How Visual AI Will Empower Real Estate Industry
Visual artificial intelligence can play a transformative role in improving the efficiency and safety of construction sites, by giving developers a transparent overview of their projects
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The emergence of Artificial Intelligence (AI) and Machine Learning (ML) has transformed the role of digital technology in business operations. These cognitive technologies have boosted the value addition of computing and digital processing power, from pre-programmed process automation to turning data into actionable insights. AI is allowing businesses to be ultra-responsive in real-time, achieve system transparency and gain valuable insights into customers, markets and processes.
The applications of AI are not only vast in themselves, but the technology can also be integrated with machines and human users through multiple interfaces. For instance, Audio AI allows humans to interact with machines using natural language processing algorithms. Communication between machines and humans using speech creates the opportunity to develop truly intuitive and accessible interfaces.
Audio AI has played a crucial role in the emergence of chatbots, which businesses use to provide consistent and efficient customer service. By combining Audio AI and ML, the latest generation of chatbots uses algorithms to derive actionable insights, and to formulate intelligent responses. Recursive learning allows chatbots to continually improve and apply predictive analytics to make accurate decisions. Popular digital assistants, such as Siri, Alexa, and Cortana are chatbots that have transcended customer service to deliver wider applications and flexibility than traditional interfaces.
Most importantly, users are able to indulge in dynamic and productive interactions, without the need to rely on any specialized skills or knowledge. The next generation applications of Audio AI could comprise of advanced interfaces, instant transcription, apps that turn Big Data into succinct natural language stories and much more.
Visual AI and How it Will Transform Businesses
While Audio AI gives machines and digital resources the ability to communicate with humans, Visual AI gives them the power of perception. In essence, it can be thought of as a means for machines to assess visual data and derive insights from it.
Just like Audio AI, the possible applications for visual AI are endless.
Visual AI gives businesses the capability to create customized deep learning tools to achieve predetermined outcomes. Possible applications are as diverse as customer assistance, medical diagnosis, crowd control, visually enabled testing for industrial use, and virtually any automation that can be enabled further using images and video as input.
AI can browse, catalog and sort an entire dataset embedded in visual information, use it to train an algorithm and evaluate real world outcomes to refine the learning further.
How Visual AI Empowers Smart Builds in the Real Estate Industry
For several decades, construction and building management lagged other industries in using cutting edge digital technologies to their advantage. However, they are now making up for that lost time in a hurry. Given the inherent organization of built spaces and the methodical processes involved in fabricating them, the possibilities that AI and ML can enable are manifold.
Visual AI can play a transformative role in improving the efficiency and safety of construction sites, by giving developers a transparent overview of their projects. Cognitive technologies and Visual AI empowered deep learning can help push data-driven decision making, improve project profitability, coordinate diverse teams and resolve claims, quickly and effectively. The broad applications of Visual AI in construction include:
- Design and Planning: Deep learning insights, delivered at the project design and planning stage, can help in preventing huge cascading errors or inefficiencies. Visual AI is a powerful tool in aiding design as well as empowering BIM modeling of the entire construction project.
- Project Monitoring: The ability to learn from each stage and every aspect of a project transforms the capacity of construction businesses to monitor and assess. Visual AI can identify deviations from plan and verify outcomes with a high degree of accuracy, allowing the diverse teams and processes involved in projects to be better coordinated.
- Safety: Construction sites involve heavy equipment and large workforces in close proximity. Safety procedures have been refined to exacting standards in the industry but human error and equipment failure can cause accidents despite this. Visual AI gives job sites a very effective means to enhance safety, through constant monitoring.
- Robotics and Autonomous Equipment: Automated mechanized elements are a crucial part of any modern construction project. Machine Learning empowered by Visual AI is a powerful enabler of these assets, allowing them to operate at maximum efficiency and capacities.
Why Real Estate Businesses Cannot Afford to Ignore Visual AI
Construction and real estate businesses stand to gain unprecedented efficiencies, by employing AI and ML based solutions. Visual inputs are inherently information rich as data-sets, and the applications for Visual AI technology will only multiply in the near future. Across every metric that these technologies impact—from efficiency to safety—the escalation in value will be groundbreaking.
The construction and facilities management industries are a highly competitive environment for businesses to operate in. Every insight that can be leveraged is crucial. Visual AI aided deep learning delivers wide ranging applications in this space and the resulting evolution will render businesses that ignore these technologies uncompetitive and redundant.