From Hashtags to Headlines: The Fusion of PR and Social Media
The convergence of public relations (PR) and social media has given rise to a powerful synergy that is reshaping the way businesses communicate and engage with their target audiences. Gone are the days when PR was solely about press releases and traditional media. Now, it’s all about hashtags, trending topics, and the art of turning social media buzz into headlines.
The Role of Social Media in Modern PR
Social media platforms have become an integral part of our daily lives. Whether scrolling through Facebook, tweeting on Twitter, or sharing stories on Instagram, people are constantly connected and engaged with these platforms. PR agencies have recognized the immense potential of social media as a tool for shaping public perception and building brand reputation.
Leveraging Hashtags for PR Success
Hashtags have become a cornerstone of social media communication. They enable PR professionals to tap into trending conversations and insert their brand into relevant discussions. Hashtags can help PR agencies amplify their message, increase visibility, and connect with a broader audience.
For instance, during a product launch or a major event, a well-crafted hashtag campaign can create excitement and anticipation among the target audience. PR agencies can use these hashtags to generate buzz, encourage user-generated content, and track the reach and engagement of their campaigns.
Real-Time Engagement and Crisis Management
One of the most significant advantages of social media in PR is engaging with the audience in real time. When a crisis arises, PR professionals can swiftly respond, address concerns, and provide accurate information to mitigate the damage. Social media allows instant communication, invaluable in managing a crisis and protecting a brand’s reputation.
Measuring the Impact of Social Media PR Efforts
In the realm of traditional PR, measuring the impact of a campaign was often a challenging and imprecise task. Social media, on the other hand, provides a wealth of data and analytics that can help PR agencies assess the effectiveness of their efforts. Metrics such as reach, engagement, likes, shares, and comments offer valuable insights into audience behaviour and sentiment.
By analyzing these metrics, PR professionals can refine their strategies, identify what works and what doesn’t, and make data-driven decisions to optimize their PR campaigns. This data-driven approach enables PR agencies to demonstrate their ROI to clients more effectively.
Building Relationships and Influencer Collaborations
Social media has also opened up new avenues for building relationships and collaborations. PR agencies can identify and partner with influencers who align with their client’s brand values and target audience. These influencers can help amplify messages and reach a broader, more engaged audience.
In today’s ever-evolving news cycle, the fusion of PR and social media is not just a trend; it’s the key to staying relevant and making a powerful impact in modern communications. By embracing the agility and adaptability of social media, PR agencies will ensure their client’s messages stand out and thrive in the digital age.
Credits:
Content: Ravish Dhiran
Publisher: Media Value Works
Social Media: Ravish Dhiran
Navigating Success: Unveiling the Transformative Potential of Market Research and Insights
The realm of market research and insights serves as the compass guiding organisations toward success. Whether you’re a startup aiming to gain a foothold or an established enterprise seeking growth, harnessing the power of market research can propel you to make informed, strategic decisions that resonate with your target audience. In this blog post, we delve into the significance of market research and how actionable insights can be harnessed to drive your business forward.
The Essence of Market Research:
Market research is the cornerstone upon which business strategies are built. It involves systematically collecting, analysing, and interpreting data related to your industry, customers, competitors, and trends. By understanding the intricate nuances of the market, you can identify unmet needs, emerging trends, and potential gaps in the competitive landscape. This knowledge is invaluable in crafting products, services, and marketing campaigns that resonate with your audience.
Navigating Customer Behaviour:
Understanding your target audience is pivotal. Market research provides insights into consumer behaviour, preferences, and pain points. By gathering data on purchasing habits, online interactions, and social trends, you can tailor your offerings to meet their exact needs. This, in turn, enhances customer satisfaction and loyalty.
Staying Ahead with Competitive Analysis:
The business arena is a battleground of competition. Through market research, you can gain a comprehensive view of your competitors. Analysing their strengths and weaknesses, market positioning, and strategies empowers you to differentiate yourself effectively. By benchmarking against the best, you can seize opportunities to excel.
Seizing Emerging Trends:
Trends can be fleeting, but their impact can be monumental. Market research enables you to identify emerging trends before they reach their zenith. By adapting your strategies to align with these trends, you can position your brand as a forward-thinking industry leader, capturing the attention of early adopters.
Crafting Data-Driven Strategies:
Gut instincts have their place, but data-driven decisions are the bedrock of success. Market research provides quantitative and qualitative data that can guide your strategic choices. Every decision gains more conviction when backed by data, from product development and pricing strategies to marketing channels and distribution.
