Robotic process and cognitive automation for Commercial Real Estate

In 2018 Commercial Real Estate Industry Outlook published by Deloitte, it is recommended that real estate companies can maximize value creation and growth by prioritizing the four themes:


  1. Accelerate Business
  2. Avail alternative capital options
  3. Augment Productivity
  4. Advance People
Screen Shot 2018-08-01 at 5.24.20 AM

Image: Screenshot from 2018 Commercial Real Estate Industry Outlook

Link: https://www2.deloitte.com/us/en/pages/real-estate/articles/commercial-real-estate-industry-outlook.html#


The commercial real estate industry has historically been a laggard in adopting technology.

 

Chasm

Technology Adoption Life Cycle

Source: https://dwaynenesmith.com/wp-content/uploads/2017/06/Chasm.png


Where the world has seen technology advancement such as blockchain, augmented and virtual reality and IoT, most part of the CRE Lending process involves manual grunt work which is a non-value add. Most of the real estate firms are still operating on excel for collecting and analyzing data, whereas other industries are using high-end sophisticated data collection and analytics tool. The documents are still being maintained in a physical format. Analysts spend substantial time collecting information and cleaning it to use the data for analysis.


Now the question is how real estate companies can augment productivity using technology? The 2018 Commercial Real Estate Industry Outlook suggests to embrace the combination of robotic process and cognitive automation.


The combination can help companies improve their operational efficiency by optimizing the same operation with tremendous speed, scale, and quality.


Clik.ai was founded on the same theme to help commercial real estate brokers and lenders to use the applications of robotic process and cognitive automation. It is the first commercial real estate tech startup which automated the loan sizing process using AI and machine learning. The web-based powerful extraction with highly accurate classification algorithms has cut down hours of manual work.


To embrace the new automation and cognitive capabilities, real estate companies may need to rework conventional processes to maximize their benefits from new automation tools. There is no particular and best approach but whoever is committed to digital transformation and aggressive risk-taking in business will win this game.

 

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