The AI Blueprint for Facilities Management
What lessons can FM take from other sectors about AI integration?
The adoption of technology in the real estate market has lagged behind other industries. While sectors like logistics, retail, and banking have integrated Artificial Intelligence (AI) into their operations, the real estate industry has been characterised as a bit of a technological dinosaur. Real estate's adoption of AI, despite making significant changes to operational efficiency, has been no quicker than the integration of other technology.
The askporter web assistant is an example of what AI adoption will look like in facilities management. It shows the immense potential of AI integration for improving front-end user experience by logging and managing maintenance requests to completion. askporter's AI powered digital assistant, which has the ability to integrate with existing facilities management set-ups, exemplifies where AI can take the real estate industry.
As we continue to integrate and reap the benefits of new technologies, such as AI, it's worth taking a look at other industries further along in the journey.
Logistics and Transportation: "Use data-driven insights to be proactive, not reactive."
The transportation industry has been quick to harness the power of AI, as the technology has drastically transformed supply chain management. Predictive analytics, powered by AI, now play a pivotal role in preparing companies for unforeseen disruptions, such as natural disasters, labour shortages, and geopolitical issues. It provides a level of certainty through the use of historical trends and data.
The use of AI by the transportation industry is similar to askporter. At askporter we use AI to power our digital assistant that not only supports users in getting maintenance work done but also takes stock of the issues going on throughout a building. As more activities are logged, facilities and property managers get actionable insights from across the organisation. This increases first-time fixes, as facilities managers are able to make decisions based on previous tenant-provided data.
Data-driven insights can enable property managers to make more informed, proactive decisions. Facilities management should look to the transport industry as an example of the proper implementation of predictive AI.
Retail and E-commerce: "Without 24/7 availability, you risk falling behind."
Stacked up against tough competition, retailers are always searching for ways to optimise their processes and profits. AI has become a driving force in doing so, particularly for e-commerce. Emizentech states the e-commerce AI market is projected to reach $45.72 billion by 2032 and grow at a CAGR of 18.45% from 2023- 2032.
It makes sense as to why. AI-driven algorithms have allowed for targeted advertising and 24/7 availability through chatbots and digital assistants. Both critical to meeting the evolving needs of customers across the globe,
As global retail spending on chatbots is expected to skyrocket from US$12 billion in 2023 to US$72 billion by 2028, facilities management must take note. Expectations of round-the-clock accessibility are rapidly becoming the norm and we must not be left behind.
At askporter, we can attest to this trend. We provide not only 24/7 availability to users, but also various channels to access information. If users want to report maintenance issues via text, Whatsapp, or calls, they can. This is just an example of how we can harness AI to meet rising expectations.
Banking and Financial Services: "AI saves time for your end-user."
The banking and financial services sector has undergone a significant transformation with the advent of fintech several years ago. AI has been embraced for tasks ranging from fraud detection to simplifying banking app operations.
Importantly, AI has not only improved internal processes but has also enhanced the front-end experience. AI powers banking apps to auto-save a portion of a customer's earnings, categorise their spending and view insights into financial habits. In the insurance sector, AI-based chatbots and virtual assistants are improving customer experiences, tailoring plans, and significantly reducing the time it takes to process claims. Both the insurance and banking industries have leaned into AI communication systems, trusting the technology in client sensitive work focussed on managing life savings and possessions.
Facilities management can take away the lesson that AI integration must not be limited to streamlining internal processes but should also aim to drastically improve the end-user experience. It can also take onboard the trust the finance sector has in AI handling money, proving AI does work for high-stakes industries.
What can real estate take from these sectors?
As the real estate industry continues its AI integration journey, there are valuable lessons to be learned from other sectors. The slow adoption of technology in facilities management can be an advantage, allowing us to study the experiences of industries that have rushed into AI implementation. From improving customer experience to the importance of data-driven decision-making, we can learn by example and continue to serve the evolving needs of our clients.