Adaptive AI
Embracing the AI Renaissance: Navigating the New Era of Artificial Intelligence
Photo by Steve Johnson on Unsplash
The current landscape of artificial intelligence (AI) is akin to a renaissance, a period marked by significant transformation and growth. This renaissance is not just a mere evolution; it represents a pivotal moment in the history of technology, where AI has moved from theoretical concepts to practical, impactful applications.
Let’s unpack the resurgence of AI, exploring the factors driving this phenomenon and its profound implications for entrepreneurs, leaders, and society at large.
The resurgence of AI, a concept first introduced in the 1950s, has been nothing short of spectacular. Over six decades later, AI is at the forefront of technological innovation, reshaping industries and redefining our understanding of what is possible. Several key factors propel this resurgence, each contributing to the unprecedented capabilities and applications of AI we witness today.
The following is inspired by an article I read back in the spring by Peter Diamandis.
Computational Power: The Foundation of AI’s Growth
The first factor underpinning the AI renaissance is the exponential increase in computational power. Adhering to Moore’s Law, which suggests doubling computational capacity every 12 to 24 months, we have reached a point where deep learning algorithms can function effectively and efficiently. This increase in processing power has not only enabled more complex and sophisticated AI models, it has also made it feasible to process vast amounts of data at speeds previously unimaginable. This leap in computational ability is a cornerstone in the evolution of AI, allowing for advancements that were once the stuff of science fiction. My speculation is that quantum computing will accelerate the pace even further, making the next 18 to 36 months amazing and perhaps scary!
The Data Deluge: Fueling AI’s Learning and Accuracy
A key driver of AI’s resurgence is the abundance of labeled data. We live in a colossal era of data generation, with projections indicating a reach of 175 zettabytes by 2025. Think of all the data we have fed Facebook, Instagram, TikTok, Google, Apple, etc. This wealth of data serves as the training ground for AI models, enhancing their learning capabilities and accuracy. From language processing to image recognition, the vast datasets available today provide a rich foundation for AI systems to learn from and improve upon. This abundance of data has been instrumental in developing large language models and other sophisticated AI applications.
It’s time to combine your data with large LLMs and other public-facing data sets, creating a more interesting world. The only limitation is your imagination.
Financial Commitment: Accelerating AI Development
Another critical factor in the AI renaissance is the decreasing cost of training AI systems and significant investments from various sectors. Reducing costs has democratized access to AI technology, enabling a broader range of entities to develop and deploy AI solutions. Simultaneously, substantial investments from corporations, venture funds, and governments indicate a strong belief in the potential impact of AI across diverse sectors. This combination of financial accessibility and investment has catalyzed the rapid development of AI, making it a central focus for innovation and progress.
Implications and Opportunities
The AI renaissance presents many opportunities and challenges for entrepreneurs, business leaders, and society. For those at the helm of business and innovation, integrating AI into strategies is no longer a choice but a necessity. The ability to harness AI for transformative impact will differentiate the visionaries from the rest. As AI evolves, it will redefine business operations, customer interactions, and even societal structures.
Entrepreneurs and leaders must proactively understand and integrate AI into their strategies. The potential for AI to revolutionize industries, enhance efficiencies, and create new value propositions is immense. However, this also comes with the responsibility to consider AI deployment’s ethical implications and societal impacts.
In sum, as I like to say, “Lace up your track shoes.”
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Venturing Beyond Conventional Boundaries
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The Multifamily business is evolving. Boundaries are being broken. A recent tweet by Alex Ker opens up a dialogue beckoning the industry towards a horizon where technology and traditional real estate entwine, creating a new period of possibilities.
The tweet, laden with a forward-thinking ethos, resonates with the audacious spirit that challenges the conventional norms of every business. It calls for a fusion of technology and current paradigms or sacred cow thinking, a blend that could redefine multifamily transactions, management, and experiences.
Stepping into this envisioned future, one could witness the birth of a new kind of real estate ecosystem. An ecosystem where the digital and physical blend, unlocking doors to efficiency, sustainability, and human-centric designs.
