Innovation is happening all around us at an exponential rate. One the trendiest technologies right now is Artificial Intelligence. AI has been an element of science fiction for many years, but it has now become a reality. Artificial Intelligence (AI) commonly comes across as a scary force but in reality, it’s a tool that has a place in businesses and everyday life. As technology gets more complicated it can become difficult to understand the practicality of some developments. Harnessing the potential of AI can be incredibly beneficial to property management companies as well. 

What really is Artificial Intelligence? 

Artificial Intelligence is software that uses machine learning to perform tasks more effectively and efficiently than people. It can mimic human behavior and uses problem solving to provide the best results.

How Can Property Managers Use Artificial Intelligence?:

Analytics

Artificial intelligence allows people and businesses to interpret massive volumes of data in very little time. Approximately 2.5 quintillion bytes of data is created every day and that data has potential for insights that could be very useful when it is analyzed and turned into intelligence. By using AI, you won’t need as much time and manpower to be spent burrowing through data. This helps to boost productivity without sacrificing other things that require attention. 79% of companies that implemented AI reported better insights and analysis.

Marketing

AI can assist marketing efforts and help to drive sales. A Capgemini study found that 75% of companies that leverage AI in some way increase their sales of new services by more than 10%. AI can be used to monitor sales patterns and the effectiveness of marketing materials. It can be used to help organize sales and targets for the best possible results.

Security

AI has the ability to recognize regular patterns and trends using machine learning which can help to identify any irregularities in behavior. AI can help to quickly block spam, recognize malware, and detect fraud among other cyberthreats. Your strategy to protect against cyberthreats can be strengthened by leveraging the flexible knowledge of AI software. The success rate of using AI to detect security threats varies between 85%-99%.

Customer Service

Artificial intelligence has made customer service much easier by using bots to effectively manage customer needs before they reach a live agent. Around 75% of organizations using AI saw customer satisfaction rise by 10%. AI bots understand keywords in customer requests and use that to help navigate concerns and inquiries which frees up time for actual customer service representatives and frontline staff. Chatbots go beyond offering generic information. They can be used to help customers find specific account data like balances. AI software can also be used to deliver maintenance statuses and other updates customers would typically look to a live agent for.

Virtual assistants are now embedded in everyday life. Siri, Alexa, and Cortana have become household names. Virtual assistants use AI to be able to respond appropriately to its users’ needs. Homes that come equipped with virtual assistants are more appealing to customers and prospects.  

Why Should Property Managers Use Artificial Intelligence?

By 2019, Adobe estimated that nearly 31% of enterprises would be using AI. AI can enhance automation and lower operational costs by increasing efficiency. Organizations report a 15% increase in productivity as a result of AI related automation. It helps to generate leads, enhance reputation, and enables your company to be an industry leader.