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2022: A productivity revelation

2022 has been labelled as a revelation for business productivity because of the widespread adoption of automation and technology that is taking place in many industries. 

The COVID-19 pandemic taught us many lessons. It shook up the way we worked and forced us to be adaptable and flexible. It slapped us in the face with the need to digitalise strategies and highlighted the importance of disaster preparedness and the ability to quickly pivot and adapt to rapidly changing circumstances. Most of all, it accelerated the digital transformation of many businesses, making it apparent that automation and technology can significantly improve efficiency, reduce costs, and increase productivity.

One of the key drivers of this productivity revelation is the widespread availability and affordability of automated technology. It made it possible for small and medium-sized businesses to adopt automated systems, which were previously only available to larger-scale organisations. The technological advancements in the field of AI and machine learning have also made it possible for businesses to automate a wide range of tasks, giving us the upper hand and significantly improving business operations driving growth and efficiency.

Another driver was the shift to remote work which quickly highlighted the need for tech to step in and support our new ways of working. It showed us that it was still possible for businesses to maintain productivity and communication, despite the physical distance between employees.

Whilst some industries were able to pivot quickly and jump on the bandwagon, other industries, such as commercial property, have been slower to take up the trend because of stringent regulations, complex processes, legacy systems, and risk aversion. However, the trend of automation and technology services in the commercial property sector is expected to continue to grow, helping to streamline settlement processes, reduce costs, and improve communication with clients, proving to be beneficial for brokers, lawyers, lenders, and borrowers alike. 

According to a survey conducted by the Commercial Real Estate Development (CRED) Association, more than 80% of commercial property transactions now involve some form of technology and/or automation. Pitcher Partners also declared that CRED and non-bank lending are continuing steady growth and 89% of businesses believe investment in technology is vital to their business.

Feedback from top-tier law firms confirmed that the settlement process can be made up to 15% more efficient using SettleTech. 

Last year, SettleTech launched as the first tailored CRED-specific settlement product introduced to the Australian market. We have successfully been able to help lawyers, lenders and brokers increase deal flow without increasing headcount, prioritise risk management and automate the settlement process.

Our mission is to enable commercial real estate with digital systems and data insights. We want to empower our industry to increase efficiency and provide your clients with a better experience through automation and technology.

In conclusion

2022 is being labelled as a productivity revelation for businesses because of the widespread adoption of automation and technology services that are taking place in many industries. Tech is playing an increasingly important role in the commercial property sector. By streamlining the settlement process, reducing costs, and improving communication, technology is helping businesses to improve efficiency and save money. As technology continues to advance, we can expect to see an uptick in adoption with more and more automation in the commercial property sector, making it even more efficient and cost-effective for businesses, further driving productivity revelation. 

If you are looking to transform your business through technology and automation, book a free demo with our expert team so you can experience the benefits of increased efficiency and scalability for yourself. 

Contact our team via our website or click here to book your demo.