Together with pom+, the Institute of Information Systems at the University of St.Gallen has developed a programme that sheds light on AI in property management. In a three-day intensive seminar, managers learn how to identify, evaluate and implement AI strategies and use cases.
The driving force behind the fourth industrial revolution is artificial intelligence (AI). It is taking digitalisation to the next level and making the previously unthinkable suddenly tangible. Like all industries, the property sector is now being called upon to get to grips with these developments and explore its own possibilities.
The Institute of Information Systems at the University of St.Gallen has therefore developed a programme together with pom+ that sheds light on AI in real estate management. In a three-day intensive seminar, managers learn how to identify, evaluate and implement AI strategies and use cases.
Strategic skills for managers
Dr. Peter Staub, initiator of the course and Chairman of the Board of Directors of pom+, believes that senior management in particular has a duty as a first step: "Managers are increasingly confronted with the topic of AI at different levels. On the one hand, they have to evaluate the associated opportunities, chances and risks and, on the other, they have to manage investments or review project proposals. These decisions require strategic skills to implement AI strategies."
Participants in the course therefore not only learn technical skills, such as training AI models and understanding large language models such as GPT, but also how to prepare their organisations for the use of AI and develop individual action plans. This includes developing structures, processes and tools as well as carrying out a "maturity quick check" for their own organisation.
Building bridges between theory and practice
The programme also reflects the current trends of digital transformation in the real estate industry by addressing the growing importance of data-driven business models. Programme director Prof. Dr. Ivo Blohm says: "With this seminar, we want to close the gap between theoretical knowledge and the practical application of AI in real estate management and provide participants with the tools and knowledge they need to tackle the upcoming changes in a targeted and efficient manner."
Such tools are necessary because AI still makes many people feel overwhelmed. According to a market study by Prof. Dr Regina Zeitner (HTW Berlin) and Prof. Dr Marion Peyinghaus (hochschule 21) on the topic of "AI - but how?" from January 2024, a quarter of the real estate professionals surveyed fear risks, reject AI or feel powerless. Another quarter have had no experience with AI solutions to date.
The role of AI translators
Ultimately, all organisations now need to integrate AI into their business activities, says Ivo Blohm. "Normally, AI is thematically attached to the IT department. But traditional business analysts and data scientists think in terms of data, models and algorithms. Transferring the technical aspects of AI into day-to-day business, i.e. into role models, use cases and business models, often leads to difficulties. Companies would therefore do well to train AI translators who understand both worlds."
The seminar is a good first step on this path. It promises a well-founded examination of the topic of AI in the property industry, provides participants with the necessary tools to successfully exploit the opportunities of digital transformation and addresses the need to differentiate themselves in an increasingly technology-oriented market.
Further information on the event and registration can be found on the website of the University of St.Gallen.