Brokers, meet your machine sidekick. Savills Studley launched an artificial intelligence-based platform in partnership with the startup Leverton.
The platform will allow office users to use Leverton’s AI technology to automatically extract information from leases, contracts and other documents, according to Savills Studley. The company claims its software can compile data and turn it into visualizations 30 percent faster than humans.
“Portfolio managers spend several hours a week performing data entry, customizing and integrating data with traditional tools like Microsoft Excel and PowerPoint,” said Savills Studley’s CIO Patrick McGrath. “Now with a single click or tap, occupiers can examine their business from any angle — whether it’s the operating costs of an entire portfolio or maximizing value at a single property.”
The new platform will be part of Savills Studley’s portfolio management software for office tenants, dubbed Knowledge^3. The two firms pilot-tested the software last year, McGrath said, and are now making it available to Savills Studley’s clients.
The partnership comes as AI and machine learning technologies start spreading through the real estate industry, particularly in finance and investment.
Founded in 2012, Leverton bills itself as a “data extraction platform” for business documents and has offices in Berlin, Dallas, London and New York. The company previously signed a partnership deal with JLL.