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Montana H

Business Development Director

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Property firms must come to terms with Artificial Intelligence

Range of lettings measures announced during party conference season

Companies have been warned that they must get to grips with emerging, disruptive technology such as artificial intelligence (AI) or risk becoming obsolete.

That’s the findings from a new research report by the Royal Institution of Chartered Surveyors (RICS), which explored the ‘impact of using artificial intelligence (AI) in the built environment’.

It urged professionals from all kinds of industries to come to terms with AI and how it will affect their roles in the future – a future that is highly likely to depend far more on innovative, ground-breaking technology.

The research – titled Artificial Intelligence in the Built Environment Insight Paper – found that one sector in particular which will be impacted heavily by AI is facilities management, mostly due to the repetitive nature of roles in this area. This makes it the perfect place for automation of jobs previously done by humans. The report, however, looked at the pros and cons of such changes and how firms could and should deal with them.

It also analysed how smarter technology and the increased availability of data is changing the way investors operate, which means businesses – both large and small – must ‘analyse and prepare for how this disruptive technology could transform their role, sector and the wider built environment’. If firms fail to do this, they face becoming irrelevant or even obsolete.

Additionally, the report looked at how AI could transform the property industry by helping to create smart, efficient buildings – from design through to construction – in a fast and cost-effective manner. With regular talk of Britain facing a housing crisis and a lack of affordable homes, revolutionary technology could very well prove to be all-important in resolving some of the property industry’s major issues.

The insight paper delved into how those in the property industry can use the latest AI applications and developments to its advantage. This includes drones and Building Information Modelling (BIM) to ‘plan and work more effectively’, while AI could also help to improve and better preserve the quality of buildings and the wider built environment.

In conclusion, then, the main message from the report seems to be that firms need to understand, seek out and exploit the opportunities that AI puts forward. At the same time companies need to be wary of any potential threats and how these can be minimised.

Like anything else, AI has its upsides and downsides and may not play a key role in the property industry for quite a while yet. However, with the way the world and technology is going, it’s not unrealistic to think that AI will one day be integral and firms will need to be ahead of the game or risk being left behind by the competition.

Those who are will have a much better chance of staying in control of their business strategy, financial health and the long-term direction of their company.

As the world becomes more urbanised, tech-led and digital, artificial intelligence is expected to play an increasingly crucial role, driving progress forward in a number of areas. The impact this could have on our industries and their productivity is something that will be explored in detail at the RICS World Built Environment forum in London on April 23 2018.

At Gnomen we understand the importance of innovation, cutting-edge technology and the power of the internet. It’s why we offer you our all-in-one, cloud-based property software, which allows you to manage your staff, office, clients and marketing strategy all in one place, at a click of button, from wherever you happen to be.

We also design websites that look beautiful and work beautifully. At a time of intense competition, your agency website needs to stand out more than ever before with contemporary, practical features and great usability. We can make that happen.

For more information about what Gnomen can do for you, please get in touch with us on 0208 123 9019 or book a free demo here.

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Montana H

Business Development Director

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