Precisely, a leader in data integrity, has announced that Generali Real Estate, one of the world’s leading real estate asset managers, relies on Precisely for its data enrichment expertise.
Precisely Points of Interest (POI) data helps Generali Real Estate unlock greater context from location data and fuel AI advancements transforming the real estate market.
When Generali Real Estate became one of the first real estate asset managers to establish a dedicated division for AI and Machine Learning (ML) innovation, its first task was to disrupt the traditional decision-making processes that usually inform precise investment strategies. Standard real estate metrics often do not reveal the reason for significant variances in the value of different assets, even when very similar assets are located only within a few streets of each other. In fact, the team discovered that as much as 60% change in value, observed over a seven-year period, could not be explained without additional data inputs.
To address these challenges, Generali Real Estate developed City Forward, an innovative cloud-based location intelligence platform for real estate investment managers to make smarter decisions powered by highly accurate AI-driven insights. To achieve this at scale throughout Europe required navigating the changing and diverse characteristics of different cities while maintaining maximum levels of data integrity.
City Forward leverages Precisely Points of Interest data, alongside data from other third-party providers, to deliver comprehensive information on business locations, leisure hot spots and other geographic features – revealing hidden insights on real estate assets. Precisely POI data is also geocoded leveraging the Precisely portfolio of market-leading geo addressing solutions, ensuring customers are equipped with the most accurate location and address information possible.
“Ultimately, without data context, there is no such thing as AI in the field of location intelligence,” said Costanza Balboni Cestelli, Head of Data Intelligence and Innovation at Generali Real Estate. “Precisely provides us with access to accurate, consistent and contextual enrichment data that helps power our AI/ML models in a way that is both scalable and reliable.”
The City Forward platform uses over 800 variables and 30 different AI/ML models to deliver intelligence for investment analysis and real estate valuation, including sustainability considerations such as carbon emissions and climate action. Insights from Precisely POI data also help power the platform for a broader range of important uses, including retail site selection, urban planning and geo-targeted marketing.
Research shows that 94% of business leaders agree AI is critical to success over the next five years, but despite this, 4% of leaders believe their data is not AI-ready. It highlights a concerning disconnect between the growing rates of AI adoption and levels of confidence in the data feeding the models behind it.
“For trusted AI, you need data integrity, and that means ensuring the accuracy, consistency, and context of the data fuelling AI models,” said Tendü Yoğurtçu, PhD, Chief Technology Officer at Precisely. “To ensure trusted business decisions powered by AI, it’s crucial for organisations to be able to integrate data at the speed it’s needed, understand and govern its responsible use, observe and improve its quality and enrich it for maximum context.”
Precisely offers a combination of software, data, and data strategy services to help businesses worldwide leverage trusted data for advanced analytics and AI initiatives. The company’s comprehensive data enrichment portfolio contains over 400 datasets and more than 9,000 attributes, including POI datasets, to help customers unlock the potential of their data.