At the heart of this transformative journey is the untamed power of technology. A domain that once seemed peripheral now promises to refurbish the stale protocols of property management and operations. Imagine a world where blockchain facilitates transparent and seamless transactions, AI-driven analytics predict market trends with uncanny precision, and virtual reality allows one to traverse properties from the comfort of one’s home.
As we ponder these advancements, it’s important to appreciate the essence of human-centric designs that are the cornerstone of this revolution. A shift towards designs prioritizing individuals’ holistic well-being and experiences could unveil a new era of living. The ethos of inclusivity, sustainability, and well-being could become the bedrock of architectural designs.
The tweet by Alex Ker is not just a mere assembly of words but a clarion call for the real estate industry to evolve, step out from the shadows of archaic boundaries, and embrace the dawn of a new era.
This envisioned future is not a distant dream but a tangible reality within grasp, awaiting the collective action of visionaries, technologists, and real estate moguls. It beckons for a collaborative effort to foster innovation, challenge the status quo, and to redefine the realm of real estate for the generations to come. When it comes to breaking boundaries, now is the time.
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The Transformative Power of ‘Astonishing’ in Business Culture
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In the pursuit of success, business leaders often strive for metrics like ‘effective,’ ‘efficient,’ or ‘innovative.’ However, for those shaping the future of multifamily leadership, one term rises above the fray: “astonishing.” This word isn’t a fluffy adjective; it’s a rallying cry for organizational cultures.
In multifamily, the notion of ‘astonishing’ is a lighthouse. Start with technology adoption; don’t just digitize existing processes; invent new paradigms. Imagine the leap from online resident services to AI-driven community experiences that predict and meet the needs of residents even before they articulate them. The power of predictive analytics can redefine the resident experience astonishingly, thereby giving a whole new dimension to ‘resident-first’ strategies.
An ‘astonishing’ culture also emphasizes human-centric leadership, a dynamic blend of empathy, vision, and rigorous execution. This transcends old-school autocratic management or laissez-faire indifference; it seeks to forge a new organizational psyche. When leaders embrace bold vulnerability and foster an environment where intellectual debates are cherished, employees feel a sense of purpose that leads to out-of-the-ordinary outcomes.
Marketing shouldn’t be left behind, either. The benchmark isn’t just customer acquisition but ‘astonishing engagement.’ This is a realm where conversational AI interfaces converse with prospective residents in a manner indistinguishable from human leasing consultants yet available 24/7. It’s a paradigm shift from ‘always open’ to ‘always engaging,’ an ideal that conventional tactics never dare to approach.
Captivating? Yes. Risky? Certainly. But the goal isn’t risk avoidance but extraordinary value creation. Remember, astonishing is not an endpoint; it’s a continual evolution. It mandates not just technological daring but also emotional resonance, creating experiences that evoke awe.
So, for multifamily leadership aiming to carve out a niche, being astonishing isn’t an option—it’s a mandate.
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The Dyson Paradigm and Industry Disruption: A Multifamily Perspective
When I recorded Episode 1,553 of The Multifamily Collective podcast, I was inspired by a compelling narrative around innovation and disruption using the story of Dyson vacuum cleaners. Dyson challenged the status quo in an industry that operated on the same “buy cartridges, dispose of cartridges” premise that razor companies employ. The overarching message was about breaking molds and embracing change—a universal tenet not exclusive to the vacuum cleaner industry but exceptionally pertinent to property management.
Changing Consumer Behavior: The Headwinds
Dyson had to fight against consumer behavior and existing industry norms. In the multifamily industry, there are similar circumstances. We often find ourselves stuck in methods and strategies simply because that’s how they have always been. The inertia of the past can be a significant obstacle to transformational change. The biggest hurdle often isn’t the introduction of new technologies but rather the necessity of retraining a consumer base conditioned to traditional practices.
The Multifamily Industry: Poised for Change
In light of the rapid pace of change and technological advances in artificial intelligence, internet accessibility, and social media, I contend that the multifamily industry is at a pivotal juncture. In my head, there will be massive shifts in the next 18 to 36 months. One example is the potential phasing out of computers from desks. BOLD, I know! But these changes aren’t mere adjustments but foundational changes that will redefine the industry’s operations.
