Today we Indians celebrate birthday of Mahatma Gandhi father of our nation. Valuers is celebrating today as valuer's day. The purpose of valuation is set to the effectiveness of decision making processes, and to provide the ability to set performance in terms of estimated change in value. Valuation utilizes all important performance indicators to look at the financial and nonfinancial aspects of a business

Technology advancement help the profession in many ways, one which it predict the future of every industry. Valuation is used by RBI, IBBI, and banking sector they are adopting new technologies. Potential challenges using the technology-based platforms without any precaution may lead to

  • possibility of data aggregation and its misuse
  • threat of data theft

We must be careful to use the technology without the guidance of any regulation and control. It is clear that valuers need to be very alert to new expectations and requirements of clients. Valuers need enough time to arrive at a decision.

Human intelligence has to remain in commanding position when utilizing new technology. For best practices in valuation it may help the valuers. Technology advancement should not dilute the quality of valuation due caution is taken about artificial intelligence AI.

Three keys to create demand of valuable professional services

  • evaluation of services rendered through introspection and review
  • continuously adding value to already possessed knowledge and information
  • providing quality services to clients

Valuers should not use untested software or applications. A skill in the software is needed to be precautious about cheating. We may provide value added services to everybody using the valuations.