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One of the most significant trends in coworking and throughout the commercial real estate industry, is the advancement of uses for Artificial Intelligence (AI) and the Internet of Things (IoT). For managers and landlords, it leads to improvements in operational simplicity, features that increase revenue and reduce long-term costs with short-term investment. In our newest eBook, we analyze how AI and the IoT impact shared workspaces today and moving forward.
We look at the most prevalent applications of advanced technologies in coworking then examine data on AI implementation and how it has evolved quickly over the past few years. Victor Vasev, Yardi senior director of coworking, explains how the Yardi Kube platform is using AI and IoT to help operators facilitate day-to-day business and adhere to social distancing guidelines for members. Finally, what is next for AI? Our eBook concludes with a look at the next steps for AI in the commercial and coworking sectors.
Introduction to AI
For the last decade, there has been consistent and rapid growth of coworking which has run parallel to the increase in the uses and potential for AI and IoT. Just about every aspect of our lives – comfort at home, entertainment, energy efficiency, transportation and now social distancing – have been altered by smart technology.
The definitions of AI and IoT are intertwined, yet unique. The Internet of Things are internet-enabled devices, connected to collect and share data. Artificial Intelligence means your software gathers data, processes information and analyzes or makes predictions based off that data. In short, IoT is about connection and performing tasks, like requesting that Alexa turn down the temperature on your Nest thermostat. Artificial Intelligence goes beyond what human analysis is capable of to draw conclusions from data, like the Nest itself auto-programming temperature settings when it senses you are not home.
Applications in coworking
In a workspace, AI simplifies operations, enhances member experience and helps analyze and predict financial trends to drive revenue. This last part is especially important for coworking operators in an industry that experiences high turnover rate and is based off short-term lease models. Using AI software to solve for budget deficiencies with predictive data is one of the basic yet most influential uses. Improving the marketing of your space with tailored listings and emails can lead to greater visibility and in turn, increased revenue.
To continue learning about the applications of smart technology in coworking, the data showing the rise in AI implementation, and how Yardi Kube incorporates AI into its platform, download the free eBook.
