PropTech Study

The impacts of Technology and Innovation in the markets The role of innovation becomes even more important for organizational survival due to the challenges of the 21st century. The rise of information technologies and the progressing globalization of markets transform economies and fuel digitization, automatization, and connectivity: the value creation shifts from capital-intensive to information-intensive industries. Firm innovativeness refers to an organization’s overall capability to engage in new ideas and concepts that may result in the implementation of new processes or the introduction of new products or services. We develop an enhanced, more holistic, measure of firm innovativeness with broader applicability. We define firm innovativeness as an organization’s overall capability to engage in new ideas and concepts that may result in new processes’ implementation or in new products’ introduction. The PropTech companies have come onto the market with digital, innovative and sustainable business models, which create ground-breaking momentum.

1. The adoption of technology in the construction sector Construction technology as the collection of innovative tools, machinery, modifications, software, etc. used during the construction phase of a project that enables advancement in field construction methods, including semi-automated and automated construction equipment.

The construction company goes through three phases from solution to technology implementation, while vendors proceed from diffusion to after-sale services as the second side of the process. The vendor side could be replaced by a manufacturing representative, an innovator, a dealer, a supplier or sale people. Technology adoption occurs in an environment with two main players such as vendors and construction companies.

The adoption of proven technology can improve construction industry productivity by 30-45%, as well as improved material predictability and reliability. The new technologies have a large beneficial effect on overall productivity in construction.

Even though the construction industry has not kept pace with the automation advancements of other industries, automation has proven to improve the most key areas including cost, schedule, quality, safety and production.

Electronic simulation has proven to be a very successful application for the industry improving constructability, maintainability, operability, quality and safety while reducing cost and schedule.

Other technologies adopted by the industry, such as wireless and advanced building technology have all provided industry benefits in quality, productivity, reliability, less rework and improved inventory management.