Share these talks and lectures with your colleagues
Invite colleaguesPractice paper
A corporate real estate practitioner’s guide to establishing a sustainable AI programme
Corporate Real Estate Journal,
9
(2),
144-158
(2019)
Abstract
Real estate professionals have always relied on a few predictable metrics to give structure and provide the basis for decision making. Today, artificial intelligence (AI) is permeating all economic sectors, and its impact will be transformational. Much has been written about AI, and pundits are weighing in on how it will affect corporate real estate (CRE) in fundamental ways. Within the industry, there is an ever-expanding range of case studies highlighting individual applications and how their adoption will dramatically increase efficiency and insight, but from a macro perspective, how can the concept of AI be explained in straightforward terms to a practitioner? In this paper, the author, who in 2014 contributed a piece to Corporate Real Estate Journal about the mounting influence of performance metrics,3 elevates the discussion by explaining how these pockets of data can be algorithmically synthesised to create greater levels of insight. It becomes the basis upon how organisations can create a plan for integrating AI by explaining the basic concepts, outlining the components of a data strategy, explaining the need to maximise user experience and discuss the rapid expansion of the Internet of Things (IoT). Given the pace at which this transformation is unfolding, it is critical that real estate professionals consider something like AI not as much as a ‘buzzword’ but part of a core strategy to enhance the way decisions within their own sub-sectors of the industry are made.
Keywords: artificial intelligence (AI); big data; data strategy; algorithms; data science; machine learning; disruptive technology; analytics; data repository; predictive analytics; data analytics; PropTech
The full article is available to subscribers to the journal.
Author's Biography
Tony Gill is Chairman of Gill Advisors Inc., a firm providing workplace continuity consulting services internationally. He has addressed several conferences, and his work on telework and business continuity has appeared in Facility Management Journal, The Public Manager and Journal of Facilities Management. He has recently been developing a proprietary algorithm to help organisations shield themselves from the economic consequences of a pandemic. He earned an undergraduate degree in economics from the University of Waterloo as well as an MBA from the Warrington School of Business at the University of Florida in Gainesville, with a specialisation in finance and real estate.
Edward Chick is co-founder and chief operating officer at CorsicAI, an artificial intelligence consulting and solution company focusing on AI-based business transformation in multiple industries. CorsicAI delivers broad-based consulting for companies looking for AI innovation, as well as AI solutions around cost savings, revenue enhancement and risk management. Edward has over 25 years’ experience in enterprise software across multiple applications and platforms including contract life cycle management, procurement, risk management, spend analytics, business intelligence, enterprise content management, workflow, ERP and CRM solutions. Edward was previously general manager at Apttus providing middle office solutions for Fortune 500 companies, worldwide lead at IBM for the Emptoris Procurement suite of products and VP at SAP for the North American financial services sector. In 2000 he ran global sales and operations at Janna Systems which was sold to Siebel Systems, where he remained for the next five years.
