ON MY MIND

Innovation defines leadership

I’ve been diving into technology’s impact on our business strategies and daily lives, and one thing is clear: adapt or get left behind. The AI revolution, in particular, is here. Consider this: as of early 2024, 65% of companies globally report they are now regularly using generative AI in at least one business function – nearly double the share from just 10 months prior . That’s an astonishing adoption rate. Three-quarters of executives in a McKinsey survey expect GenAI to significantly disrupt their industries in the next few years .

We’re talking everything from AI chatbots handling customer queries, to algorithms optimizing supply chains, to machine learning models helping decide where to invest in real estate.

For some, this pace of change is thrilling; for others, it’s intimidating. I’ll admit, I felt a bit of both the first time I used an AI tool to draft a market analysis. The speed was incredible – what used to take me hours of compiling data could be done in minutes – but I also wondered, “Am I about to be out of a job?” After exploring further, I’ve come to see AI and tech not as job-takers but as toolmakers. They take over repetitive tasks, crunch vast data, and surface insights, freeing us humans to do what we do best: build relationships, exercise judgment, and drive creativity.

The real estate sector is a great microcosm of this change. Not long ago, deals were closed with paper documents and physical signatures. Now, digital transaction management and e-signatures are the norm. Property search has moved predominantly online; buyers often do 80% of their home search on web portals before even talking to an agent. And PropTech innovation is booming – from VR home tours and AI-driven property valuations to blockchain-based property records. Fun fact: India’s PropTech startups have attracted $4.6 billion in investment since 2011, growing at ~40% annually . They’re tackling everything from online brokerage to construction tech.

One proptech example I love: some Indian developers are using AI chatbots on their websites to answer buyer queries in real-time (24/7) – essentially a smart, tireless sales assistant. Another is the use of data analytics to identify micro-market trends; investors armed with these tools can spot the next “hot” neighborhood before others. On construction sites, drones and 3D printing are starting to expedite project timelines and cut costs.

As business leaders or professionals, the challenge is figuring out what tech truly adds value versus what’s just shiny and hype. My approach has been to focus on tools that either save me significant time or provide insights I couldn’t easily get otherwise. For instance, I started using an AI scheduling assistant – it coordinates meeting times via email back-and-forth automatically. It felt strange at first (and I worried clients would mind talking to a bot), but it’s been seamless and saved me dozens of emails a week. Likewise, I’ve begun relying on a market analytics platform that uses machine learning to forecast rental yields in various districts – it’s not perfect, but it provides a data-backed perspective that complements my on-ground intuition.

One area of tech I’m particularly bullish on is virtual reality for real estate. During the pandemic, VR tours kept the market moving. Now as the tech improves, I suspect we’ll see more international buyers closing deals after only a virtual walkthrough (especially in commercial real estate).

The bottom line: staying tech-savvy is no longer optional if we want to stay competitive. The good news is, these innovations can make our work more interesting by automating drudgery and opening up new possibilities. The key is to keep learning. In fact, half of what we consider “current” skills today may become outdated within just a few years due to advancements like AI . Continuous learning (remember last week’s newsletter!) and an open mind are our best allies. Rather than replace us, I believe technology – used wisely – can empower us to do more and do better. After all, the computer didn’t replace the accountant; it made the accountant faster and more accurate. In the same way, today’s tech can make us superhuman professionals – if we embrace it.