Harnessing Digital Tools:
The digital age has revolutionised market research. Online surveys, social media analytics, web scraping, and AI-driven sentiment analysis provide real-time insights into customer opinions and preferences. These tools empower you to stay agile and responsive to rapidly changing market dynamics.
Market research empowers businesses to understand their markets deeply, connect with their customers authentically, and outmanoeuvre their competition strategically. By investing in comprehensive market research, you invest in your business’s growth, adaptability, and sustainability. The journey toward success begins with understanding – and the power of market research and insights fuels that understanding.
Credits:
Content: Ravish Dhiran
Publisher: Media Value Works
Social Media: Ravish Dhiran
Redefining Crisis Management in the Digital Age: A PR Approach
Crisis management has taken on a new dimension in our interconnected world, where information travels at the speed of light. The digital age has revolutionized how crises unfold, escalate, and resolve, necessitating a dynamic approach combining traditional PR strategies with cutting-edge digital tools. In this blog post, we delve into redefining crisis management in the digital age through a PR lens.
Gone are the days when organizations could control the narrative during a crisis solely through press releases and carefully crafted statements. Today, news breaks on social media platforms and public opinion is shaped by viral posts, trending hashtags, and user-generated content. As a result, crisis management in the digital age demands not just reactive measures but a proactive strategy that harnesses the power of various online channels.
The first step in this redefined approach is real-time monitoring. Social listening tools have become essential in tracking mentions, sentiment shifts, and emerging issues. By closely monitoring online conversations, PR teams can detect potential crises early, allowing for swift response and containment. This digital vigilance enables organizations to get ahead of negative narratives before they gain momentum.
Transparency remains a cornerstone of crisis management, even more so in the digital era. When a crisis erupts, organizations must communicate openly and authentically. Social media provides a direct line of communication with stakeholders, allowing for timely updates, clarifications, and empathetic responses. Such transparency fosters trust and demonstrates a commitment to addressing the issue head-on.
Visual content is another vital tool in the digital crisis management arsenal. Videos, infographics, and images can convey complex information quickly and effectively, humanizing the crisis response. These visuals can be shared across social media platforms, helping organizations to take control of the narrative by engagingly presenting their perspective.
Furthermore, influencer partnerships can play a significant role in redefining crisis management. Leveraging the reach and credibility of influencers can amplify positive messaging and counteract the spread of misinformation. Collaborating with influencers who align with the brand’s values can lend authenticity to the crisis response and resonate with a broader audience.
While the digital age presents challenges, it also offers innovative solutions. Chatbots, for instance, can be integrated into websites and social media platforms to respond instantly to common queries during a crisis. It ensures stakeholders receive timely information and support, even outside regular business hours.
In the digital landscape, the importance of an organized and responsive website cannot be overstated. The website becomes a central hub for accurate and up-to-date information during a crisis. User-friendly interfaces, clear navigation, and prominently displayed crisis-related content enable stakeholders to access vital details without confusion.
The digital age has redefined crisis management, requiring PR professionals to adopt a holistic approach. By combining traditional PR principles with digital strategies, organizations can navigate crises effectively, maintain their reputation, and emerge stronger from challenging situations. In this digital era, crisis management isn’t just about damage control – it’s about seizing the opportunity to engage with stakeholders authentically and showcase resilience in the face of adversity.
Credits:
Content: Ravish Dhiran
Publisher: Media Value Works
Social Media: Ravish Dhiran
Content Strategy: The Key to Building Audience Trust
Trust remains paramount in the ever-evolving digital landscape, where users are constantly bombarded with information. Building and maintaining trust with your audience is essential and increasingly challenging. This is where an effective content strategy comes into play.
In this blog post, we’ll delve into the pivotal role content strategy plays in fostering trust among your target audience and provide practical insights on how to achieve it.
1. Understanding Audience Trust
To begin with, let’s understand why audience trust is crucial. Trust is the foundation upon which lasting relationships with your audience are built. When people trust your brand, they are more likely to engage with your content, purchase, and become loyal advocates.
2. Consistency is Key
One of the fundamental principles of content strategy is consistency. Your audience should know what to expect from your brand. Consistency in voice, tone, and messaging across all your content channels helps create a sense of reliability and dependability.
3. Transparency and Authenticity
Trust often grows from transparency and authenticity. Your content strategy should convey your brand’s values, mission, and culture. Be open about your successes and failures, and be genuine in your interactions.
