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Sounds Like Science Fiction: Understanding Automation and AI
By Coldwell Banker Commercial
Technological advancements, by nature, create opportunities for improved efficiency and accuracy. Solutions like automation, artificial intelligence (AI) and machine learning (ML) are among the greatest innovations discovered in the recent past. Yet given how these concepts have become so heavily entrenched in our everyday lives, they’re surrounded by a surprising amount of misinformation, and even mistrust. That sentiment, however, has been easing—at least in the business world, which is increasingly embracing the efficiencies these technologies offer.
Before examining the ways in which the industry can utilize automation, AI and ML—specifically in commercial real estate—it’s first important to learn what exactly these tools are and what they can do.
Automation
Automation in an overall term that describes an entire class of technologies, including artificial intelligence. A type of software that follows pre-programmed guideline or rules, automation essentially runs itself as it replicates human actions. It handles physical and cognitive tasks—albeit predictable, simple ones—that can be done by humans. It’s important to note that automation itself only follows set instructions; it doesn’t learn, evolve or make decisions.
Nearly every industry uses automation today for activities such as entering and processing payrolls; packing, sorting or making deliveries; organizing and consolidating information; and scheduling payments, emails or social media posts. Automation is what’s behind your internet browser’s auto-fill function and the updates your Ring doorbell or Nest thermostat might send you. Those replies you get when you confirm you doctor’s appointment or make a banking transfer are more likely to come from an automated system than a living, breathing customer service rep.
Artificial Intelligence
When the automated system starts engaging in activities normally run by humans—such as learning, planning and problem-solving—it is artificial intelligence. It’s at the core of most of the smart devices we use, from Siri on our phones to Alexa in our homes. AI not only runs itself, but it also analyzes and contextualizes data to provide information or trigger actions.
AI seeks to mimic human intelligence and cognition; unlike basic automation, AI doesn’t need specific, predefined pre-programmed instructions or rules to follow. AI crunches vast amounts of raw data from different sources and uses algorithms to come up with results or predictions without additional instructions. It can learn from data, recognize patterns and analyze changing environments to carry out certain tasks even faster and more accurately than humans.
While AI can be used to support automation processes, unlike automated systems it is capable of learning over time through self-analysis.
Go Deeper: AI’s Multiple Components
As automation and AI become increasingly important in the modern world, two of their most integral components are machine learning and natural language processing. Machine learning is a form of artificial intelligence that enables computers to learn and improve over time without being explicitly programmed.
Natural language processing (NLP) involves the use of computer algorithms to understand, interpret, and manipulate human language. It has many applications, including search engine optimization, text classification, sentiment analysis, automated chatbot conversations, voice-activated assistants like Siri and Alexa, and more.
Together these two concepts can be used to create powerful tools for automating tasks with AI-backed precision. In the next part of this series we will explore further into how they work together as well as what potential applications they have in the future. Stay tuned!
