The amount of data generated by the average company tends to skyrocket with each new project. From real estate contracts to insurance certificates and loan agreements, it is nearly impossible to keep every possible figure straight in your head while creating reports for management, investors, or regulatory authorities. There have been many attempts to crack this problem over the past decades, with the latest being AI backed Deep Learning technology. Deep Learning based technology makes it possible to collect and store every key metric in a structured format without having to worry about it.
The power of Deep Learning technologies combined with other advanced integrations take this stored data a step further and help us in recalling information and interpreting it correctly. Here is how this revolutionary technology will change how you view and use data.
What is Deep Learning Technology?
Deep Learning is a class of Machine Learning algorithms programmed to imitate functions of the human brain, or “artificial neural networks”, with the aim of solving complex problems the way human brains do. Deep Learning is seen by many experts as our most realistic progress towards “true AI”.
There are various AI based assistance and virtual tools being developed for use in real estate i.e., think chat bots supporting brokers, property search, and evaluation tools. One of the largest use cases where Deep Learning can fully exhibit its capabilities has been seen in the automation of “data extraction”.
Deep Learning is used to read and understand corporate documents, such as real estate contracts, mortgage agreements, and certificates of insurance. Anyone who has ever reviewed a complex real estate lease understands the complexity and nuances that these documents have in them. The value in being able to automate all or parts of the comprehension of these documents is substantial. Now imagine being able to easily access and use all this stored data because AI can turn it into a structured format.
Data Management and Decision Making
Vast amounts of data is generated in Real Estate companies, but much of it is unstructured in the form of contracts, leases, emails, files, etc. As explained earlier, AI based smart platforms help gather, process and review the data and further organize it. This technology enables accurate and up-to-date data, which helps to significantly simplify and accelerate organizational processes such as annual reviews or due diligence periods.
Deep Learning converges with other data analytics systems enabling organizations to be able to understand different patterns, run comparisons, understand differences across not a few, but millions of multilingual documents within a few clicks.
Decision making becomes more insightful and accurate because of Deep Learning technology. There is less need for manual data aggregation and document reviewing, and more time can be spent on processing, analyzing, and acting upon the data. Already, C-suites across the world are creating digital and analytic dashboards that are giving them greater insights into their business and the ability to see what will happen next through scenario analysis.
How Will It Improve Your Company?
In short, AI is not just for Apple’s Siri™ and Microsoft’s Cortana™ where both use Deep Learning technology to better understand verbal requests and better identify which pieces of returned information works best. AI based data extraction and management tools have the potential to consolidate and simplify whole tiers of middle management at companies. It can lead to reduction in payroll and manual laborious tasks like lease extraction and manual reporting/audit; and, thus, it helps increasing productivity and profitability by several folds.
But most of all, Deep Learning gives you accurate data that can easily be managed, an intangible asset, which is crucial for competitive advantage, precise reporting, future forecasting and big data analytics.
Saas provider for intelligent information, Leverton, will be exhibiting at MIPIM PropTech this October!