4. Quality Over Quantity
Bombarding your audience with a constant stream of content can erode trust. Instead, focus on delivering high-quality, relevant content that adds value to your audience’s lives. Quality over quantity should be a guiding principle.
5. Audience-Centric Approach
Effective content strategy is rooted in understanding your audience’s needs, preferences, and pain points. Use data and analytics to gain insights into what resonates with your audience and tailor your content accordingly.
6. Building Authority
Trust often aligns with authority. Share your expertise in your industry through thought leadership content. When your audience sees you as an authority in your field, they are more likely to trust your recommendations and opinions.
7. Consistent Branding
Your brand’s visual identity should be consistent across all channels, including logos, colour schemes, and design elements. It helps in immediate brand recognition and reinforces trust.
8. Engagement and Responsiveness
Engage with your audience actively and respond promptly to their queries and feedback. It demonstrates your commitment and builds a sense of community and trust.
9. Security and Privacy
In an era of data breaches and privacy concerns, you must assure your audience that their data is safe with you. Communicate your data security measures and respect their privacy choices.
Trust is a rare and precious commodity in the digital age, where scepticism and information overload are prevalent. Your content strategy serves as the bridge to connect with your audience on a deeper level, nurturing trust over time. By consistently delivering valuable, authentic, and audience-centric content, you can fortify your brand’s trustworthiness and ultimately cultivate long-lasting relationships with your audience. Remember that trust is not easily gained but can be your brand’s most valuable asset once established.
Credits:
Content: Ravish Dhiran
Publisher: Media Value Works
Social Media: Ravish Dhiran
Harnessing the Power of Digital Channels: Revolutionizing PR Practices
In the ever-evolving landscape of public relations (PR), the emergence of digital channels has brought about a paradigm shift in how organizations communicate, engage, and build relationships with their audiences. This digital revolution has transformed how information is disseminated and empowered PR professionals to forge deeper connections and amplify their messages like never before.
Gone are the days when press releases were solely distributed through traditional media outlets. Today, PR practitioners have various powerful digital tools, from social media platforms to blogs, podcasts, webinars, and beyond. This revolution has broadened the reach of PR efforts and enabled direct engagement with target audiences in real time.
One of the most significant advantages of harnessing digital channels for PR lies in their immediacy. With a single click, news and updates can be shared globally within seconds. Social media platforms, in particular, have become the virtual battleground for attention, where brands compete for the fleeting attention of their audiences. The challenge, however, lies in cutting through the noise and delivering content that resonates.
Visual storytelling has emerged as a cornerstone of effective digital PR. Fusing compelling visuals with concise, impactful messaging can captivate audiences and easily convey complex ideas. Platforms like Instagram, TikTok, and YouTube have become PR playgrounds, offering opportunities to share videos, animations, infographics, and live streams that humanize brands and connect on a more personal level.
Furthermore, digital channels have democratized PR, allowing even small businesses and startups to compete on a level playing field with larger corporations. A creative and strategic social media campaign can garner attention and engagement that rival traditional advertising methods at a fraction of the cost. This levelling of the playing field has given rise to innovation and ingenuity, encouraging PR professionals to think outside the box to stand out in the digital crowd.
The shift to digital PR has also emphasized the importance of authenticity and transparency. Audiences today are savvier than ever, and they can quickly detect insincerity or attempts to manipulate perceptions. This has forced brands to embrace open communication and genuine interactions. Social media’s real-time nature demands immediate responses to queries, concerns, and feedback, fostering a sense of trust and community between brands and their followers.
Moreover, the analytics provided by digital platforms offer invaluable insights into PR campaigns’ performance. Metrics like engagement rates, click-through rates, and social media impressions provide quantifiable data to measure success and refine strategies. This data-driven approach enables PR professionals to continuously optimize their efforts and make informed decisions, ensuring that resources are allocated effectively.
The digital revolution has ushered in a new era of PR practices, redefining how organizations communicate with their audiences. The power of digital channels lies in their speed, reach, and engagement potential. The fusion of visuals and compelling narratives, combined with authenticity and transparency, has transformed how brands connect with their stakeholders. As the digital landscape continues to evolve, PR professionals must stay agile, embrace innovation, and adapt strategies to harness the full potential of these digital tools. The journey towards revolutionized PR practices has just begun, promising a future where meaningful connections thrive in the digital realm.
Contact us to learn how we can help you develop a better PR Strategy for your business.
