Finance and law are often cited as the sectors leading adoption of artificial intelligence, but several others, notably retail, oil and gas, and real estate, are benefiting from the technology.
The property and land sector sees huge potential for AI in simplifying bureaucratic procedures. Buyers and their property managers are working with law firm Mishcon de Reya’s machine-learning to improve transactions.
“Historically, people would think about sales as a flood of documents, agreements and leases,” explains Nick West, chief strategy officer at the firm. “But ultimately the process is about data and we can automate a huge amount.”
The technology enables customers to understand a deal quickly. A firm considering buying a property and being faced with huge documents can count on machine-learning to read and interpret contracts, and help determine the quality of investment. “It can also identify any problems in the lease, highlight rules around rents and find licences needed for alterations,” Mr West adds.
The company is so keen to make the most of AI that its in-house technology incubator, created to identify startups, has shortlisted six machine-learning companies among twenty of interest.
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