Why AI Can Be A Boon To Real Estate
Artificial Intelligence (AI) is the most often used term in the technology sector today. There seems to be sudden spurt at making everything ‘intelligent’. Be it hardware companies, software companies or ITES companies, everyone has something to offer which rides primarily on Artificial Intelligence. The trend is certainly industry agnostic and can be seen across all industry verticals. Real estate is an extremely dynamic industry, and AI is showing its power to transform the sector with solutions that will transform asset management and the way commercial transactions are handled.
Some of the top research firms have predicted that AI will continue to dominate the technology sector in 2018 and beyong. The biggest challenge however remains in how to drive adoption and create business cases for its implementation.
While every organisation in some form or the other is trying their hands on this new fad, what really needs to be seen is the kind of value it can deliver. As of now, it is being projected as a breakthrough to deliver a more seamless customer experience. Almost every company in B2C space is currently experimenting with chatbots to handle routine enquiries and generic customer queries. Many organization are also using chatbots to handle employee queries pertaining to general HR processes within the organisation.
In the real estate sector, we see a huge opportunity to improve customer experience in terms of sharing information across the project life cycle. Things like information about the project, current construction status, responding specific queries pertaining to billing etc. can be effectively handled through AI. The technology is ready to be integrated with several social media platforms like facebook, skype etc. which can be used to tap prospects and leads and respond in real time via automated bots with minimal human dependency.
AI is definitely the next big thing for technology wherein from automating manual processes, we are now moving towards completely eliminating human intervention for standardised processes and queries. With the concept of machine learning, systems are being made more personalised based on a user’s behaviour, past usage and many other factors. We strongly believe that AI in no way is going to replace humans, we rather feel that it is augmenting or supporting them in making more informed decisions rather than taking decisions based on intuition or gut. It definitely is going to improve productivity and efficiency of the workforce and allow them to spend more time on higher order things than on mundane or routine tasks.
However, we need to be very careful while deploying AI in the customer facing roles since we may end up losing that ‘human touch’. This is extremely important in a country like ours where people still are more comfortable interacting with humans than with “insensitive” robots.
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