The previous ten years have seen beneficial disruption from technology, allowing for easier banking for millions of people around the world; direct online consumer contact for wholesalers; and even self-driving for the blind.
Technology hasn’t made much of a difference to one of the most stressful life events, moving. Even though there has been an increase in global migration since the 2000s, the relocation environment is still incredibly fragmented and rife with inefficiencies.
A move often entails a lot of moving pieces, each of which introduces its own stressors. No one business can handle all aspects of immigration processing, including obtaining visas, work permits, and immunization records, as well as opening new phone contracts, utility accounts, and bank accounts.
Here, technology may play a unifying role by putting the many components—and players—onto a centralized platform, optimizing procedures, eliminating redundancies, and reducing the stress of moving for users at every stage of their journey.
One of the top global strategists in the world, Dr. Parag Khanna, has partnered with Singapore’s Moovaz to rethink the industry in the age of rapid digitalization.
Relocation technology, or ReloTech for short, according to the author of Move: The Forces Uprooting Us, one of the Financial Times’ Best Books of 2021, can make cross-border shifting less expensive and simpler.
These are Dr. Khanna’s five main realizations:
- Technology can ease the process of moving abroad.
According to Dr. Rajesh Khanna, the relocation sector is just too complex for multinational corporations to engage in all facets of their value chain. ReloTech’s current focus is on utilizing existing technologies and making them easily accessible from a single platform. According to Dr. Khanna, it will take some time for technology to upend the market.
- ReloTech improves security and transparency.
The goal of ReloTech is to bring together all the low-tech and non-tech components of the relocation sector onto a single digital platform. According to specialists at ReloTech, new technologies like blockchain might be used to consolidate where users can obtain moving services.
- ReloTech reacts to evolving regulations.
According to Dr. Khanna, ReloTech can more effectively respond to new regulations intended to address demographic imbalances and labor shortages. By providing access to vetted and dependable service providers for every stage of their migration, digital platforms will satisfy the demands of this wealthy socioeconomic segment.
- ReloTech is ready for Asia.
Nearly five billion people live in Asia, which also experiences the largest migration of professionals and skilled labor. People are relocating inside Asia, leaving Asia, and entering Asia from elsewhere. India is the largest Asian outbound market, with main destinations including the six Gulf Arab states, the United States, Australia, and Canada. ReloTech would be used by each of these organizations, according to Dr. Khanna. Additionally, the ten-nation Association of Southeast Asian Nations (ASEAN) will keep fostering regional mobility.
- ReloTech business opportunities
He thinks that businesses and their technologies will interact and make it possible. According to Dr. Khanna, “it’s an ecosystem of relationships to fill each stage along the trip and continuum.” More service providers and stakeholders must join ReloTech in order to speed up the development of that ecosystem, particularly if they want to cover a larger geographic area.