Credits:
Content: Ravish Dhiran
Publisher: Media Value Works
Social Media: Ravish Dhiran
‘Working Capital Management’ for Indian MSMEs & Business Owners
Running a small business needs managing accounts receivables and meeting inventory requirements to manage capacity utilization. Lacking working capital can leave a business owner in trouble. A significant problem for the MSME sector is the timely inundation of working capital or adequate finance that enables the day-to-day running of business operations by allowing MSMEs to make short-term transactions. What can be done to make this situation better?
What is Working Capital Management?
Working capital management is about managing current assets vs current liabilities. The more liquid a firm’s current assets, the better it can manage routine operations. It is helpful for all MSMEs and organizations to manage their finance through the help of working capital management. It is a business strategy created to ensure that a company functions smoothly by using its assets and liabilities to their best use.
Why is Working Capital Management important?
Working capital management affects consumers’ investments and disturbs long-term capital. Thus, an organization’s profit, or rate of return, is affected by imbalances in the working capital. A balanced working capital ratio is vital for business success.
Over-investing in working capital plunges profitability as surplus funds can be used elsewhere. However, less working capital leads to financial insolvency and inadequate funds. An MSME must adopt an aggressive approach to working capital management, which also gravely affects the utilization of an enterprise. Efficient working capital management will result in higher capacity utilization, which improves the work of the industry owners and job creation. Working capital issues also lead to tax hurdles, poor capacity utilization, disrupted planning, control, inventory operations, salary payments, and debt repayment. This also puts a challenge in attracting investments, thus halting growth. Holding an inappropriate balance of current assets and liabilities can have a far-reaching business impact.
Long operating cycles and billing on actuals make it difficult for small businesses to meet immediate financial needs. Working capital balances function as an indicator of operational capabilities and financial health. Good working capital management will result in profitability since it eases the pressure on the business to opt for unviable propositions, minimizes NPAs, and enhances creditworthiness in the market.
How to Manage Working Capital?
An effective working capital management plan brings strategic and financial advantages. One must keep in mind while framing an excellent working capital management plan is mentioned below:
- Understanding Working Capital
- Forecasting of Working Capital Requirements
- Inventory Management Techniques
- Financing your Working Capital Gap
- Limitations of A/R’s – Credit terms, Tools for Liquidation
Working capital management means managing a business’s working capital. The significance of working capital management in an organization can never be undermined. Working capital management objectives include:
- Keeping the business’s liquidity intact.
- Enhancing operating efficiency.
- Decreasing implicit and explicit interest costs.
- Increasing the overall profitability of the company.
Credits:
Content: Siddhi Mahatole
Infographic: Shrikant Landge
Publisher: Media Value Works
Social Media: Ravish Dhiran
Sudden death of CDS General left everyone in shock
CDS Gen Bipin Rawat, his wife and 11 Others Killed in Tamil Nadu Helicopter Crash. Defence Minister Rajnath Singh expressed his shock at the tragic death of CDS General Rawat. He stated, “His premature death is an irreparable loss to our Armed Forces and the country.”
General Bipin Rawat, the Chief of Defence Staff (CDS), died in a helicopter accident near Coonoor in Tamil Nadu on Wednesday evening, the Indian Air Force (IAF) reported. He was one of 14 persons on board, which included his wife and other staff members. CDS Rawat, Madhulika Rawat, and 11 others were among the thirteen individuals killed in the disaster.
“It has now been confirmed that Gen Bipin Rawat, Mrs Madhulika Rawat, and 11 other passengers on board died in the sad tragedy,” the IAF tweeted at 6:03 p.m.
“An IAF Mi 17 V5 chopper with a crew of four personnel carrying the CDS and nine other passengers met with an unfortunate mishap in Coonoor, Tamil Nadu about midday today,” the IAF said. Group Captain Varun Singh, who directs employees at the Defence Services Staff College, is the only survivor (DSSC). According to the IAF, he is being treated for his injuries at the Military Hospital in Wellington.
General Rawat was India’s first CDS, assuming office on January 1, 2020. Previously, he was the Chief of Army Staff between December 31, 2016 and December 31, 2019.
The IAF Mi-17V5 helicopter was on its way from Sulur in Coimbatore to DSSC in Wellington where General Rawat, along with Chief of Army Staff M.M. Naravane, was slated to participate in an event. The chopper crashed in the forest area reportedly due to poor visibility following heavy fog.
Defence minister Rajnath Singh addresses parliament on Thursday, December 9.
