The adoption of AI in your businesses could be a significant growth driver, but only if you get the foundations right, nbn’s Chief Data Officer, Sonia Boije told attendees of the Property Congress in Townsville last week.
Ms Boije said the swift adoption of artificial intelligence will serve as a critical driver of financial growth and competitive edge for businesses—but only for those that act decisively and establish a solid foundation.
She referenced a study of S&P 500 companies, indicating that leaders in AI implementation could experience a staggering 122 percent surge in cash flow over the next five to seven years.
“If you start adopting AI, by 2030 you could experience a 10 per cent increase,” she said.
“But there’s also bad news for the laggers. Those who lag could actually see a decrease of 23 per cent in cash flow by 2030.
“In short, early AI integration is going to be key for financial growth and competitiveness. Firms that get AI and data right are already outperforming and are set to capture the most economic value going forward.”
Ms Boije said getting data foundations correct is essential as insufficient foundations can lead to complexity and extra cost down the line.
“Firstly, ask yourselves, does your company and do you currently, have a data strategy, do you know what use cases is your company driving,” she said.
“What data brings the most value for your business, and what are the use cases that use that data? Having that clear view of your strategy is key.”
Key elements of data foundations include governance, ethical data use and the necessary technology, according to Ms Boije.
The Technology panel also featured Jon Clarke, GM of Building Technology at Dexus, who shared his insights on integrating smart building technologies to enhance operational efficiency and tenant satisfaction.
Chris Stenberg, Head of Operations at EP&T Global, who discussed the importance of real-time monitoring and management of building systems, while Max Soyref, Director and Chief Product Officer at KPMG Origins, moderated the discussion.
nbn’s collaboration with SpatialGPT.ai and Owen Brandt also took centre stage at the Property Congress, where interactive demonstrations and innovative solutions illustrated how nbn and SpatialGPT.ai are working together to elevate the property industry’s technology capabilities.
Spatial’s software allowed attendees to explore a virtual new building before construction has begun. Room by room, they could experience every corner at full scale. Importing designs from standard BIM and CAD formats straight into the Apple Vision Pro’s visual tech allowed viewers to walk through the design as if it were built.
Imagine two designers collaborating from opposite sides of the world in real-time, with every conversation and decision captured. Generative AI provides meeting transcripts, actions, and potential ideas, limited only by the user’s imagination.
“Attendees were impressed by the cutting-edge technology and the practical benefits it could offer their businesses,” Ms Boije said.
“Owen Brandt’s spatial data and analytics expertise added significant value to the display, showcasing the potential for enhanced property management and development through digital solutions.
“We were heartened to hear attendees discussing the value of the insights shared during the Technology Impact panel discussion and the impressive PropTech showcased at the expo display. The collaboration with SpatialGPT.ai and the interactive demos were particularly well-received, with several attendees expressing excitement about the potential applications for their businesses.
“Overall, nbn’s participation at the 2024 Property Congress was a resounding success. The professional presentations and strategic collaborations underscored our commitment to help lead digital innovation in the property sector. We look forward to continuing this momentum and contributing to future industry events.”
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