Ananda Development wins Enterprise Innovation Award at the 24th Asia IoT Business Platform

Ananda Development, a publically listed property developer, won an Enterprise Innovation Award at the 24th Asia IoT Business Platform, held recently in Bangkok.

The award was given to local enterprises that have demonstrated an ability to use IoT technology to enhance business operations. From over 20 nominations, Ananda Development was one of two winners to pick up the prestigious award, alongside Krungsri Consumer.

Ananda Development set up a dedicated internal team, Ananda UrbanTech, to make use of big data and artificial intelligence to streamline construction project management and the transfer processes which have, ultimately, led to a marked reduction in construction time and cost.

“We refocused internally to create Ananda UrbanTech and spark a paradigm shift within the team. Our mission was to disrupt our business model, foster an organisational culture of innovation and deploy SMART construction. Through Ananda UrbanTech, we’re on the journey towards becoming a tech company in the real estate market rather than a real estate company implementing tech. This award is great validation of the effort of our team.” said Dr. Chern Chet Yong, Chief Innovation Officer at Ananda, who accepted the award.

Through its innovations, Ananda UrbanTech has so far achieved a 47 percent time reduction in the design life-cycle, via its construction management tool, a 5-10 percent reduction in total construction time and up to a 5 to 10 percent reduction in construction cost, via its scheduling tool, and 7,800 minutes saved and 4 million baht saved via its inspection tool

“When you look at the McKinsey surveys on digitalization of industries, property and construction industries are second-to-bottom next to agriculture. This provides an opportunity for Ananda to constantly innovate across every aspect of the business, in order to transform the industry. We’re focused on identifying and implementing technologies to digitize the entire value chain form land identification, through design and construction all the way through to customer lifetime care in order to transform the processes to be faster, more efficient, higher quality, more responsive and consumer-centric,” says Dr. John Leslie Millar, Ananda’s Chief Strategic Development Officer.