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  • Writer's pictureMelissa Safak

How to Improve Operational Efficiency with AI-Enabled Solutions in Your Real Estate Projects


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The Growing Importance of AI in Real Estate

The UK AI market is valued at over £16.8 billion and is projected to expand to £801.6 billion by 2035, according to the US International Trade Administration. In JLL's 2023 Global Real Estate Technology Survey, AI and generative AI were ranked among the top three technologies expected to have the greatest impact on real estate over the next three years by investors, developers, and corporate occupiers. AI technology has the potential to transform the real estate industry by providing data-driven insights and automation that can help professionals make better decisions and improve the customer experience. 

With these substantial projections and industry endorsements in mind, this blog post explores the specific applications of AI in real estate, examining how AI-enabled solutions can shape the industry and improve business revenue. 

1. Plan Your Projects Faster with AI

Conventional real estate project planning approaches often result in inefficiencies, delays, and cost overruns. By adopting AI-driven analytics and automation software, you can achieve quicker construction project planning, more efficient administrative processes, and enhanced onboarding for project teams, leading to a greater return on investment. 

For example, AI-powered real estate software can optimise construction schedules, predict potential delays, and streamline communication among project stakeholders. JLL reports that early adopters of AI-driven solutions have seen a 708% ROI in their businesses. This demonstrates that investing in AI for quicker project completion can significantly impact business performance. 

2. Simplify Financial Reporting with AI 

AI has revolutionised financial reporting by offering advantages such as trend prediction, real-time insights, and more informed decision-making based on accurate data. According to KPMG's 2024 research, companies utilising AI for financial reporting experience numerous benefits. These include the ability to forecast trends and impacts (65%), gain real-time insights into risks (60%), and make better data-informed decisions with increased data accuracy (57%). 

AI tools like automated expense categorisation, predictive analytics for financial trends, and real-time report generation can streamline the reporting process, reducing the time and effort required by human teams and increasing overall accuracy. 

Conclusion 

AI-enabled solutions are transforming the real estate industry by enhancing operational efficiency and driving significant business benefits. Incorporating AI in project planning allows for faster completion, reduced inefficiencies, and streamlined processes, yielding impressive ROI. Additionally, AI's impact on financial reporting offers predictive insights, real-time data, and improved decision-making accuracy, saving time and boosting strategic outcomes. 

As the AI market grows, real estate businesses leveraging these technologies will stay competitive, maximise ROI, and enhance customer experience. Investing in AI today will unlock new efficiency, profitability, and innovation levels, ensuring future success in a data-driven world. Take the first step towards a more competitive future by investing in AI today. 

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