Automation is influencing the entire life cycle of real estate from dirt to disposition and no part will be left untouched.
It's a time of uncertainty for the global real estate sector, but two-thirds (63%) of our poll respondents say they are excited about the future of automation.
Just 2% think it will destroy jobs and businesses. But 35% are waiting to see how it plays out – and that could be the most dangerous position of all. Now is not the time to sit on the fence.
RE sector outlook
63%of the real estate sector is excited about automation.
The only way to prepare for tomorrow is to act today. So, what can you do now? Becoming a data-driven organization requires both human and technical capabilities. EY has developed an intelligent automation road map, with several key steps outlined below as you build your automation strategy:
- Pick the quick wins: Look at your processes and identify task-oriented activities across your organization
- Choose the right technology: Consider what technology is needed for helping the job task.
- Keep your eye on the horizon: Embrace automation today, but understand that technology is continuing to evolve.
- Invest in an innovation culture: When you build a culture that encourages creative thinking, is focused on customers, and strategically analyzes your risks and opportunities, you will be ready for any future.
There’s some serious work ahead. According to EY’s poll, 43% of real estate industry respondents are hiring data scientists and machine learning specialists. But 30% say they are “still learning about automation” before they act; 6% can't find the right skills; and 5% don't think AI and automation will have any impact on who they employ in their business. A further 16% of respondents “don’t know” if automation will change the way they do business.
At EY, we are working with clients to prepare their businesses for an autonomous future because as Chegut says: “In the lab, we never say never. We always say, not yet.”
Summary
The biggest challenge of AI goes beyond technology; it’s about change management.