SYDNEY--(BUSINESS WIRE)--Australia’s property industry remains “remarkably resilient” with leaders focused on the challenges of growth, according to a new survey from Procore Technologies, Inc. and the Property Council of Australia.
The Data Differentiator: Australian property leaders reveal how using data today can mitigate tomorrow’s risk, a new report based on a July 2021 survey of 166 senior industry leaders in Australia, finds the pandemic has not significantly influenced the viability of the industry’s project pipeline, and that leaders are focused on technology as a long-term play, rather than a response to short-term challenges.
Ken Morrison, the Property Council’s Chief Executive, says the survey results “underscore the remarkable resilience of our industry.”
“The industry’s main worries are weighted towards the challenges of growth: securing land and funding, and delivering trustworthy buildings at a rapid rate,” Morrison says.
In response to these challenges, senior leaders are “driving digital technology agendas at speed,” notes Tom Karemacher, Vice President Asia Pacific at Procore.
“Industry leaders are boosting their baseline technology and data capabilities to better balance their risk profile, with digital transformation an area of focus for 53% of respondents.”
Morrison says a host of challenges, from regulatory pressure to emissions reduction, were already driving Australia’s development industry to invest in digital technology prior to the global pandemic.
“New technology is essential to keep sites safe and open today, but long-term it will help the industry meet cost, efficiency and compliance requirements,” he says.
The Data Differentiator is the first installment in what the Property Council and Procore expect will be an annual report with insights and information to guide technology investment and business decision-making.
Key highlights from the report include:
- 82% of respondents said compliance and a commitment to high quality were “imperative” to ensure projects remained competitive; however 18% saw compliance as either “somewhat important” or “desirable.”
- 53% of respondents said digital transformation was on their radar; 20% said it was not.
- 21% of respondents review their project management software every 12 months, but 22% operate the same system for five or more years.
- 85% of respondents noted COVID-19 has not influenced the viability of the industry's project pipeline. Rather, their concerns are about challenges of growth and managing risk.
“The survey reveals a clear divide between digital leaders and laggards,” Karemacher adds. “Most respondents recognise that technology and data underpin better decision-making, eliminate mundane tasks, help to retain top talent and, importantly, support the delivery of trustworthy buildings. Despite this, 79% of development companies are reviewing their project management software with alarming infrequency,” Karemacher says.
“The survey results are a source of optimism as the development industry sits at challenging crossroads. But the report also comes with a clear warning. We need to step up our investment in digital technology to transform our processes, elevate quality and meet the challenges of the twenty-first century,” Morrison concludes.
Download The Data Differentiator.
About Procore Technologies
Procore Technologies, Inc. (NYSE: PCOR) is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the head contractor, and the subcontractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at www.procore.com.
About the Property Council of Australia
The Property Council of Australia is the leading advocate for Australia’s biggest industry and biggest employer: property. The property industry represents 12.8% of Australia’s GDP, employs 1.48 million Australians (more than mining and manufacturing combined) and secures the future of 16 million Australians who have a financial stake in property through their superannuation funds. The Property Council champions the interests of more than 2,200 member companies that represent the full spectrum of the industry, including those who invest, own, manage and develop in all sectors of property, creating landmark projects and environments where people live, work, shop and play. Learn more at www.propertycouncil.com.au.
