New age technology influencing the role of facility management in the real estate sector

Technology is redefining the real estate requirements for work and home. Various innovative technologies have made inroads into the real estate sector in India, right from online property search to improved construction techniques and e-signing of contracts which has also led to the emergence and need of both smart workplaces and smart homes.

With new models like co-living and co-working entering the real estate market, this has also led to an increase in expectations in ensuring operational efficiency as well as creating and managing the shared living and working ecosystem for the millennial workforce. Therefore facility management or property management sector is undergoing a transformation, and is becoming more complex and demanding. Consequently, there is a new potential risk at nearly every step in terms of transaction failures, privacy and data security, allocation of resources etc. The Facilities Management sector will have to develop and implement innovative strategies to prevent these potential risks as well as the costs associated to manage their properties efficiently. With the concept of co-living and co-working spaces on the rise, the need to have an integrated process/service wherein everything from facilities management to advisory and transaction services, project management and energy consulting, has a single point of authority and control is both practical and necessary. An efficient model of facility management helps in ensuring an optimal utilisation of spaces especially in the case of co-living and co-working spaces where creating and managing the perfect place for long term living and working for the start-up generation needs to be exciting and functional.This is where technology plays a vital role. The rapid use of technology and the evolution of AI has helped facility management service providers to a great extent in maximizing productivity and making it cost effective. Its greatest impact can be seen on the success of co-working and co-living buildings/spaces/where property management has been efficient with increase in speed of service, centralized helpline, reduced labor costs, modernized look and functional and stress-relieving interiors of the workstations/lobby and rooms to attract and appeal to the young workforce. Thus, facility management has established itself as the backbone of an organization as it bridges people, functions and enhances productivity to achieve better results.

Importance of these summits on Facility management

Facility management is an important wheel of an organization be it any industry and considering its significant impact on the overall success of the business, a dedicated platform is necessary to raise awareness and increase the standard of professional Facility Managers in India. These summits provide a platform for knowledge sharing and at the same time help in grooming facility professionals and act as a strategic component of the organization. I am both honored and excited to be a part of this summit.

Rohit Kapoor

Chief Executive Officer

New Real Estate Businesses, OYO Hotels & Homes

For more information about the Facility Management Summit, please visit: http://et-edge.com/conferences/sfm/