The relocation industry is experiencing sizable changes owing to technology. According to industry estimates, the global relocation management market size is expected to expand at a CAGR of 3.35% by 2028 touching close to USD 38.6 billion. As for India, internal migration is increasing with over 27% of citizens relocating within the country annually. This shift follows a period marked by the pandemic, where nationwide lockdowns and extended work-from-home policies limited people’s movement. Despite these challenges, technology proved to be a key player, successfully integrating into various sectors to improve and streamline their operations.
Now, as companies return to normalcy, employee relocations across geographies have also picked up steam, driving the demand for efficient services. The top reason for people to relocate is for employment or in search of better employment, accounting for 42% of migrations in India. With these indicators, the relocation market is embracing new digital products and solutions to streamline what has traditionally been a complex and cumbersome process.
Centralising the moving process
By integrating various services, such as logistical and administrative support, an end-to-end solution for relocation, is the need of the hour. This integration is particularly beneficial in simplifying corporate moves, where companies move multiple employees together across geographies. To make this simple, these platforms can allow the employer to track multiple relocations simultaneously. This ensures that employees are not burdened and can continue focusing on their core work.
Also Read: How logistics will change as technology advances in 2024 and beyond
Enhanced personalisation through AI
The advent of Artificial Intelligence (AI) in relocation services has brought about a new level of personalisation. AI algorithms analyse preferences and historical data to provide customised recommendations and solutions. Additionally, AI can aid in personalised solutions for branding and customisation, which can make a company feel more secure and evoke a sense of partnership.
Cost optimisation via technology
In the relocation industry, managing costs effectively is a critical aspect. Technology introduces innovative ways to optimise expenses at various levels. With tools for comparing services and prices, clients can make well-informed decisions that align with their budgets. Additionally, technology can be leveraged to uncover hidden costs and identify potential savings, ensuring clients get the best value. For instance, when a company undertakes the services of an end-to-end digital relocation platform, the HR or Admin can closely monitor the process and all associated costs directly. This would prevent the case of any fraudulent bills presented by vendors to the employees or reimbursement costs. These factors combined would have huge cost savings for the company through talent retention and easy relocation.
Data-driven decisions
The use of data analytics in relocation services has become increasingly important. By analysing vast amounts of data, companies can make more informed decisions regarding logistics, resource allocation, and service provision. This data-driven approach leads to a significant reduction in errors and enhances the overall efficiency of the moving process. It allows for predictive analytics, helping companies anticipate potential challenges and plan, accordingly, thereby ensuring a smoother relocation experience for their clients.
Data security
For corporations, safeguarding their data and that of their employees during relocations is a valid concern. They handle sensitive personal and financial information, alongside important corporate documents, all of which require the highest security levels. This is where tech-enabled mobility solutions can offer reassurance by encrypting user data. Instead of relying on local servers, all data can be securely stored on cloud servers. This approach enhances security, making the system more robust. While the cloud essentially functions as a server, the exact location of the data remains undisclosed, adding an extra layer of protection and uncertainty for potential security threats.
Chief Operating Officer & Chief Revenue Officer
Writer Relocations (India and GCC)
Improving employee relocation experiences
When it comes to employee relocations, the impact of technology is great. It can be particularly beneficial as estimates suggest that more people will be living in cities from rural areas around the world by 2030. By providing efficient support, technology significantly reduces the stress and challenges of moving. This enhances the relocation experience for employees and contributes to their overall well-being and job satisfaction. A smooth and well-managed move allows employees to adjust to their new environments quickly and focus on their new roles, leading to better performance and productivity.
The integration of technology in the relocation industry marks a significant milestone. It represents a paradigm shift from traditional methods to more sophisticated, efficient, and customer-centric approaches. Digital platforms, AI-driven personalisation, strategic cost management, and data-driven insights simplify the relocation process and elevate the experience to new heights. As the industry evolves, technology’s role in reshaping relocations will become even more critical, ushering in a new era of seamless moving solutions.
