FPT IS discusses factors to kickstart digitalization of Construction – Real Estate industry at DX Summit 2022
At Vietnam – Asia DX Summit 2022, FPT Information System Co., Ltd. (FPT IS) experts on digital transformation consulting affirms that the digitalization of the Construction – Real Estate industry needs to start with a comprehensive approach, closely following the value chain of the industry, thereby creating a technology ecosystem.
Buyers changing behavior, enterprises gradually adapting to the digital era, are those of the typical trends of the Construction – Real Estate industry today. The pace of business ecosystem digitalization is also a criterion to evaluate the success of real estate enterprises. Conducting digital transformation in Construction – Real estate industry by adopting PropTech technology will create a boom in business opportunities with data transparency and synchronization.
Speaking at Vietnam – Asia DX Summit 2022 at the end of last May, Mr. Phan Thanh Son, Chief Business Development Officer, Director of Business Consulting & Integrated Solutions Center/BCIS (FPT IS), says, to conduct digital transformation in the shortest duration, at the most comprehensive scale, and create the best value for both real estate enterprises and buyers, etc., a multi-dimensional strategic approach is required.
Digital transformation in Construction – Real estate “needs to be started right”
Construction – Real estate is a particular industry, however, the opportunities and potential for digital transformation are huge. According to KPMG’s 2021 report on innovations in the field of Construction – Real estate, in 2020, around 23.3 billion USD has been invested in PropTech. According to a research on “Real estate in Vietnam’s economy – Roles and policy recommendations” by Vietnam Real Estate Association in 2020, it is estimated that total real estate assets in Vietnam will reach 1,266 billion USD in 2030 while the growth rate in the period of 2020 – 2030 will be 20%. By 2030, it is forecasted that real estate assets will account for around 22% of the total assets of the economy.
Facing continuous changes in digital transformation of the Construction – Real estate industry, enterprises should be well aware that digital transformation is a long journey and needs to be started right, from planning, design to implementation, helping enterprises exploit and inherit values for future activities.
“Digital transformation in Real estate is not conducted in one area but is an end-to-end effort, it should be done throughout the industry’s value chain, from planning, design, implementation, to operation, business performance, real estate transactions. Only by doing so will create an interconnected ecosystem,” said Mr. Son.
The smart city model (City Protocol) currently adopted in Barcelona.
Mr. Son takes Barcelona as a typical example, one of the well-known smart cities in the world. Taking the people’s interests as the center, Barcelona does not start from technology, instead, starts from an overall picture of the city, ensuring multi-dimensional development, from culture preservation to the development of society, economy, and urban operating system.
To gain success, digital transformation in Construction – Real estate does not simply lie in technology adoption, it is also necessary to establish a long-term vision, clearly identify the needs/issues of enterprises, values to be delivered to the customers and then the appropriate technologies.
“The more goals and investments that are set for digital transformation, the more enterprises will save a lot of costs with the ability to meet those goals on an integrated digital platform,” added Mr. Son about the efficiency of technology adoption throughout the industry’s value chain.
Accompanying enterprises to start smart
Currently, many enterprises have leveraged COVID-19 period to conduct digital transformation and maintain their pivotal role in the real estate market, meanwhile grow in both size and profit, getting ready to return to the market when the opportunities arise. Particularly, large enterprises and corporations have chosen FPT IS to deploy SAP-based suites specific for the Construction – Real Estate industry to enhance competitive advantages, such as Dat Xanh, Filmore, An Gia, Phat Dat, TNR, Coteccons, etc.
Mr. Phan Thanh Son (far left) discusses with attendees at Vietnam – Asia DX Summit 2022.
Based on the advantages of experience and technologies, FPT has summarized into 3 suites associated with the value chain of the Construction – Real Estate industry, including:
– Digital transformation solutions and services for Construction – Real estate enterprises (such as ERP, CRM, etc.).
– Digital infrastructure for Real estate is provided by FPT Telecom in different forms, such as the model of co-investment, co-operation and profit sharing. That includes internet infrastructure, voice service, digital TV, mobile/wifi and smart homes.
– Services of solution integration consulting, implementation and operation support for smart real estate, from urban areas to particular buildings such as factories, airports, train stations.
In addition to self-developed solutions, FPT IS is also a senior partner of multiple prestigious domestic and foreign technology firms, ready to join forces to create a smart real estate ecosystem in Vietnam. FPT IS is always ready to accompany Construction – Real estate enterprises in the digital transformation journey and realizing the smart real estate model, replicating it into a smart city model, creating a foundation to promote digital economy and digital society.
