Big Data is not just a business trend anymore; data handling skills can make or break an organization. Big data is now the most crucial component of any business across industries. The role of big data in delivering useful insights is unprecedented. Both the short and the long-term objectives of a company are majorly established on the detailed analysis of enormous datasets. It is almost beyond the limits of human capabilities to process such vast amounts of data. Herein lays the contribution of artificial intelligence (AI) and machine learning. Possessing the ability to manage large chunks of data, along with the implementation of AI, and machine learning has been predicted to be the strongest pillar of 21st-century businesses.
AI continues to be the highest selling technology in the IT space. However, as the power of AI expands, vendors are confronting issues to convince companies with less technological know-how and the ones who prefer conducting tasks with the aid of legacy skills and workflows. So far AI has only been welcomed by businesses with a high technological edge. As observed by experts in the IT space, organizations are still skeptical about the far-reaching benefits this technology can bring into the business. This is most prominent in industries such as real estate, architecture, and construction. According to the seasoned tech entrepreneur Paulo Scarpelini Neto, the real estate space is generally a conservative business vertical, therefore, less open to any technological opportunities.
A majority of real estate decision makers have been overlooking the benefits of AI although they had a considerable interest in the potential of big data as a whole. The recent Imprev Thought Leader Survey reported that real estate companies have awarded mediocre ratings to AI, augmented reality (AR) and virtual reality (VR), with AI to be the technology that the businesses are most highly doubtful about. Experts are attributing this scenario to the shallow understanding of AI among the organizations in the real estate sector.
Industries where organizations follow the legacy workflow and skills fail to realize that they need the Midas’ touch of AI and the emerging technologies in order to enhance the transparency between the customers and the organization. Besides, organizations can simultaneously gain a better understanding of the market trends and the demands of the customers to offer personalized products or services. For instance, builders can leverage big data and AI in the task of constructing a building that conforms to the latest trends and legal procedures.