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At a recent session “AI and Technology in Industrial Development” during I.CON West in Long Beach, CA, our CEO, Clifton Harness was joined by William O’Donnell, Managing Partner at Prologis Ventures, and Taylor Odegard, CEO at NavigatorCRE. They thoroughly explored and defined the concept of AI. Here’s a quick recap.
The Concept of Artificial Intelligence
Odegard emphasized that AI necessitates two key components:
- Data analytics
- Machine learning.
AI learns and delivers its outcomes through those two components. O’Donnell highlighted how AI enhances decision-making, customer engagement, and operational efficiency for the company.
Harness illustrated this with a practical scenario. In parking design, there is always a dilemma: How do we optimize space usage while minimizing congestion and potential accidents?
AI allows us to think differently. Instead of asking, “Can we shave two inches on each side of a parking stall”, we can ask more insightful questions tailored to the end-users needs, such as “Doesn’t Costco need wider spaces than the local movie theater? If it’s a hospital, then what?”
How to Start with AI
To take advantage of the power of AI, we need to start by asking questions.
- What tasks in your current workflow require automation?
- What information is essential?
- Is it necessary to track lighting fixtures in warehouses or land acreage?
These questions allow us to make quicker decisions to yield better solutions with AI technology.
Correct Data for AI
All the panelists agreed: Accurate data is the very, very first and most important step.
While many in the real estate industry rely on spreadsheets for data management, it becomes a hurdle when it comes to rapid decision-making. The key to AI adoption lies in articulating needs clearly and ensuring data accuracy to mitigate risks.
Panelists emphasized the importance of rigor in data integrity, similar to building a sturdy foundation for a skyscraper. This means we need to foster a company culture that values consistency and incentivizes employees to maintain clean datasets.
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Data architecture is crucial, requiring encryption to safeguard against breaches that could impede AI adoption. Collaborating with reputable vendors is vital for a seamless transition to AI-driven operations.
In the session, Odegard asked a provoking question, “How can you weaponize your data so you can be the business you want to be five years from now?”
Combining accurate data and critical thinking, we can leverage AI technology to stay competitive and future-proof our businesses in real estate development.
