Future-proofing your tech investments

Digital Boardroom

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The technological revolution has changed how businesses operate. Along with advanced manufacturing, production, construction, information technology, and finance, digitalization has created the biggest disruption. Almost every type of business had to adapt to survive and ride the wave.?

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Data is the new oil of the Digital Economy

In recent years, data has become increasingly important to every industry. Its usage varies from domains like marketing, operations, strategy to automation. The use of data analytics is no longer limited to big companies with deep pockets. It’s now widespread, with 59% of enterprises using analytics in some capacity. Data is a valuable asset with a great fundamental value that provides opportunities to upsell, cross-sell, improve customer service and retention rates. Businesses rely on data rather than opinions and the outcomes are usually positive. Many successful businesses existing today were once ideas that depended on data, and the co-living industry is no exception to it. To ensure the sustainability of the business, we study and analyze data available through reliable sources and on-ground research. This helps us determine suitable locations and also determine the scope of business in those particular demographics.

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Use of IoT in co-living

Technology has made things available at our fingertips! When online shopping was introduced to the mainstream, it was met with skepticism. Today, it dominates the sales as compared to retail purchases in some cases. Co-living has also managed to take advantage of technology to gain visibility. People can now choose their accommodation online, just like they do for a hotel/resort. Taking it even further, we are now exploring the virtual tour option to provide an immersive experience. People can view our properties in Virtual reality before confirming their booking. We realized that getting footfall at the property takes a lot of effort and expense. Hence, we are in process of creating content and finding the right medium to deliver it efficiently. Once a person decides to come and stay at our co-living space, the onboarding process is hassle-free and easy. Thanks to technology, people can view, select and complete the onboarding remotely.?

Our app gives the tenants the privilege of choosing their preferences. This data is processed and tenants are given options to choose from. They can also choose with whom they would like to stay. Co-living spaces are more secure compared to private rental spaces. Here again, we use high-end digital surveillance systems that are cloud-based. Working in sync with the centralized security system, tenants can grant or deny access to visitors. This eliminates a lot of risks to the tenants & the property and ensures COVID 19 protocols are followed. Our properties have touchless entry doors which have temperature sensors. It immediately beeps and denies access if a person's body temperature is above the threshold. We have been relying on Digital Twin technology to gather data through the devices and sensors in our property and come up with operational changes that help us increase efficiency and productivity. It also helps us build personalized experiences and products for our customers and marketing campaigns. IoT framework will soon be an integral part of operation and management at commercial spaces, including co-living spaces. According to IDC the worldwide spend on IoT $1 trillion mark in 2022.?

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Developing apps and technologies specifically for co-living

India has an urbanization rate of 2.3% and closes to 35% of its population lives in these areas. Understanding the necessity of present and the scope in the future, we ensure our processes and operations are technology-driven. Our COVIE Community app, for instance, takes care of most of the requirements of the tenants. Minimizing the requirement of human involvement, it also makes record keeping an easy task. Tenants can call for housekeeping or raise a ticket right through the app. The back-end system then processes the request and assigns the task to the relevant department. This ensures that the task is attended to by the right person, within SLA. Digital socializing is the way to go ahead, and our app is a great platform for entertainment and events that our tenants can attend. We also plan to conduct workshops on the app very soon. As a co-living provider, we provide all modern amenities and services. We have tried to embed all these services within the app to make it more convenient. Digital mode of transaction ensures error-free billing and reduced man-hours. One bill covers charges for monthly rental and other optional services. The app also serves as a medium for real-time feedback and suggestions.

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Analyzing and processing data received through feedback facilitates the development of new strategies and personalized products. Being able to understand the expectations, and addressing them early positions us in a safe place where business reputation is concerned. Data also helps us understand the scope of collaboration with different service providers and aggregators. Cross-platform commerce will increase in the coming times, and we believe our framework is capable of welcoming such associations. Tenants can go to one single app for all their requirements. They can order food, buy & sell, book cabs, movie tickets, etc through the COVIE app itself.?

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Being future-ready

The co-living industry was valued INR 458 billion in 2018 and it is estimated that it will grow to INR 997 billion by 2023 (as per research by JLL). Foresight is a key virtue of any business. Considering the changing demographics, we have ensured that there is flexibility in the processes and services that we provide. COVIE is a multigeneration co-living that caters to students, working professionals, and senior people. Understanding the requirements of these verticles, we have designed our spaces and the processes such that they are scalable and future-ready.?

We have always been inclined towards sustainability and every element of our business reflects that. Right from the use of Smart Construction technologies and methods, to the reduction of carbon footprint through IoT, we ensure that our existence is not a hindrance to the ecosystem.

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May it be the construction, technology, or hospitality at COVIE, we love to explore all possibilities in the foreseeable future. We are now working towards the most futuristic platform, the Metaverse. We plan to provide an engaging experience to our target group by hosting events and gamifying the overall experience at our properties in the Metaverse. The Co-living industry has already transformed a lot in recent times, and we are excited about its journey further into the future.?

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