During our webinar with GlobeSt., Thriving to ’25: Navigating Turbulent Times with Proactive Strategies in Commercial Real Estate, we had the privilege of hosting a panel of distinguished industry leaders. Among them were Rob Finlay, the CEO & Founder of Thirty Capital, Max Bresner, the COO of Brikwell, Jay Saunders, the Director of Thirty Capital, and Peter Slaugh, the Founder and Managing Partner of OpenPath Investments. They discussed how Artificial Intelligence (AI), Business Intelligence (BI), and Human Intelligence (HI) drive informed strategies in commercial real estate (CRE) decision-making. Continue reading for highlights from their conversation!
If you haven’t yet, make sure you read our first article in this series: The Power of OKRs in CRE!
Artificial vs. Business vs. Human Intelligence
AI, BI, and HI represent distinct yet complementary approaches to decision-making:
- AI: This approach encompasses machines or software designed to mimic human capabilities, processing vast amounts of data, identifying patterns, and offering predictive insights.
- BI: This solution involves the process or technology used to collect, analyze, and present data to support or drive business decisions.
- HI: Human Intelligence encompasses innate cognitive abilities, enabling individuals to learn, understand, reason, and make decisions based on experience and expertise.
AI and BI Still Need HI
While AI and BI excel in processing data and providing insights, they are not standalone solutions. Human Intelligence plays a crucial role in interpreting the synthesized data and applying it to real-world scenarios. As Rob emphasized during the webinar, “You cannot scale using Excel and spreadsheets, you need a business intelligence tool.” This insight highlights the necessity of adopting advanced tools for data analysis and decision-making.
To expand further, Human Intelligence is scenario-based, taking synthesized data from BI and AI tools and making decisions based on it. The integration of AI, BI, and HI ensures that decisions take into consideration human knowledge and experience, speaking to the nuances that may not be evident in the data alone.
Max rightly pointed out that “AI is not going to replace human jobs; it’s going to help people get their work done more efficiently.” Reports that once took weeks to generate can now be produced swiftly with BI tools, freeing up time for strategic decision-making.
Peter added, “AI supercharges our abilities – it doesn’t replace them.” This sentiment underscores the collaborative nature of AI, BI, and HI, where technology enhances human capabilities rather than supplanting them.
Utilizing AI, BI, and HI Together
Collectively leveraging AI, BI, and HI enables an informed approach to decision-making. AI and BI tools offer valuable insights derived from data analysis, while Human Intelligence adds context and interpretation, ultimately guiding strategic actions. As Rob highlighted during the webinar, “AI is only as good as the data models behind it. BI tools help synthesize data effectively, ensuring accurate insights.” Utilizing both AI and BI enhances portfolio and operational performance, but each serves a distinct purpose.
During the webinar, we conducted a poll to gauge the audience’s sentiments regarding the adoption of AI and BI tools in the upcoming year. In the results, 11% of respondents were neutral, 26% indicated that they were likely to adopt AI and BI, and 58% stated that they were very likely to utilize these tools, while only 5% expressed being very unlikely to do so. From this data, it’s evident that there is a significant shift towards embracing technology-driven solutions in CRE decision-making processes. With the majority of respondents expressing strong interest in adopting AI and BI tools, it’s clear that these technologies are becoming increasingly integral to staying competitive in the industry. As the landscape continues to evolve, those who embrace innovation will thrive, while those hesitant to adapt risk being left behind in an ever-changing market.
Watch the On-Demand Webinar
It’s crucial for CRE professionals to grasp the significance of AI, BI, and HI and how they can be effectively utilized within their organizations. By integrating these tools, individuals can unlock opportunities to enhance portfolio management, drive performance, and ultimately generate alpha. Importantly, Human Intelligence stands as an indispensable component in the decision-making process, providing invaluable context and interpretation to data-driven insights. Through AI, BI, and HI, professionals can confidently navigate the intricacies of the real estate landscape, empowering themselves to make informed decisions that achieve success in asset and portfolio management.
Discover how AI, BI, and HI can transform your commercial real estate firm. Watch the on-demand webinar to unlock insights into leveraging these technologies for success in CRE. Click here to access it now!
