Companies must get to grips with Artificial Intelligence - or face becoming obsolete, says RICS

Posted On Wednesday, 22 November 2017 07:54 Published by
Rate this item
(0 votes)

The Royal Institution of Chartered Surveyors (RICS) has launched an insight paper which explores the impact of using artificial intelligence (AI) in the built environment, and the urgent need for industry professionals to understand how it will influence their areas of operation, as technology has a far greater role to play in the future.

TC_Chetty_RICS_SA_Country_Manager

One sector that the Artificial Intelligence in the Built Environment Insight Paper highlights as facing a significant benefit via AI is Facilities Management (FM), due to the repetitive nature of many FM functions, making it an ideal place for increased automation, freeing up human ‘man-hours’ for other more strategic tasks. 

However, the report weighs up the positives and negatives of such changes and how companies should deal with them.

Paul Bagust, RICS Global Property Standards Director, says: “Facilities Management will always have a vital role to play within the built environment, and even though many operational roles will become more technology-led, this sector could benefit hugely from AI at a strategic level. For example, machinery – utilising AI - will revolutionise the FM industry, making many jobs faster, safer and less costly, and this will ultimately improve a company’s service offering and increase their bottom line.”

He adds: “Technology and the availability of data is also changing the way investors look for opportunities and invest. This will present a huge threat to the industry if ignored, but again, it presents so many opportunities for those who work in the built environment. So, all businesses – however large or small - must act now and analyse and prepare for how this disruptive technology could transform their role, sector and the wider built environment. Otherwise they face becoming obsolete.”

Says TC Chetty, RICS Country Manager for South Africa: “The Artificial Intelligence in the Built Environment Insight Paper – in conjunction with Artificial Intelligence in Facilities Management - discusses how AI will transform the property industry by driving smart, efficient buildings from design through to construction.

It also highlights how those in the industry can exploit the latest AI applications and developments – including drones and BIM (Building Information Modelling) - to plan and work more effectively, while improving and better maintaining the quality of buildings and the wider built environment.”

Chris Hoar, co-founder of AI in FM comments: “The overarching message of this report is that organisations should seek out and maximise the opportunities that artificial intelligence presents, while minimising any potential threats. This way, they will have a much better chance of controlling their business strategy, direction and financial health.”

In 2016, RICS and the International Facility Management Association (IFMA) launched a landmark collaboration to advance the global FM community by offering the most comprehensive catalogue of professional development and credentials. The collaboration leverages the combined authority of two of the world’s premier built environment professional organisations to support FM education and career advancement.

Adds Chetty: “Artificial Intelligence will be one of the driving forces as the globe becomes more urban and digital. How this technology can develop our industries and drive productivity will be explored further at the RICS World Built Environment forum on 23 April 2018 in London.”

Last modified on Thursday, 23 November 2017 08:16

Most Popular

Balwin Properties announces R9 billion Munyaka Crystal Lagoon development in Waterfall, Midrand

Feb 06, 2020
Munyaka Crystal Lagoon
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Atterbury develops new Cape Town showroom for WeBuyCars

Jan 30, 2020
Atterbury We Buy Cars exterior view
Leading property developer and investor Atterbury has handed over the innovative…

New fire safety global standard being developed for buildings and infrastructure

Jan 30, 2020
TC Chetty RICS SA Country Manager
The Royal Institution of Chartered Surveyors (RICS) is collaborating with a coalition of…

Green Building Council SA to reduce physical footprint

Jan 29, 2020
Dora Modise CEO GBCSA
Green Building Council South Africa (GBCSA) will be reducing their physical office…

Redefine Properties further enhances liquidity with sale of Strykow

Feb 03, 2020
Andrew Konig CEO Redefine
Redefine Properties further enhances liquidity with sale of Strykow.

Please publish modules in offcanvas position.