At 6:30 p.m., Prime Minister Narendra Modi and the top four ministers in his cabinet — defence, home, finance, and external affairs – assembled the Cabinet Committee on Security. According to the news agency PTI, the CCS was briefed about the incident.
Defence Minister Rajnath Singh, Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, and External Affairs Minister S. Jaishankar were among those who attended the meeting.
The meeting was also attended by National Security Advisor (NSA) Ajit Doval, Principal Secretary to Prime Minister P.K. Misra, and Cabinet Secretary Rajiv Gauba, who updated the CCS members on the terrible occurrence.
According to the sources, the top cabinet brass offered condolences on General Rawat’s demise.
Separately, General M.M. Naravane, the Chief of Army Staff, informed the defence minister of the incident and related matters. General Rawat’s house was also visited by the defence minister, who interacted with his daughter.
The Nilgiris district government had reported that 13 of the 14 victims had died an hour before the formal confirmation. The rescue mission was completed, and the administration reported that the lone survivor — a male member who has not been recognised – is being treated.
CDS Rawat was on board the helicopter, the Indian Air Force stated in a tweet at 1:53 p.m. on Wednesday, and an inquiry has been initiated to determine the cause of the tragedy. However, until after 6 p.m., there was no official word on injuries or a death toll from the collision.
Even as rescue personnel carried victims in stretchers to be transferred through waiting ambulances, the crushed and burned remains of the ill-fated IAF helicopter were littered about the scene.
Civilians were not allowed near the disaster scene. Locals informed a Tamil TV station that they heard a huge bang, which they assumed was the accident, and then saw the chopper on fire, with some passengers suffering major burn injuries. When local military officials arrived at the scene, they were told that two bodies had been transferred to a nearby hospital with 80 percent burns, according to news agency ANI, citing anonymous sources.
Defence Minister Rajnath Singh, Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, and External Affairs Minister S. Jaishankar were among those who attended the meeting.
The meeting was also attended by National Security Advisor (NSA) Ajit Doval, Principal Secretary to Prime Minister P.K. Misra, and Cabinet Secretary Rajiv Gauba, who updated the CCS members on the terrible occurrence.
According to the sources, the top cabinet brass offered condolences on General Rawat’s demise.
Separately, General M.M. Naravane, the Chief of Army Staff, informed the defence minister of the incident and related matters. General Rawat’s house was also visited by the defence minister, who interacted with his daughter.
The Nilgiris district government had reported that 13 of the 14 victims had died an hour before the formal confirmation. The rescue mission was completed, and the administration reported that the lone survivor — a male member who has not been recognised – is being treated.
CDS Rawat was on board the helicopter, the Indian Air Force stated in a tweet at 1:53 p.m. on Wednesday, and an inquiry has been initiated to determine the cause of the tragedy. However, until after 6 p.m., there was no official word on injuries or a death toll from the collision.
Even as rescue personnel carried victims in stretchers to be transferred through waiting ambulances, the crushed and burned remains of the ill-fated IAF helicopter were littered about the scene.
Civilians were not allowed near the disaster scene. Locals informed a Tamil TV station that they heard a huge bang, which they assumed was the accident, and then saw the chopper on fire, with some of the passengers suffering major burn injuries. When local military officials arrived at the scene, they were told that two bodies had been transferred to a nearby hospital with 80 percent burns, according to news agency ANI, citing anonymous sources.
CDS Bipin Rawat and his wife were honored with a special prayer service led by Bhutan’s King and his father, The Fourth King, in Thimphu this morning. Ruchira Kamboj, India’s envoy to Bhutan, was also present.
The Persistence of a Decade and more- MVW
MediaValueWorks (MVW) is a leading legal public relations service provider worldwide, with direct admittance to over 1,000,000 journalists across 150 nations. Our Omni-channel media network offers customized conveyance of your stories to media. We strive to make an impact on media with personalized stories of companies that reach the hearts of audiences.
Our Gold Standard PR Workflow includes-
- Key Message Development
- Designated Dissemination
- Compelling Media Relations
Driving public connection organizations in Asia, Media Value Works (MVW) gives vital digitalized PR campaigns to our customers with the most extreme truthfulness and significant help. With the surge of content and publishing industry in an online world, making sure of PR tactics has been more fusion than ever, and making a space for you is what we ensure to deliver.
Structuring and functioning a communications penetration strategy is important while targeting the right audience with effective communications. Our extensive global communications consultancy services and customized media outreach programs have provided and benefitted clients from India, Africa, Latin America, Australia, North America, and Europe with digital and PR campaigns.
