Leveraging Technology To Improve User Experience
Jan Hoffmeister, Chairman and Co-founder, Drooms believes that leveraging technology can create a more informed strategy to improve customer loyalty and user experience.
How technology is bringing a paradigm shift across industries?
Technology is changing work and the way organisations operate. Whether it’s through the adoption of big data analytics, AI, robotics, blockchain or virtual or augmented reality. The retail space in particular is benefiting from the advantages associated with digital disruption.
Aside from breaking down information siloes, reducing costs, improving profit margins, and contributing to streamlined, efficient workflows within organisations and across networks, digital transformation has the propensity to build more resilient, automated and sustainable supply chains positively impacting future production. Boundaries between sectors are also shifting.
Reasons for technology’s slow acceptance in Indian real estate?
A lot of businesses have been shrinking over the last four years as a result of the slowdown in India’s construction and real estate sector, which accounts for 40 per cent of overall jobs. Real estate growth fell to 5.7 between April and June 2019 which has a knock-on effect on technology adoption particularly where there is lack of investment and fewer jobs etc. While funds may hinder implementation of technology, lack of awareness around its benefits and absence of a suitable ecosystem also impede tech use.
Quick and reliable connectivity has been a high priority for businesses across sectors irrespective of where they are located. India has challenges with internet speed in all locations, a prerequisite for many advanced digital services, on the other hand, India’s utilisation of mobile devices is much more advanced compared to that of Europe. This opens up many possibilities, especially in retail.
Has COVID accelerated technology adoption?
The coronavirus pandemic has profoundly shifted the way all companies operate. The crisis has exposed the strength and weaknesses of firms worldwide and has been a catalyst for the deployment of technology which is critical to weathering the outbreak and emerging resilient
For instance, our solutions can enable the Indian realty sector to engage with global institutions to leverage funding, investments and create joint ventures as the use of data rooms is embedded in developed markets. Looking forward, the ability to share critical and confidential data online in a secure GDPR compliant data room will become even more important as India finalises its Personal Data Protection Bill (PDPB).
Brief on Company’s products & services
Drooms connects professionals and information in the worlds´ real capital markets via virtual data room offering. VDR platforms and their extended workflow tools, like portfolio and Q&A management, are utilising the likes of AI and machine learning to run real estate transactions of all sizes even more efficiently.
Drooms also supports portfolio and fund managers in order to create long-term value via sustainable data preparation with its ‘permanent data rooms’ to manage portfolios. Our ‘deal lifecycle tool’ developed in-house and based on market feedback helps to create a controlled, standardised environment for documents relating to deals and portfolio companies, which can aid portfolio tracking and reporting and can also speed up an exit process.
Drooms services effective management of documentation (24/7/365) too, such as the sourcing, scanning, digitising and structuring of information within the VDR platform. Using an online data room reduces expenses linked to the transportation of both stakeholders and the required transaction related documentation. Aside from obvious cost savings, the benefits of establishing and maintaining a VDR are clear: increased flexibility; better control and accessibility of documentation throughout the hold phase; compliance and elimination of information silos.