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Automating data collection and processing helps fast-paced industries

As Property To Reduce Human Error And Speed Up Transactions

this data to prioritise outcomes within the real estate market, and automation makes this process faster and more accurate.

GENERATIVE artificial intelligence (AI) applications such as ChatGPT, GitHub Copilot and Stable Diffusion have captured the attention of people across the world. Their ability to write poetry, carry out human-like conversations and provide insightful information has propelled them to the forefront of the conversation.

AI’s broad utility means these tools can be integrated across a variety of industries. As we grapple with the future of AI, we’re left wondering how it can improve data collection, interpretation and presentation within real estate.

We have numerous platforms that showcase the use of automation for front-end real estate transactions, but we are heading towards even greater automated support for back-end functions. There are already various applications of AI and automation within real estate, providing everything from market analysis to ESG reporting.

Despite the diverse applications, the use across them all is quite simple: AI helps asset managers acquire and process more information in a shorter amount of time.

In an industry where speed and efficiency can be the difference maker for successful transactions, automation is key. Companies use

At Stonal, the leading artificial general intelligence platform for multi-class real estate asset owners and asset managers, we have proprietary algorithms powered by the latest technology to automatically comb through documents and categorise the data pulled from them. This allows asset managers to make data-driven decisions, without sacrificing their time.

This is a lot of information for an individual or organisation to collect manually. To get all this information into a comprehensive format, you need well-organised data. Data aids you in the analysis of property’s performance and helps make informed decisions.

Time-consuming process

In the cases where it is collected manually, it is incredibly timeconsuming. Within real estate, this is an even more exaggerated issue, as portfolio managers are required to pull this data from a large volume of long but crucial documents. There is added pressure to this because analysis and collection takes time, but in such a fast-paced industry, decisions need to be made quickly.

Automation is the future for successful organisations. As AI makes the processing and digestion of real estate data more efficient, those who do not adopt will struggle to remain competitive.

If you want to have a thorough exploration into the strength of your portfolio, you need a strong understanding of the asset’s details in it. This means you need information on its structure, its equipment, the tenant situation, the costs, the energy consumption, lots of financial data and extra financial data, and more.

Additionally, critical data must be accurate. When making decisions based on key data points, the output will only be as good as the input. When trying to collect data quickly, we run the risk of incorrectly recording data points, massively influencing our decision-making capabilities.

Buildings generate a lot of data. Information regarding these portfolios is critical to decision-making, but it is difficult for asset managers to obtain data regarding their portfolios when attempting to do it manually. That’s where AI comes in.

As mentioned previously, manual data collection and processing is incredibly time-consuming. Scanning through various lengthy documents and finding the correct data points takes time out of asset managers’ busy days. It also drastically slows down the decision-making process, making you less competitive.

Stonal is an AI-powered platform that enables asset owners and managers to make informed decisions based on trustworthy data, helping to preserve and enhance the value of portfolios and ensuring the ongoing liquidity of assets.

With two offices and 125 staff in France, Stonal has recently launched in the UK to expand its successful platform further.

In a fast-paced industry such as real estate, speed is an essential predictor of performance. Automation clears this issue up. Stonal’s AI tool, for example, automates document classifications, pulls key information from documents, detects signatures and benchmarks residences and assets to make it easy to compare them. This only scrapes the surface of the software’s capabilities.

This means that asset managers can have invaluable insights, but only take a fraction of the time obtaining and processing them.

Another key benefit of automating data collection and processing within real estate is the reduction of human errors. When manually extracting and interpreting data, we cannot help but make mistakes, especially when under tight deadlines.

Automation also reduces human error by ensuring consistency. Humans can apply inconsistent methodologies, but automation ensures a standardised approach.

Minimising errors

By using data collection tools such as Stonal’s, asset managers can reduce data errors. Stonal’s AI has a 95% success rate in reading, processing and filing documents automatically, without human intervention. When there are inconsistencies, our team takes over for the technology to show the correct answers and better improve its processing.

Utilising automation frees up time for asset managers, reduces errors and provides valuable insights to inform decisions regarding your portfolio. Increased use of automation to improve data collection, processing and presentation is the natural progression of the real estate industry.

The increased access to data within the real estate industry has completely transformed the way deals are made. AI integration has improved operations by giving asset managers more information on their portfolios in a shorter timeframe while also reducing the risk of human error.

What now?

Stonal’s customers have found that integrating AI into their property management has allowed teams to focus on creating value by automating the repetitive and time-consuming tasks. So, where do we go from here?

AI is powered by data, and as it integrates further into organisations, we have a drive to continue to collect increasingly diverse data points. Integration of various devices that allow us to understand trends that were previously inaccessible will drive a rise of data-driven decision-making.

This will likely be coupled with the rapid advancement and adoption of AI. The improvements we have seen from automation in the last year will continue, and for real estate this means more efficient data collection and processing.

As portfolios continue to integrate automation, and see vast improvements in efficiency and outcomes, AI will become a necessary component of asset managers’ strategies.