Media Value Works has been offering global communications and a unique blend of integrated communications for a decade long and promises to serve advanced and strategic PR moves in the future too says Rachana Chowdhary, Founder, and Director, also the mastermind behind Media Value Works.
Media Value works have served customers of various categories, from Aviation, Information technology, Education, Mobility and Apps, Hospitality, Real Estate, Telecom, Automobile, Healthcare, BioPharma, BFSI, Retail, Packaging, Celebrity, Government, Market Research, and other B2B and B2C companies.
Media Value Works has been recognized as the top 20 fastest-growing companies in 2016. It is also one of the top 5 promising PR agencies in 2015. MVW was awarded the best outreach partner for Africa in 2015. It has also won Best Reality Campaign, a marketing award in 2014.
Media Value Works is bound to offer and commit to its tagline of communicating globally. The legal PR service provider has expert knowledge with its accountable experience of 10+ years and the trust of numerous companies across the globe.
Why India Needs Data Driven Real Estate?
The rapidly expanding use cases of data science and big data analysis have now penetrated the Real Estate sector, an industry which is poised to touch $4,263.7 billion globally by the year 2025, as per Grandview Research.
The capability to make better data driven decisions results in improved efficiency and cost savings for the entire stakeholders of the real estate industry. Some of the immense benefits of a seamless availability of data and better informed decisions for the sector include-:
- Reduction in construction, operations and maintenance costs of real estate projects and equipment.
- Avoidance of time and cost overruns of projects
- More effective project planning and execution
- Less accidents on sites
- Better ability to drive customer loyalty for repeat purchases
- Better contracts and other documents management
- Significant savings in O&M through better warranty management
- More effective sourcing through well-organized vendor management
- Better compliance with government regulations
A data-driven approach also significantly lowers the OPEX of real estate players by enabling consistency, objective decision making, standardization & benchmarking, comparing against benchmarks for course correction, availability of insights for better informed decision making, predictive analytics etc.
Even a 5 percent reduction in cost of rebars and cement can save crores of rupees in a single project. That is the power of data driven decisions.
Enhanced Market Outreach
Real estate buyers face a host of choices and options when it comes to purchasing a property. This makes it difficult for realtors to understand what property will interest a particular set of customers?, how will they zero in on numerous potential clients? The answer to that is data-driven decisions.
While agents still dominate the industry in reaching out to end customers, data analysis tools are now precisely capturing customer sentiments and expectations. This has enabled realtors with improved targeted marketing by acquiring the customised requirements of customers.
Prevailing Challenges in Indian Real Estate Sector
Real Estate operations generate huge volumes of data including-
- Research to identify the best locations to set up new projects at
- Project design, planning, budgeting
- Sourcing
- Construction operations
- Lead generation and management
- Contracts and document management – partners, suppliers, government, customers
- Property maintenance and management
- Society formation, conveyance and handover
Some of the major challenges facing the real estate industry are lack of established processes to identify and capture useful data, lack of awareness about the availability of technology to capture, analyze and use this data for better-informed decision making.
The largely unorganized nature of this industry that has a few large names and a huge mass of unorganized sub-contractor and labor supply industry comes as another challenge. The most common inhibitor to data driven approach in the real estate sector however comes as a lack of awareness regarding how technology deployment can drive break-through improvements in profitability, timeliness and quality of projects.
Besides lack of awareness, the availability of specialized technology products and service providers is another challenge in this industry.
Also sourcing, construction, operations and maintenance processes in the real estate sector are full of inefficiencies, due to the largely unorganized nature of the bulk of the industry. Even the large known brands to have to depend on subcontractors from the unorganized sector for some of their activities.
Many of the large IT service providers who also provide services to this industry treat this as just one of the many verticals they service, and a relatively small sector in comparison with the other sectors like BFSI, Telecom, etc that they are active in.
IT In Indian Real Estate Sector
The Indian real estate sector is fairly new to the concept of deploying IT in its operations. It is however experiencing increasing openness, especially at a point when the industry is going through troubled times and most players are looking actively for ways to drive efficiencies in their operations.
The government of India has also been very active in deploying technology for transparency and efficiency in infrastructure megaprojects, which is driving visibility for the good technology can do in the real estate sector too.
In the near future, as the networking technology continues to progress, it will create increasing amounts of data in and around structures, their use, and their users, further boosting innovation and disruption in the segment.
