30 AUGUST 2023 by Sam Starling
Artificial intelligence (AI) has the ability to transform the way we work, the way we consume data and the potential to increase output in a way that hasn’t been seen since the industrial revolution. AI is going to play an important role in helping to manage our property management business, accelerate the collection of and better track our property management data now and in the future.
In the now, unstructured data has been an issue that has prevented the wholesale digitisation of the property industry and the inconsistent way in which data is shared between various stakeholders within a property’s lifecycle. The typical approach of systems has been reliant on the sharing of common data structures and processes. AI will enable some of those challenges to be shortcut by handling large volumes of unstructured data and making sense of it, transforming cluttered and inaccurate processes with an ability to read through the noise far more swiftly and accurately than humans can, or indeed large scale costly data and technology projects.
Quite simply; buildings and spaces will be more acutely managed through data led decision making. Not only can it help to manage our buildings but also the people that operate within them by enabling people to fast track component parts of their roles, consume more data and make more informed decisions.
The benefits of AI will be experienced in other areas of our business across various job roles, divisions and industries. For example, job description optimisation, initial screening of applications, delivering personalised marketing campaigns, predicting fluctuating demand in the supply chain and optimising delivery routes and manage client interactions reminders for follow ups and prepare for meetings are just a few of the thousands of use cases currently in place or being explored.
A few of the general benefits of AI include:
- Automation
- Data accuracy
- Process and energy efficiency
- Better quality output at a faster rate
- Analysis of large data sets
- Predictive analytics
- Improved customer service
- 24/7 availability
- Language translation
- Security and fraud detection
More specific PM related benefits might include:
- Detect early anomalies on plant performance and energy efficiencies
- Generate insights into how an asset is interacted with and adjust the environment accordingly
- Support the completion of cleaning Key Performance Indicators (KPIs) in an objective manner with image recognition
- Assist with customer communication relating to building queries and helpdesk tickets
- Document recognition and data extraction
Embracing the new revolution
It is important that we do embrace this new world of technology. If not we could be faced with an even larger skills gap. Those that do engage it will be able to produce far more far faster and potentially with a higher quality, where as those that are unable to or choose not to could fall behind.
However our adoption of this technology has to be done so with a considered approach. Where AI can be used for some great good and real advancements in our future, there are also the opposing downsides and challenges associated with its use. An over reliance on AI could lead to loss of critical thinking skills, societal disruption, security threats from malicious operators, economic inequality and existential risks.
We need strong governance with transparency and control when it comes to policy and the implementation of AI, to ensure ethical practices and supporting our workforce and reinforcing our expertise. Our industry also needs to adopt a collaborative approach in terms of defining the best practice and new standards around the use of AI. We need to ensure we follow a data-led property management approach that captures and manages insights and AI can only help to accelerate that journey.
Source: Savills
