The Myths, Magic, and Mayhem of Artificial Intelligence That is Taking The World by Storm
Artificial intelligence (AI) is currently one of the hottest buzzwords in tech and with good reason. The last few years have seen several innovations and advancements that have previously only been seen in the realm of science fiction movies, transformed into reality. AI bots, such as ChatGPT, have turned industries on their heads - from content producers, educational institutions, to legal assistants and market research analysts, the chatbot has proven to be powerful enough to generate answers to complex questions. AI is disrupting businesses, while redesigning our economic system.
Experts state AI has the potential to introduce new sources of growth and change the way work is done across multiple industries. For example, a recent study predicts that AI could potentially contribute $15.7 trillion to the global economy by 2035, with China and the United States benefiting nearly 70% of the impact. But AI is not without controversy, some say it could displace roughly 400 million jobs worldwide by 2030, while others point out that with the tight labor market and aging workforce, we must augment jobs that we are wasting human talent on.
What is Artificial Intelligence
In simple terms, Artificial Intelligence is a method of making a computer, robot, or software think intelligently - much like a human. AI is accomplished (or trained as we say in the tech world) by studying patterns and processes. The outcome of these studies develops intelligent software and systems. The humble beginnings of AI started in 1956 when an American computer and cognitive scientist named John McCarthy was the first to discuss artificial intelligence. Not only did he coin the term, but also held the first AI conference known in history.
From that point, we have seen everything from the Supercomputer Deep Blue that was built by IBM defeat world champion chess player Garry Kasparov in a match in 1997, to robotic vacuum cleaners, chatbots, speech recognition, and now with ChatGPT, which is a large language model AI with massive learning techniques. It is said that ChatGPT has consumed over 450 billion pieces of content to learn from. It also gets smarter as people like us ask it questions, as it uses machine and deep learning technology to provide those answers. Today it has over 100 million active users.
What Myths and Magic Does AI Bring
When it comes to AI myths, most theories revolve around AI somehow taking over human civilization. This may seem possible with the power of AI and the emergence of robots, but when we look at the actual capabilities of that technology today, it is a stretch for it to take over the world. AI programs are created with a narrow focus, which does not allow them to function outside their prescribed task. They currently cannot reproduce learning from their knowledge and apply it in the real world, as their purpose is to do a defined action with precision and speed. Keep in mind, humans build technology.
Though AI is often looked at as a replacement for humans, it is increasing job productivity through augmenting redundant human tasks. For example, AI-powered chatbots can provide a seamless experience to customers and resolve the most basic questions instantly. AI can analyze sales calls and offer real-time tips for sales managers to improve communication with clients. They can help our workforce by handling tasks, analyzing data, and helping us work smarter. This helps businesses significantly boost their productivity and revenue per headcount.
Leveraging AI in The Multifamily Industry
If we look at the core needs in our industry, AI makes a lot of sense to utilize, since today's consumer is redefining how they want to transact business. Known as the digitally conscious customer, they have one common theme - instant transactions and results. AI can automate routine tasks, such as marketing, prospect onboarding, rent collection, lease renewals, and document processing. By automating these processes, property managers can save time, reduce administrative errors, and focus on more strategic aspects of property management.
Appealing to today's digitally conscious renter involves delivering a seamless digital experience, which means keeping your user inside one unified experience, and not bouncing them across multiple platforms. They should have the ability to inquire, tour, apply, and have a lease delivered immediately upon approval inside that same environment. Once they sign their lease and become a resident, they are transitioned into portal to communicate, request service, pay rent, and renew leases; not being thrown to another site - just one seamless unified experience.
As our industry continues to embrace digital transformation, now is the time to rethink the user experience and move into the instant everything economy. From automated marketing, rental applications to building and delivering leases without staff intervention, it is all possible with today's technology.