Dive Brief:
- A new AI assistant from Dottid provides commercial real estate operations teams using its Asset OS workflow and asset management platform with real-time data insights and portfolio information, according to a press release.
- The chat interface, Dottid AI, fits into existing workflows and can quickly provide portfolio information to enable more well-informed decisions and ensure data accuracy, the proptech company said.
- Implementation of AI technology continues to rise across the facilities management and real estate industries as leaders look for easier ways to implement and leverage predictive analytics across their teams and portfolios.
Dive Insight:
Cost pressures, labor concerns and a lagging commercial leasing market have led many organizations to implement chat interfaces and other data-driven generative insight solutions. A recent Lucidworks study of generative AI practices and investments highlighted this, finding that 92% of U.S. companies that responded to its survey plan to increase AI investment in the next 12 months.
Dottid AI provides Asset OS users with a help desk and access to a user’s specific portfolio and data insights, which the company says eases data integration processes and complements existing asset management workflows. The feature will roll out to all of its users in fall 2023, the company said.
The new technology is part of an ongoing overhaul of its product, Dottid says, as it shifts from its original focus as a leasing tool toward a more comprehensive commercial real estate operating system. That pivot became clear in April, when Dottid launched its Asset OS platform. Founder and CEO Kyle Waldrep said the company would continue to push out major products this summer as it aims to offer a consolidated technology platform.
“We believe strongly in the narrative that we’re giving off to the market, which is doing more with less. Operating at a consolidation mindset, but enabling you to not have to balloon out your organization,” Waldrep said in an interview, adding that “tech is becoming the new buffer” for constrained operations.
By combining its existing services with an API connector that allows the integration of third-party tools, Waldrep says its products can not only reduce multiple pain points for real estate owners and managers, but also use that data to drive better decision-making for its customers.
“We have data around capital projects, budgets, understanding what people are spending inside their assets, understanding where projects are coming in and what bids are happening from a capital expenditure perspective, so you get the forward-looking data,” Waldrep said. “But you also get to marry that with what is going on at the ground level from a building perspective. And I think it just provides a holistic look. That's the whole goal behind Asset OS.”
Dottid has continued to place a heavy emphasis on protecting proprietary data, the company said. To that end, it recently partnered with leading property management tech provider MRI Software, which created a two-way integration to streamline data transmission and decrease the time it takes managers to document portfolio information.
