THE ARTICLES ON THESE PAGES ARE PRODUCED BY BUSINESS REPORTER, WHICH TAKES SOLE RESPONSIBILITY FOR THE CONTENTS. Precisely is a Business Reporter client. When businesses can’t effectively use data, they can end up making decisions based more on gut feeling than solid evidence. This can lead to missed opportunities to boost efficiency, manage risks and drive innovation.
Without the right tools to analyse and understand data, companies may not just fall behind, but miss opportunities to get ahead. Generali Real Estate, one of the world’s leading real estate asset managers, has made significant strides with CityForward, a division established to disrupt the traditional investment decision-making processes by leveraging artificial intelligence (AI) and machine learning (ML) to enhance investment strategies.
The company found that standard real estate metrics often don’t reveal the reason for significant variances in the value of assets, even when similar assets are only within a few streets of each other. They discovered that as much as a 60 per cent change in value, observed over seven years, couldn’t be explained using classic real estate metrics such as prime rent or capital value.
“We wanted to use alternative forms of data, especially spatial data, to address these problems,” says Costanza Balboni Cestelli, Head of Data Intelligence & Innovation for Generali Real Estate. “Ultimately, without data context, there is no such thing as AI in the field of location intelligence.”.
