Real Estate
Developing Winning AI strategies in Real Estate With the upcoming Tokyo Olympics, regardless if you're athletically inclined or not, one can appreciate the sheer level of talent demonstrated across a variety of sports. From the rush and lull of baseball, the sudden splashes and flashes of surfing, or the intensely breathtaking breeze of archery, the bottom line is that the pro's make it look easy. However, this finesse comes at a cost: strict nutrition regimens, early morning strength and endurance training, and relentless dedication to perfection of their crafts day in and day out. These athletes get out what they put into their craft. All of the skill, sacrifice, and dedication becomes blatantly apparent on game day. I am constantly completely baffled when executives demand so much out of technology, and even more of the much-hyped trend of artificial intelligence, and then become suddenly disillusioned that it "doesn't work," without putting in the requisite groundwork in order to support its success. This isn't necessarily without cause: real estate, especially on the landlord side, has been slower to adopt technology because historically, it hasn’t needed to. It has made trillions of dollars for decades, even centuries, without it. However, technology has become exponential-
ly cheaper and quicker to develop than ever before, which means that the companies who are further along on their data journey, especially with AI are now building a distinct source of competitive advantage. The following discussion is meant to empower executives with the strategies to get started in realizing the benefits of AI.
Either you make big changes starting today, or you keep on doing what you’re doing and run the risk of losing out. Training for greatness
As in sports, the top performers with data (Moneyball, anyone?) reap the rewards of their efforts. Prior to COVID, Bain had discovered that companies using analytic insights to impact operations and improve goods and service were not only twice as likely to be in the top 25% of financial performance, there were also three times likely to execute decisions as planned and five times more likely to make decisions faster than their peers. A 2020Q3 study by Deloitte discovered that the frontrunners that completed more AI NAWRB MAGAZINE |
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