Category: DigitalSuccess

When we talk about digitization across the various sectors, we know that it started long ago. We can say that the process accelerated due to the Covid-19 situation where we have faced worldwide lockdown. The Real Estate sector has been utilizing digital tools for a better marketing experience for the past couple of years, but relatively, we can also say that adoption across the sector was extremely limited. The companies who deployed the digital tools and utilized the analytics for marketing and remarketing have floated through difficult times. To understand how real-estate stalwarts are lining up digital strategies to overcome these sudden hurdles, we invited Dr. Niranjan Hiranandani, Co-Founder and Managing Director of Hiranandani Group of Companies, and Mr. Apurva Salarpuria, Salarpuria Sattva Group, at one of our #DigitalSuccess Dialogue episodes. Rise of Digitisation in Real Estate Sector The upsurge of digitisation occurred due to the ongoing pandemic. In the real estate sector and across various sectors, digitization is considered as an antidote to the crisis. The recent outbreak of COVID-19 has also given rise to social distancing norms, which stalled the daily business operations. Thus, the WFH concept took the front seat and became trendy during this unprecedented period. Dr. Hiranandani shared that the rise of the WFH concept has given rise to the residential sector’s demand, where families are demanding larger homes for their unique working space. He further added his view on leveraging social media platforms to re-define marketing strategies, “Adoption of social media platforms has effectively generated leads and later converted them into sales. A couple of listed real estate companies have also observed 40 to 50 per cent of digital sales during the lockdown period. Yes! Digital acceleration has taken place during the pandemic. Whether it is going to stay in the future? The answer is yes! If you ask whether it will be the only way of conducting business, then the answer is no! As people will demand touch and feel experience while buying their future home. Some changes are bound to happen. How much will it be sustainable? Time will tell!” Agreeing with Dr. Hiranandani, Apurva further shared his perspective towards digitization. From the macro point of view, Apurva considers digital as a “way of functioning.” Digitization has a multi-level impact, such as the business model level, product level, and process level.   New concepts such as co-living and co-working have emerged at a business model level. In contrast, the WFH concept has re-designed the spaces by including office space for working family members. “The significant change that I felt in the pandemic is the ‘mindset’. Customers are willing to engage on a zoom call or any virtual platform. Change in the mindset towards digital is the most significant change that we have seen during the pandemic.” Apurva further added that real estate sectors are also building capabilities as per evolving mindset. Balancing Between Rising residential Sector and Decreasing Commercial Sector As per Dr. Hiranandani, commercial, residential, and GDP are tangled together. The pandemic of 2020 has forced the GDP rate to slip below, which has exacerbated the commercial sector’s situation. But, the stalwarts are hopeful about 2021, where numbers have the potential to grow. The commercial sector in real estate has always been skewed and volatile. Impact on GDP and overseas investment affect the industry profoundly. Dr. Hiranandani further clarified that WFH has no significant role in reducing the number of the commercial sector. He believes, “if GDP goes down, commercial requirements will go down, and consequently, residential demand will also come down.” As a solution, Dr. Hiranandani suggests realtors build new capabilities with alternative methodologies to meet customer’s demands. Balancing between both can come when realtors can value society’s quality where the customers will stay. “The Flight to Quality and Safety” is observed among customer’s priority lists, and RERA’s regularisation is also ensuring only the quality players remain in the market. 2021 is viewed as bullish!  Advanced Technology leveraged to Engage Technology advancement is taking place not only among realtors but also among the regulators. RERA or localized registration offices are going digital. Vast repositories of data on inventory are helping realtors understand the status of the projects. Further analyzing the data helps them forecast and decide the upcoming projects according to their evolving needs and lifestyle. Dr. Hiranandani added, “Usage and accessibility of data will improve substantially, and I think across various touchpoints such as planning for projects, we will use it more. So, in the next two years, that is something which will see a dramatic shift.”  Apurva also shared that leveraging social media platforms has also increased the transparency level. Access to the technology has become easier than before, and hence it is no longer a privilege to the larger players in the real estate sectors. Thus, benefitting the smaller players too. Utilizing and leveraging various advanced technologies such as blockchain technology, augmented reality, and chatbots also help smaller players build a niche in their localized area by creating quality products in a smaller fashion as per the local needs.  Talking along similar lines, Abhishek Rungta, CEO of INT. (Indus Net Technologies), further added his thoughts from the technology business’s perspective “Digital is critical for business and not anymore a fancy thing. It has become a necessity, and adoption has increased and will increase further in the future. Customer delight is a leading objective among companies. Also, virtual reality is being used aggressively by realtors, further, analytics ensures the maintenance of the facility.”  The underlying objective of going digital Digitization is not used for reducing the marketing cost but for precise prospect targeting. Realtors are using it to enhance customer experience by delivering customized messages with personalization.  Dr. Hiranandani shared his view on market expansion due to digitization, “Nobody visits the regulator, and everything is registered online so are the complaints. Even the govt approval process has started to take place online. So, you can see a full-scale digital adoption. From a consumer perspective, they are getting much

