July 2023

4D — July 2023 — Brokerage Directory — M id A tlantic Real Estate Journal

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By Andy Tryba, Gigster The transformative power of artificial intelligence for commercial real estate

rtificial Intelligence (AI) is a buzzword in the tech world but

reduce costs, minimize ineffi - ciencies, and achieve greater supply chain transparency by leveraging AI. 4. Design Optimization and Building Information Modeling (BIM): AI can also augment the use of BIM in commercial real estate. AI algorithms can optimize vari - ous aspects of construction, such as material usage, cost, time, and environmental impact. Tools like Bricsys leverage AI to automate repetitive tasks and elimi- nate bottlenecks, facilitating smoother design processes and improved outcomes. Implementing AI Effectively Here are some key steps to successfully adopt AI into your company or organization: 1. Identify Pain Points and Goals: Before picking an AI tool, identify your com - pany’s specific challenges and goals. Whether it is stream - lining property management processes, improving cus- tomer experiences, or opti- mizing operational efficiency, defining your pain points and goals will help you choose the most suitable AI solution. 2. Evaluate Available Solutions: Evaluate the features, benefits, costs, and risks of different AI solu- tions, ensuring they align with your organization’s requirements and expecta- tions. Consider factors such as ease of use, scalability, and integration capabilities. 3. Implement Gradually and Test: Start with a small group of users to test the ef- fectiveness and compatibility with your existing systems and processes. This allows you to identify issues, gather feedback, and adjust before scaling up. 4. Monitor Performance and Adjust: Measure AI’s impact on key performance indicators like efficiency, cost, quality and customer satisfac - tion. Collect feedback from staff and clients to identify areas for improvement and adjust accordingly. 5. Focus on Change Man- agement: The successful inte - gration of AI requires proper change management. Train your team on how to effectively utilize AI tools and address resistance to change. Embracing the Future with AI As commercial real estate on continued on page 12D

task. AI can automate task documentation, and resource allocation, and predict po- tential delays. These AI tools offer insights into areas where efficiency can be improved, enable data-driven decision- making, and enhance overall project performance. 3. Supply Chain Man- agement: Integrating AI can optimize complex supply chain processes. AI-powered platforms like Project44 and Coupa utilize predictive ana - lytics to forecast demand, manage inventory effectively, and optimize logistics. You can

Understanding AI's Potential

Critical Areas for AI Implementation in CRE 1. Market Analysis: AI can process and analyze vast amounts of data quickly and efficiently, aggregating list - ings, demographic and eco- nomic indicators, sales data, and even social media. Algo- rithms and machine learning techniques can create mod- els that predict real estate prices, demand-supply, and market fluctuations. 2. Project Management: Managing large-scale com- mercial real estate projects is a complex and time-consuming

AI is a computer technology that mimics human intelli- gence, making decisions and learning from data. Imagine having a digital assistant capable of analyzing vast amounts of data to manage your schedules and provide you with efficiency insights. This digital assistant pro - cesses data faster and more accurately than humans, making it an invaluable tool for streamlining operations and reducing unexpected complications.

its impact extends far beyond digi - tal realms. AI can revolution- ize how the commercial real estate indus t ry

Andy Tryba

operates by enhancing ef - ficiency, improving project management, and offering valuable insights tailored to your various needs.

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