
There’s a passage in Ernest Hemingway’s novel The Sun Also Rises in which a character named Mike is asked how he went bankrupt. “Two ways,” he answers. “Gradually, then suddenly.”
Artificial Intelligence (AI) has done just that, as over time small changes accumulate, and then suddenly the world is a different place.
It is now increasingly clear to humans that the impact of artificial intelligence cannot be understated.
The same goes for the property industry where the use of AI has the potential to revolutionise the way we design, build, operate, and manage buildings and assets.
Now, some may argue that this is just another technological advancement that will come and go, but the truth is, AI is here to stay.
In fact, it is already making significant inroads in the property industry and has the potential to be transformative.
The reason for this is that AI has the power to analyse vast amounts of data that would be impossible for humans to comprehend, let alone use effectively.
With this data, we can make better decisions in designing, building, operating, and managing buildings and assets.
The use of AI in building design, for example, can help create smarter and more sustainable buildings by analysing data on energy consumption, weather patterns, and occupant behavior.
By optimising building performance and reducing energy costs, we can make our built environment more sustainable and affordable.
Similarly, during construction, AI can assist with project management and safety by using data to predict and prevent accidents and delays.
And once a building is operational, AI can optimise its performance, reduce maintenance costs, and enhance the occupant experience by using sensors and machine learning algorithms to detect and predict faults before they occur.
Of course, as with any technological advancement, there are risks and challenges associated with the use of AI.
These include data privacy, cybersecurity, and the displacement of jobs. But, as we know, progress is not without its risks.
It is up to us to ensure that AI is developed and deployed ethically and responsibly, with appropriate regulatory frameworks in place.
And, in doing so, we can unlock the full potential of AI in the property industry and create a more sustainable, efficient, and customer-centric built environment.
AI is not just another technological advancement.
It is a game-changer for the property industry and has the potential to revolutionise the way we design, build, operate, and manage buildings and assets.
It is up to us to ensure that we use this technology ethically and responsibly to create a better future for ourselves and our communities.
Those who use it first and most efficiently will reap the benefits, as AI creeps into all industries, gradually then suddenly.
Media contact: Aidan Green | M 0491 030 028 | E [email protected]