How new PropTech digital platforms and business models change the real estate sector and society?
Digital technology in the form of hardware and software has become an integral part of our daily lives. Many organizations use numerous digital technologies which in their complexity causes challenges in how they manage the technology in the organization. In the real estate and construction sector, additional challenges arise from the fact that the industry is fragmented and buildings are equipped with different information systems.
Project name: How new PropTech digital platforms and business models change the real estate sector and society?
Project manager: Docent
Bertram Steininger
, Postdoc Olli Vigren, FoB
Participating organisation:
PropTech Sweden
,
Unissu
,
Akademiska hus
,
AFRY X
,
Nordanö
,
Skandia Fastigheter
,
Politecnico di Milano
,
Breda University
Project period: 2023 - 2025
Funding:
Formas
A promising solution to the challenges could be the use of digital platforms and a better understanding of the business models. Digital platforms form information technology infrastructures that are widely accepted and used across an industry. They build an ecosystem that has a wide network of actors and combine users and producers of data and services (e.g. asset management platforms, access control systems, or energy optimization platforms). They are important as they have the potential to solve issues related to the fragmented nature of the sector and the fragmented technology management landscape.
However, the real estate and construction sector have paid less attention to business model innovation – describing the development and implementation of platforms. Also, the understanding of service innovation – typical of many new digital platforms in the real estate and construction sector – is often missing.
Thus, the purpose of this applied research project is (1) to increase understanding of the operational logic of digital platforms and business models, and (2) to promote the adoption of digital platforms by identifying challenges and opportunities related to technology and business models.
We use interviews, document analysis, and quantitative methods such as topic modeling and text analysis by means of machine learning (ML) methods to identify common patterns in technology and business models and to promote state-of-the-art technology adoption in the built environment.