Global companies are heading towards building digital capabilities. To thrive in today’s world, digital transformation is a must-have approach; not only that, the pandemic is an eye-opener for many companies irrespective of their sizes. Companies need to act fast to become resilient cause technologies also create jobs, and companies need to know how! In one of our recent #DigitalSuccess DIALOGUE episodes, we brought two of the most astute business leaders from Eastern India to share their experiences with our audience about the Digital Transformation stories that they have encountered. Mr. Harish Agarwal, Managing Partner, EY, Kolkata & Bangladesh, had a conversation with Mr. Abhishek Rungta, CEO & Founder, INT.(Indus Net Technologies), on bringing resilience to the startups and MSME through digital transformation. Abhishek: The adoption rate of Digital in India is not high. Rather, I would say it is forced. Tell me, when do you think that companies should adopt digital? Harish: “Digital” as a concept took off when consumerism in IT came in. During the 90s, the best technologies were available at the workplace because affording them individually was not easy. Today’s generation has the luxury to get hold of better technologies at home, and these digital natives will demand more advanced techs at their workplace. Consumers will eventually expect and demand more digital experience! Gradually, businesses will abandon their legacy model and adopt advanced technologies for the new digital-savvy generation. As technology advancement occurs, older technologies are getting obsolete faster, paving ways for newer technologies. Take the case of a fingertip unlocking phone feature that was once attractive and replaced by a face recognition unlocking feature. Tech advancement is also changing consumer perception along with their changed lifestyle. The future gen might demand more cashless transactions, which will aggressively drive digital adoption among companies.   Abhishek: So, are you saying the digital revolution is going to be bottom-up rather than top-down? Harish: The pandemic has very well confirmed that digital transformation will be a bottom-up approach, and the customers will reject companies that will fail to align with their needs. During covid, there has been a huge transition of users from traditional to digital. There is a huge jump in the digital buyers’ community. Though it will be a mix of both, my view is that the bottom-up approaches’ share will be higher than the top-down. The pull factor will be strong enough, and businesses will adopt it to stay ahead of the competition.  Abhishek: Digital is synonymous with innovation. Where should startups go and look for inspiration for innovation? Harish:  “Technology advancement, Customer demand, and Competition are key drivers on which innovation depends.”  Firstly, startups should have a clear view of making money by adopting the right strategy to recover the investment. Innovation does bring great ROI, and startups must deliver products/services that create a niche.  If you look around, you will notice that we live when you walk into a lifestyle store, pick up a dress, and don’t even have to be in a queue for a trial. AI makes it possible for you to trial a dress even without physically trying it on by embedding AR and other advanced technology. Now, that is innovation!  So the question again is what startups are planning to do? Is it innovation? Or imitation? If companies are looking for imitation, startups must look for inspiration from global ideas and start analyzing their operation and outcome. The idea is to consistently improve those ideas to stay ahead of the curve to beat the competition. Abhishek: I agree with innovations, but there is another challenge that companies often talk about. For complete digital adoption, behavioural change is important among employees and users. How do you think behavioural-change might happen?  Harish: In my personal experience, I have seen businesses reaching their zenith height when employees are carried along with them. Experience suggests that people are scared of digital adoption and the tech revolution always faced a push back. One of the trending debates is whether robots will induce unemployment in the future or not. Educating employees on the benefits of the advanced technological tools can only counter the pushback.  One such tool that increased the employees’ efficiency and shared much of their burden is Robotic Process Automation (RPA). RPA in the banking sector is heavily used as there are many repetitive tasks that they normally do. RPA reads all the emails that come in the bank mail ID. RPA sorts it and ranks it with a score. The highest priority mails go to the individual. This saves cost and time. That individual can now attend this mail with much seriousness, which would not happen if she needed to read 100 odd emails before this.   Thus, when employees are educated about the benefits of tech used for their own advantage, it is adapted easily. Abhishek: How do companies which have been disrupted by digital companies survive?  Harish: As I earlier said, adaptation is the key to stay ahead in the race of survival. Digital is critical for the companies, and aligning with the customer’s needs can become the road to success. Consider these two famous cases from which companies can learn to survive. Uber came into the show when Mr. Travis faced difficulty finding a taxi; Mr. Travis then decided to build an app to link all the cabs and make it easier for a traveller to find a cab. That is aligning with the customer’s needs. Again in London, the famous black cab service also saw the digital transformation and how people are adapting it. They took this opportunity and created their own app. With a new app in hand, they have blended their USP with digital transformation to compete and stay ahead of the race, That we can call as adaptation! Abhishek: How can MSME make use of analytics in a better way? Harish: Analytics can be used when there is data. I have often seen that MSME doesn’t generate enough data as employees fail to fill in. CRM is used

