By incorporating data management competencies into their membership criteria, RICS is sending a clear message: the future of the industry depends on data. At embracent, we believe this shift is a timely reminder for C-suites in the land, property, and construction sectors to prioritise data management and harness its potential to drive artificial intelligence (AI) and innovation.

The New RICS Standards: Elevating Data Management

RICS’s new standards require candidates to demonstrate comprehensive knowledge and practical application of data management. This includes understanding data sources, systems, and methodologies for collection, collation, and storage. The emphasis on data management reflects the increasing complexity and importance of data in the surveying profession, where accurate data is fundamental to effective decision-making and operational efficiency.

Surveyors would need to show proficiency at three levels:

1. Basic Knowledge (Level 1): Understanding the sources of data and relevant systems.
2. Practical Application (Level 2): Demonstrating the use of data in practice.
3. Advisory Role (Level 3): Providing reasoned advice on data collection, analysis, and application.

These competencies ensure that surveyors can effectively manage and utilise data, which is crucial for the integration of AI technologies.

Data: The Lifeblood of AI

Data is the lifeblood of AI. High-quality, well-managed data is essential for AI to deliver accurate insights and drive efficiencies. In the land, property, and construction sectors, AI applications such as predictive maintenance, automated valuations, and project management are transforming the industry. However, these technologies can only be as effective as the data they are built upon.

Why Leadership Should Prioritise Data Management

For senior leaders, the implications of RICS’s new standards are profound. Effective data management is no longer a backend process – it is a strategic imperative. Investing in data infrastructure, governance, and culture can yield substantial benefits:

1. Informed Decision-Making: Reliable data enables leaders to make well-informed decisions, reducing risks and uncertainties.
2. Operational Efficiency: Efficient data processes can identify bottlenecks and opportunities for improvement, leading to cost savings and productivity gains.
3. Competitive Edge: Firms that excel in data management can leverage AI to offer innovative solutions and gain a competitive advantage.
4. Regulatory Compliance: Proper data management ensures compliance with regulations like GDPR, avoiding legal complications and fines.

Embrace the Data-Driven Future

RICS’s new focus on data management is a call to action for the land, property, and construction industries. At embracent, we specialise in helping firms navigate the complexities of data and technology. By embracing robust data management practices, companies can unlock the full potential of AI, driving innovation and growth.

The message is clear: the future belongs to those who invest in their data today. With the right strategies and tools, your organisation can lead the way in this data-driven era.