Data is a strategic asset that has had an indelible impact on our way of doing business. Today's customer acquisition and retention is largely dependent on the ability of companies to anticipate the needs of their customers so that they can easily win their hearts and minds – and analyze data. allows this to happen at the highest level.
The whole process is so ubiquitous that you will probably not even notice it anymore. We do not need to go through millions of movies to get the kind of entertainment we love; our Netflix preferences may suggest the movies we should watch in the future. When we book vacations online, the booking engine usefully utilizes our destination and purchase options to predict our tastes in the future and market them accordingly.
But the data itself has limited use. In order for data to live up to its reputation as a powerful asset and efficiency generator, we need to apply Artificial Intelligence (AI) and Machine Learning (ML) techniques to highlight patterns, connections and knowledge that lie just beneath the surface.
At CoreLogic, AI and ML are an integral part of our operational excellence. Every day, we evaluate more than nine million residential properties – a process that consumes 100 billion decision points, including the number of bedrooms and bathrooms, the size of the lot, the identity of the neighbor, the density and proximity factors, as well as recent sales transactions. All of this can be completed in two and a half hours.
Similarly, our automated valuation model, the best of its kind, uses ML to estimate the value of each residential property in Australia in four hours. These valuation solutions serve more than 10,000 customers, including governments, banks, finance and research, and annually inform millions of consumers of the value of their largest asset. Without the help of ML and AI, these tasks would take an army of humans for many years.
It is not just the big business that exploits the superpowers of data collection. Smart speakers, such as Google Home and Amazon Alexa, are making their way into modern homes. These devices, powered by some of the biggest ML market leaders, are coupled with home automation concentrators to control almost all electrical devices by voice. Amazon's Alexa now has a user base of over 31 million users.
These devices begin to reduce the gap between our virtual worlds and our physical footprint. But this has a cost, which is why consumers must demand high standards of privacy, security, use and longevity of the data provided. Whether we like it or not, the data is here to stay. Strict regulation will create the necessary trust of stakeholders and simultaneously enable organizations to successfully capture, analyze and market data.
Lisa Claes is the CEO of CoreLogic International, the world's largest proprietary analysis and data company
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