What is Proptech?

As the world is continually advancing to a totally digital age, energy consumption is at an all-time high. In developed nations, where electrical outage is not an issue, electricity is being consumed more and more each day. Decades ago, people, whether it be their personal or professional life, had to manually take care of how much energy their home or workplace was consuming. Fast forward to 2020, and now there is a digital method to take care of this, which has been around since the mid-1990s, and it is known as Proptech (Property Technology).

The dot-com bubble which introduced companies like Amazon and eBay paved the way for the necessity of Proptech. Think of it in this way. It was, and still is, quite irksome to be out on the street trying to hail a cab. Then ride-sharing apps such as Uber and Careem came along to make the process a lot easier. Similarly, Proptech has allowed for smoother real-estate related endeavors such as storing and projecting real estate properties and other such addresses on a digital platform, and allowing for a quicker and more user-friendly way to conduct real-estate related business transactions online.

As mentioned early on in the article, energy consumption is a major issue nowadays especially for businesses. But as Proptech is being used more and more in today’s time, the technology can also be used to reduce energy bills. There are a variety of ways in which this can be accomplished.

Firstly, Proptech software such as a Building Management System can be used to digitally monitor a financial building’s energy, water and gas consumption rates.

Secondly, Proptech is also useful for implementing strategies on space optimization. Proptech is extremely helpful in this regard as this strategy can be utilized both before the construction of the workplace and afterwards. By using Proptech software to allot proper space in regards to areas of operation, the correct amount of air conditioning, water, etc., can be applied within the most optimal levels of distribution.

Thirdly, an Advanced Room-Booking System can also save energy costs. If an employee books a certain space in the organization in advance, then the system can time when to activate and deactivate facilities such as light and air conditioning in line with the person’s booking schedule.

Fourthly, employee interaction with Proptech software is essential as they will be the ones most responsible for how much energy is used in their place of work. Proptech can assist them in multiple ways. For example, by using Proptech they can determine where to situate their space in their workplace alongside other employees – focusing on which space allows for the most maintained usage of energy. Proptech software also allows for workers to lessen car-related expenses, which can also be considered as energy consumption, by fixing a schedule which allows for carpooling with other employees, and therefore saving expenses such as petrol.

In conclusion, as with other digital technology, Proptech is as effective as the proper utilization of it by businesses and people alike allows it to be. Therefore, it is an integral part of any organization’s overall business structure.

Nisar Sufi

Content Writer, Indie Horror Author, Book Reviewer, Film Critic and Fortune Teller @knowthyfuture

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