Quantity Surveying, AI and Machine Learning
How is the power of AI and machine learning being harnessed now? And does it in fact represent an opportunity rather than a threat?
22 SEP 2021
Financiers are always looking for a better way to analyse the risk of the portfolio they are financing, and valuation is a key part of this. Within the valuation process there can be risks associated with incomplete, low quality or irrelevant data. Where do these data risks lie and how can they be managed? Do you use an excel spreadsheet? A .pdf file perhaps? Once data is received in different formats, how then do you collate that data to make it usable? Is it through manual processes? How do you reduce the risk of inaccuracies and errors?
Erik Schlooz from KATE Innovations speaks with Andrew Knight about the valuation market in the Netherlands and how the three largest banks there are leading the drive for the use of structured data in valuation. Erik estimates that upwards of 85% of the data used in valuations worldwide is the same, with only a few differences based on local regulations, and he explains how structured data can lead to quicker, more accurate valuations.
More information regarding the Tech Partner Programme and our partner KATE Innovations can be found at www.rics.org/techpartner