How not to lose data, and with it, lose value
Image: The 388 George Street development in Sydney, Australia. Courtesy of Oxford Properties.
The energy industries are on their own digitalization journeys, and working to transform their entire operations, asset-by-asset, but also holistically. Is this applicable for the property industry as well?
Dean: Absolutely. Oil platforms are essentially like buildings on water. Both generate massive amounts of data from different systems inside, but until recently this data fell into the gutter on the street. It was lost value pouring out of us. This is ridiculous, and in our view of the future, we should be managing the data with a clear perspective on it and be able to innovate with it.
Why is this easier to collect and use the data now?
Dean: Today we have the start of a better mousetrap, so to speak, when it comes to data. The tools now exist to allow us to cost effectively gather, understand, analyze and act-on data from any building anywhere. This has the potential to create a moat for us in the industry, whether it’s about properties, investment opportunities or customers. We see the ability to use data in novel ways, transforming us from a reactive to a proactive industry.
As a part of being a more proactive industry, is sustainability more of a factor?
Anushka: Environmental, social and governance (ESG) criteria are definitely factors, and we’ve worked hard to take an industry-leading approach to carbon reduction. By 2025 we will have reduced our carbon emissions by 30%. This is so important to us because our business is tied to the health of the communities in which we operate and the planet on which we live.