When isolation and boredom are two common issues of the ageing population, Columbia Pacific Communities transforms the old system into a warm and lively ecosystem where senior-living is re-imagined. Resonating the Banyan tree’s philosophy, Columbia Pacific Communities stands on the pillars of wellness, real estate, and hospitality. We had an in-depth conversation with Mr. Mohit Nirula, CEO, Columbia Pacific Communities. CPC is Mohit’s second organization, where he implemented his diverse knowledge, gained in the last three decades of his career. In conversation with us, Mohit expressed India’s perception of the concept of “senior living community.” The senior living community can become a guilt-free concept in India, but can it potentially break the social taboo?  Q. Thanks for accepting our interview request. Since the senior living community is still a new concept in India, what is the awareness level in India? Mohit: Thank you for the opportunity. It is a privilege and a pleasure to be able to exchange thoughts on a subject that is so dear to me and so important as an option for seniors in the country – the opportunity to spend their best years in the company of friends within a community designed with their needs in mind. The concept of senior living communities does need to be differentiated from another concept with which it tends to get confused – old age homes. For social and historical reasons, the latter have been tainted as establishments inhabited by residents abandoned by their progeny and filled with despair and a sense of hopelessness. This perception is not necessarily true and definitely not universally applicable to all such establishments.   Senior living communities are more a “service” solution than they are a “product.” Communities designed with seniors in mind encourage social interaction among the residents. In Columbia Pacific Communities, this is especially important as large, open, multi-utility spaces allow residents to embrace our unique and proprietary concept of Positive Ageing – an approach that allows them to remain physically fit, mentally alert, and intellectually engaged in a socially active environment. Furthermore, at a Columbia Pacific Community, the service design is such that we take responsibility for all day-to-day chores, thereby liberating the residents to pursue their interests and passions and allowing them to become the best version of themselves. Finally, the on-site presence and support of medical and para-medical service personnel trained by our healthcare partners – Columbia Asia Hospitals ensures that the residents can have the required peace of mind, secure in the knowledge that their regular and emergent needs can be attended to without having to risk increased exposure by trips to hospitals and nursing homes. Q. How do you see the rate of growth in the last few years? Was it higher? Particularly during COVID-19, was there any change in the demand? Mohit: There has historically been a gap between the demand and supply of homes designed for seniors. A CII study confirmed that while the urban demand for such homes is 200,000, there are barely 10,000 homes available at this time and another 10,000 in various stages of development. Furthermore, the experience of seniors in the last six months, especially those living on their own in villas or in mixed-family condominiums, has only accelerated this demand. The contrast in the care and the peace of mind experienced by seniors residing in communities dedicated to their needs was stark. The need and convenience of such communities have been acutely felt by seniors and equally by their children whose careers have taken them to different cities and countries.   At Columbia Pacific Communities, we have seen a 4x increase in the organic traffic to our website as seniors and their families look for solutions to their needs. Demand for homes in communities – on rent and on resale has resulted in there being a waiting list at all our 9 communities. We are confident that more and more elders will see communities designed for seniors as the preferred lifestyle option for their golden years. Q. What is predicted in the senior living space in India in the coming years? Mohit: We see a growing acceptance and adoption of this lifestyle solution. In time, and sooner rather than later, this will be the preferred solution for seniors and their children. At Columbia Pacific Communities, we aspire to launch between three and four communities every year for the foreseeable future. While Tier 1 cities will have a higher demand owing to larger numbers of nuclear families and empty nesters staying alone, we expect Tier 2 cities with good medical infrastructure and weather becoming desirable destinations. We also see more homes being bought by groups of friends as more and more active and independent seniors are looking to enjoy the best years of their lives. This is a stage in life when they have financial independence, have fulfilled their responsibilities, and have the time and energy to pursue their passions. And who better to do this with, than with old friends and new. Q. Do you see the Government & senior living communities coming together in the future, if not already? Mohit: There is an urgent need for the Government to support the needs of seniors.   As can be seen, healthcare costs increase at a rate faster than inflation. With increasing life expectancy, it follows that the most expensive years of a senior’s life are being added to their lifespan while there is no commensurate increase in savings or retiral benefits. Policy level support from the Government to support retiral income to keep pace with inflation improved medical insurance plans and capping of cost of treatment for the elderly, reverse mortgage schemes that are attractive and support a senior to benefit from their investment in their own life are various measures that require the Government’s immediate attention. Equally, the removal of Good and Services Tax on services provided to seniors in communities designed for their well-being is another area where the Government can support the seniors and their financial well-being. Q. What