ENTOUCH Smart Building Solutions

AI in Corporate Real Estate Facility Management: How Artificial Intelligence Affects Workers and Customers in CRE

As explained by Arie Barendrecht of D Magazine, people spend most of their time at home or the office. With more technology in the home, the natural progression will lead to the demand for the same technologies in the office. In a sense, everyone wants a technology-immersive experience, and the use of AI in corporate real estate (CRE) facility management is essential to creating such experiences. Therefore, Facility Managers need to understand how AI will affect workers and customers.

Common Barriers to AI in Corporate Real Estate.

As with any change in business processes, there will be barriers that may hinder, if not stop, the process. Barriers to the use of AI in corporate real estate facility management include:

  • Upfront investment costs may include the cost of purchasing sensors, new equipment, upgrading asset and new software, so building the business case is essential to overcoming this barrier.
  • CRE providers stay profitable by keeping spaces occupied, so time lost in implementing new technologies, such as AI in corporate real estate facility management, is detrimental to profitability.
  • Security and Monitoring. Another factor affecting the decision to use AI in CRE spaces rests in security and monitoring. Cybersecurity is crucial to maintaining the trust with tenants and their customers, and cyber-attacks over recent years have only strengthened this fear.

What Is AI in Corporate Real Estate Facility Management?

AI can be broken into three essential components in commercial real estate, notes Gemma Church of the Minnesota Real Estate Journal, including:

  1. Machine learning uses algorithms to make informed decisions and act on information presented by a person or automated system.
  2. Image processing takes algorithms a step further, using visual references and checks to act on information.
  3. Natural language engines leverage the voice of people to provide information and create a technology-immersive environment.

How to Use AI to Create the Best Experience Possible

CRE providers that want to prepare for the use of AI in their spaces should follow these steps:

  1. Retrofit facility assets with IoT-enabled sensors. A facility retrofit is necessary to give an AI-based system the ability to track and act upon data.
  2. Use analytics to derive insights from data. Analytics to obtain insights from data and the types of analytics that exist vary widely. For example, Facility Managers may use descriptive analytics to identify the causes of the problem, predictive analytics to know what will happen, and prescriptive analytics to determine the best course for achieving the desired outcome.
  3. Connect with tenants and customers. Engagement with the tenants and customers is essential, and AI may be used to help CRE providers connect with tenants and customers on a personal level, including the solicitation of feedback regarding atmosphere and ways the facility can create better experiences.
  4. Offer value-added amenities, like phone-charging stations and more. Value-added amenities are among the best ways CRE providers can provide an extra layer of service to tenants and customers, and this may include the use of AI-based POS systems and directories throughout a facility
  5. Track tenant requests and work order management. Tenant requests and work order management can also be handled through AI, reducing the time to handle such requests and creating better experiences for tenants and their customers
  6. Consider a full-service, managed-service solution. Since the potential applications of artificial intelligence and the process for using it are infinite and complex, CRE providers may choose to outsource the process to a full-service, managed service solutions provider, such as ENTOUCH.

Improve Occupant Experiences With AI-Based Systems Now.

CRE providers can create a customer-centric and tenant-centric environment through the use of AI in corporate real estate facility management. Kickstart your retrofit and application of new systems in preparation for AI by visiting ENTOUCH online.