Article: Decision Based Data and AI in Real Estate
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We created DeriveOne in our attempt to “flip the script” as regards the use of data in driving business decisions. Most data firms revel in their ability to “do” Big Data, to amass and make sense of tomes of data, from corporate systems or open data sources. While, this is important, it is also in our minds wasteful and inefficient.
The DeriveOne philosophy is based not on the data per se but in the decisions that have to be made. The data necessary to those decisions is what we care about, not data extraneous to the imminent matter at hand. After all, speed and scale are both necessary and starting the decisions versus the data is the only way to achieve them.
The entrance of Artificial Intelligence into this mix enhances our ability to acquit ourselves and provide quick and lasting value in this regard. AI allows us to quickly process data in support of decisions and to decipher and intuit patterns that correspond to real, tested outcomes. AI is the biggest gift to decision support that we’ve seen.
One company that has taken this to an incredibly high level is Bellevue-based Quantarium. Its tagline “Real AI for Real Estate” says it all. The founders built the company to support fundamental decisions in the world’s largest asset class —residential real estate. What are houses in aggregate worth? What trends will affect their value? What is the propensity for particular homes to be listed for sales, to be refinanced, or to be defaulted on? There are over One-Hundred Million houses in the United States alone —the entire real estate ecosystem (and all that depends on it) rises and falls by these valuations and analytics.
Quantarium lives true to the DeriveOne philosophy —the team there thinks daily of the decisions that all parts of the real estate “supply chain” have to make and then applies AI to sift through all the relevant data to quickly find patterns and “stories” that emerge that fundamentally affect these decisions.
We will enjoy watching them fundamentally change and enhance real estate through AI!
