siliconindia | | February 20208CONSULTANTSARTIFICIAL INTELLIGENCE ­ ITS IMPACT ON COMMERCIAL REAL ESTATEBy Shashidhar Sharma, Associate Director ­ Business Development & Project Development Services, Cushman Wakefieldrtificial Intelligence often sounds like a mythical future prediction rather than a reality. However, it is no longer a Sci-Fi Movie concept but a real-world scientific endeavour, in which numerous scientists and technologists have spent part or, in some cases, the whole of their professional life in decoding or rather cod-ing AI. The scientific community is racing towards de-coding the human mind and in turn create intelligent ma-chines, which will irrevocably impact our lives. But, as all evolutionary process goes, things start building up with little imperceptible changes, which over a period, creates a completely different product, process or in case of bio-logical evolution, a new species.AI is not a `New Kid' on the Block. We are already using many AI embeds in Gmail, Google Searches, Mobile phones, etc. As the computing powers of computers/machines kept on growing, AI delivered many impossible tasks like Language comprehension, driverless automobiles, etc. The current level of AI break-throughs and technological advancements are at the dis-ruption level, which has no historical precedents.The Challenges & Future of AI in Commercial Real EstateCurrently, only one-tenth of the start-up firms in the field of AI has been able to develop viable products and only 3 per cent of them are successful in the Commercial Real Estate sector (CRE). The following challenges are still to be overcome...· Availability of comprehensive and cohesive Data· Actionable and Digitised information· Security and/of IoT· The availability of appropriate resourcesHowever, with the advancement of chip technology, quantum computing, IoT, etc., the advent of AI systems will soon become impossible to ignore in the CRE sec-tor. Slowly, AI will harness different silos of information and collaborate with all the other forms of digital/IT/ Tech systems and data to form a 'Neural' knowledge network, which will exponentially grow to deliver solutions& tech-nology far beyond what we can imagine now. The AI will ultimately coalesce various technologies, data and pro-vide a comprehensive platform for an end to end solution for the CRE sector ­ Transaction, Leasing, Construction, Project & Facility Management, and others.Buildings will become SoftwareWe are taking the first few tentative steps towards an in-tegrated CRE world 2050 ­ Worlds is different that we would barely recognize it. A World where among most of the other things, buildings will become a source of data, information and intelligent engagement with occupiers. AIN MY OPINIONWith over a decade of expertise in top level management and marketing in real estate domain, Shashidhar strives to redefine the construction and infrastructure development landscape
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