Information Technology is a growing industry with a huge potential. It is headed by the Ministry of Information Technology of the Government of Pakistan. The government has fully been supporting the IT Industry, even during times of financial crisis, which has led to the development of this sector. Moreover, IT exports form a huge portion of the total trading volume. Additionally, in 2011, Pakistan reported 20 million internet users and is ranked one of the top countries that has a high growth rate in internet penetration.
In 2012, it was ranked 102nd amongst 144 countries in the Global Information Technology Report by the World Economic Forum. Likewise, it has the 27th largest population of internet users in the world. Recently, in the fiscal year of 2013-2013, the Government of Pakistan spent Rs.4.6 billion on information technology sector with major focus on e-government, human resource and infrastructure development.
IT is becoming a driving force in the way real estate companies’ market their products to their customers. After using the service of Lamudi Pakistan, I had a chance to talk with the manager and he says a huge majority of urban population in Lahore, Islamabad and Karachi browses online for properties, rather than continuing the traditional way of contacting real estate agents and brokers. Hence, real estate companies who adapt easily to the changing trend will establish a strong foot holding as opposed to those who delay it and eventually will not be able to face their IT savvy competitors.
Real estate executives act as integrators of information. The traditional lines between departments such as sales, human resource management, finance etc. have blurred as they all need to share the same information. Thus, even a conservative industry like real estate needs to invest in the IT integration of corporate information in order to climb the ladder of success and achieve higher level, long-term goals. Corporate real estate executives must play the leadership role in the assimilation of resources and IT.
Internal IT employees have the expertise to run in-house systems, whereas outside IT professionals provide with innovation and experience required to leverage real estate in a new light.
Therefore, IT is crucial for the linkages between the parts of a company that had been previously not been connected. It is changing the real estate industry in Pakistan as real estate executives are evaluating new information technologies and their benefits for the organizations. IT helps a company in becoming more effective and improving its service which allows it to grow its revenue. Thus, companies save through implementing technological solutions and it is clearly changing the real estate industry of Pakistan.