Voice Command and User Experience
I speculate that voice-activated AI interfaces, like Google Voice, Siri or Alexa facilitated through your iPhone or other handheld device, will become increasingly pivotal. Physical screens might become obsolete as we transition to voice-command systems that allow us to execute operations. Imagine querying the status of a specific apartment’s availability through voice commands, eliminating the need for multiple software interfaces. The interface and the experience (UI and UX) will become increasingly invisible, more nuanced, and extraordinarily efficient.
The Dyson Takeaway
The Dyson paradigm is an allegory for the multifamily industry. We’re on the precipice of colossal changes impacting everything from managing portfolios to engaging with technology. The question isn’t if these changes are coming but how swiftly we can adapt and innovate.
The Need for Proactive Measures
For those multifamily industry veterans, considering contrarian technologies and embracing revolutionary ideas should be the way forward. From blockchain for transparent transactions to augmented reality for virtual property viewing to touchless e-commerce apartment leasing transactions—these are not pie-in-the-sky ideas but the near future. Those who act decisively now will be the ones shaping the future landscape.
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Leadership’s Scary Evolution: From Digital Assistant to Commander
Photo by Steve Johnson on Unsplash
I think we’ve always thrived on human-centric leadership in multifamily. It’s the backbone of our systems, processes, strategies, and marketing campaigns. However, we’re entering an era where artificial intelligence (AI) is poised to transform our understanding of leadership roles, particularly in complex fields in multifamily.
In the early innings, AI serves as a copilot or digital assistant, handling data analytics, automating repetitive tasks, and streamlining workflow. But as machine learning algorithms grow smarter and more capable, it’s worth asking: What happens when AI takes the steering wheel?
Consider this: We already use advanced AI platforms to identify and predict market trends. Machine learning models analyze data from multiple sources—rental rates, occupancy levels, local regulations—and provide actionable insights beyond human intuition or traditional market analysis methods. The deeper the data, the better the predictive power of the AI. AI is not new – think about the calculator. The wave is cresting, and it’s making landfall.
But here’s where it gets interesting—what if we let AI manage all the variables that influence rent pricing? High-level, dynamic pricing models governed by machine learning could consider hundreds of factors, from local events and governmental actions to seasonal patterns, essentially making every pricing decision optimized and justified.
In customer relations and community engagement, AI chatbots are no longer limited to answering frequently asked questions. Natural language processing allows them to interpret intent, mood, and context, enabling them to handle complex interactions. These aren’t your run-of-the-mill chatbots; these systems can interpret emotions, de-escalate situations, and offer tailored solutions, essentially serving as virtual community managers. And companies can bolt together the technology in-house. You don’t need to rely on third parties for the platform. Think chatbot platforms.
Now, let’s discuss decision-making. AI can also be involved in shaping strategies. Picture an AI system that analyzes human behavior in communal spaces to optimize the use and maintenance of these areas. Instead of simple analytics, the AI could proactively suggest changes in communal space designs or services offered, directly affecting the quality of life for the community. Essentially, the AI becomes a proactive strategist rather than a reactive analyst.
It’s tempting to resist these changes, viewing AI as a potential threat to the essence of human-centric leadership. However, in the correct architecture, AI enhances our capabilities. It doesn’t replace human decision-making but refines it. The result is a hybrid leadership model where humans and AI work harmoniously, amplifying the other’s strengths. This is not a zero-sum game; it’s an evolutionary step in multifamily leadership.
Of course, safety and ethics are non-negotiable. As AI systems get more powerful, it’s crucial to have robust ethical frameworks, but that’s a topic for another discussion.
In a continuously evolving time, the multifamily industry has to adapt or risk becoming obsolete. It has been said, “If you don’t like change, you will like irrelevance even less.” Embracing AI in leadership roles is not an option; it’s a necessity. It promises to elevate our strategies, systems, and services to the minimum desired levels, redefining what leadership can achieve in the multifamily space.