At this year's Property Portal, the topic of AI and how it can help your business was discussed in relation to property tech and the wider business world. It is evident that AI will revolutionize industries but has it made its mark in the property tech industry?

How can AI help your business?

As we have such big data to condense, AI can revolutionize this problem and increase growth within every industry.

AI can help to innovate and work with science and assist with deep learning. Machine learning is basically an imitation of the real world. We can teach the machines to look at the data that we have collected and create a solution for the mass amounts of data that is collected.

“The model that is currently most prevalent is the use of machine learning to process data into predictions, such as analyzing customer data to determine likely future purchases"

With big established companies like Amazon and Netflix implementing AI, recommendation systems have already been successfully implemented. This enables us to make high-quality decisions. While looking for home buyers and in the property sector it can give the client a seamless experience.

We have 2 types of data: Business intelligence and Program intelligence. You need to have product intelligence and know what your clients need. This will help in implementing AI into your business structure and model.

Its evident that the property industry is lagging slightly behind, however, if we look at other industries they have successfully immersed AI at the core of their sector. By using AI they can predict and collect the user or consumer's personality, buying habits and other market research data that is easily collected with this hyper-intuitive technology.

For the Property industry, AI can use an algorithm which would take into account recent listings of the desired requirements for their property search and advertise the user with relevant, new properties they may be interested in, all with virtual representations of the properties.

AI will overall serve the property industry effectively by integrating deeper knowledge and serving their clients desired needs at a faster rate, increasing consumer satisfaction, thus, in turn, raising sales for the property developers and estate agents.

It can be seen as a threat to the employee and chain of human touch that runs through the property industry, or any industry for that matter, however, it shouldn't be feared. It is an enhancing tool that will increase sales and will seek to enhance the estate agents rather than eradicate the human element of the industry.

Commercial property can benefit the most from AI as its quite underserved by technology. AI can help create a broader database of information focusing on the organization seeking out commercial properties.

At the same time, machine learning could be used to develop a corporate occupier profile that might include information about their industry sector, competitors, revenue trends, or profitability, enabling the algorithm to more effectively predict the odds of a tenant seeing out the term of their contract within a commercial property.

Such knowledge could assist in significantly reducing the vacancy rate, meaning the growth yield would increase, positively impacting on this sector of the market.

From Thailand to ASEAN and the world

The Thai Fintech Association formed in 2016 as a networking club that would facilitate connections among Fintech startups, big banks and investors, according to Disyadej. But the organization filed as an association with the Ministry of the Interior this year so it could take a more hands-on role in the industry’s development. Disyadej said the Thai Fintech Association is working to establish a national Fintech sandbox for startups, through which they can conduct product testing, meet with potential partners and obtain funding. He added that the organization is hoping to secure a government grant worth 29 million baht (approximately $850,000 USD) to use toward these efforts.

At this year's Techsauce global event that is happening at the end of June 22 - 23rd, 2018 there will be a whole range of tech startups including AI. It's the perfect opportunity to network, connect and learn what is on offer in terms of advanced technology within Thailand, South East Asia and globally. We have world-renowned speakers from the Tech industry and inspirational influencers in entrepreneurship and the tech startup scene.

www.summit.techsauce.co