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AI embraced to disrupt property market

25 February 2020 Lyall Russell
AI embraced to disrupt property market

A property management and development service has embraced artificial intelligence (AI) to transform the way business is done.

Investa has partnered with AI platform provider SparkBeyond to amplify the way it collects, organises, analyses and draws insights from data at a scale that has not been positive.

The alignment is a first for the Australian property sector, and it will allow Investa to provide unprecedented decision intelligence across a range of core business areas.

It will allow Investa’s workforce to spend more time on value-adding tasks, Investa innovation and strategic projects general manager Joanna Marsh said.

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“In a time of great transformation, many companies are struggling to innovate in a way that drives real business impact. Being able to see patterns, derive insights and solve business problems through artificial intelligence and machine learning allows us to make better decisions,” Ms Marsh said.

“As we move into the future, we will be able to leverage these insights to uncover opportunities that are not yet articulated clearly or adequately serviced in our industry.”

The AI platform was founded in 2013, and it has generated more than seven billion hypotheses and more than a $2 billion impact for the companies it has worked with.

“We are delighted that our platform has been able to deliver such impressive results to Investa, who have shown great foresight to develop a strong, data-driven culture internally. AI-driven decision intelligence is empowering Investa with strong and actionable insights for sustainable growth and measurable impact,” SparkBeyond chief commercial officer Amir Haramaty said.

The “problem-solving” platform was sought out by Investa to identify on and off-market acquisition opportunities based on precise criteria.

During a four-week experiment, the platform produced more than 90 models and research cycles, which analysed more than 500 buildings and five geographic locations.

“To put this into context, it would typically take a data scientist two months to complete one model and research cycle. SparkBeyond gave us 90 models in half the time,” Ms Marsh said.

“Over the course of the four-week experiment, instead of the two or three viable options that would typically be generated using standard practices over the period, we produced a list of 500 properties, 36 of which were deemed viable options against the fund criteria.”

AI embraced to disrupt property market
SparkBeyond Investa team reb
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