Every industry in the world has embraced a new era of change, technology playing a big part in each of the industrial revolutions. So far, we have had 3 industrial revolutions, All of these revolutions bringing forth new technologies to revolutionize and challenge almost everything in the previous revolution. The world is now on the edge of its 3rd industrial revolution, as the new era of industrial revolution matches in.
According to the Executive Chairman of the World Economic Forum Mr. Klaus Schwab, the fourth industrial revolution comes along with advances such as artificial intelligence and robotics. Mr.Klaus also noted that the fourth industrial revolution is not a continuation of the third revolution but a combination of technologies that fog the line between the physical and the digital self.
For example, a buyer will no longer be required to complete home purchase physically thanks to Propy. This is an online transaction platform that allows buyers to complete a purchase online saving on time and money. It also allows automation of contracts and storage of relevant documents by the use of blockchain technology. Property is an example of the advantages of technology upgrades in the real estate industry.
As mankind has accumulated knowledge leading to industrial revolutions, artificial intelligence has cumulatively changed everything across all sectors, including the real estate industry. The real estate industry is one of the sectors that will largely benefit from this revolution. It is by this that the rate of human dependence on technology will increase. For example, beneficial for both buyers and sellers is the home guided showings that opt for a property owner to leverage technology, allowing a buyer to view a property on their own( with the aid of robotics), at their convenience. How cool is that? This technology is based on artificial intelligence and robotics, entailed in the fourth industrial revolution.
Also, the way real estate constructs, designs, operates, and maintains its buildings is about to change, if not having already changed. Technologies such as robotic and automated equipment,3D printing, building information modeling (BIM), prefabrication, and wireless sensors are transforming the construction sector. This is expected to have a substantial impact on the national GDP as the construction industry forms 4.8% of the economy in Kenya and 6% of the global GDP. With this new era of industrial generation, this percentage is expected to increase considering the advantages it brings on the table.
One thing is clear with this new revolution; the replacement of hundreds of human jobs with computers and robots. This ought to be a source of profound personal concerns. Knowing and understanding the problem, then learning and acquiring the right skills is one of the ways that one may use to proactively secure his or her job in this new era. As technology is actively changing, so is the need for you to upgrade your skills to survive.