such as USA and Australia that provide commercial property to be rented for short term basis.
• Real estate sale platforms such as Juwai which is one of the leading search engines in China and Lamudi which is also a property portal both platforms are used by buyers to rent properties and sellers use these to list their properties to be rented.
• Technology accerlators that operate in banks and insurance companies provide guidance to finance and advance start up organizations; demand for this service has been booming globally
The article also highlights how there will be an overall continuous change happening that will be accepted as normal compared to previous times. For e.g. non-cash payments, use gestures to control screen function, highly responsive sensors that will help identify changes in environment, space cubes that capture information about heat light and air in space; understanding of market situations due to improved analytical services etc. all this will become a part of the normal changes in future
To conclude, Surely the future changes will have an overall impact on everyone thus people need to be flexible and adaptable to adjust to these changes. The way business operate will differ thus the purpose of RICS study was to shift the mindset outlook of people and make them more ready to be able to work closely with technological sector, promote innovation and create home for big data professionals.