Mahindra Lifespaces All Set To Transform Their Business With AI !

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2020-06-30 15:10:28

Artificial intelligence is changing the world. It holds a huge part in transforming our lives and making them better.

Artificial intelligence is becoming a game-changer in the cybersecurity and the manufacturing field. With these sectors booming with the use of AI, the real estate sector has not been left untouched by it.

There is no doubt that the acceptance and adoption of AI in the Indian Real Estate Industry has been slow, but with the COVID-19 coming in the picture, its acceptance and adoption has accelerated to a great extent.

One of the most popular Real Estate firms, Mahindra Lifespaces, is planning to invest heavily in the AI with an aim to transform their business and to provide a seamless customer experience.

Abhinav Agarwal, Head-IT, Mahindra Lifespaces talks about why the adoption of AI has been slow and why it is being picked up by the industry.

He says that in India, most of the real state entities are family owned and run. These family-owned real estate entities are running professional only in recent times. This means that a lot of real estate developers have to spend their time doing essential work like having a CRM platform, having a proper ERP, and HRMS. All of these things are already in practice by many developers and by Mahindra Lifespaces too. The only thing that was left behind was AI and ML. But now the professionals are managing this space, AI is going to change the game.

Data collection is what developers have struggled with. The sales team has always been against the data collection and just wants the customer to walk in sign, the cheque, and then leave. AI and ML are all about data. As Mahindra Lifespaces has collected all the data owing to the customers' complete digital journey, it is now ready to adopt AI. 

Talking about adopting AI in making business decisions, Agarwal says that the company wants to create a tool that would help plan what-if scenarios for forecasting business.

Giving an example, he explains that Mahindra Lifespaces were to launch a project in Q4 of the FY2020, but now due to the COVID-19, they have to postpone it further. The company aspires to create a model which would create what-if scenarios and can somehow predict different models that would tell how the company’s cash flow would be if they were to change the product, how the delay would impact the cash flow, or should they change the product or delay it even more.

The company is trying to create such an application that would essentially aggregate all the possible data they have internally and then would help recast the business plan for the year.

Speaking about adopting AI on construction sites, Agarwal informs that they have already implemented a project lifecycle management tool by AI, which would help the company forecast delays in construction and pinpoint safety issues.

While most developers rely on Microsoft Project to create construction schedules for their project, Mahindra Lifespaces has taken that to the next level, where they are trying to point out all the tiny activities which no one is ever bothered about. These tiny activities sometimes lead to the delay of the entire construction lifecycle of the project. Mahindra Lifespaces used this one project in the affordable space and has now started horizontally deploying it in the premium sector as well.

Another project of the Mahindra Lifespaces that involves AI on the construction sites is to make use of the CCTV Camera feed to keep a check on all the security features of the site.

Many a times, using CCTV cameras helps us to keep a check on workers, if they are wearing helmets, safety jackets, and harnesses and if the safety nets are properly installed wherever needed. But can these CCTV Cameras immediately alert the safety managers? This is the product type that the Mahindra Lifespaces aspires to install. A CCTV camera feed that would keep a check on all the security features at the site as well will also alert the safety managers if there are seen any safety violations. 

Mahindra Lifespaces is also installing AI in possession handovers.

Mahindra Lifespaces wants to bring in a feature that would help the customers measure the apartment, meaning that it will quickly verify the land if it measures 800 square meters as promised.

The company wants to make use of AR VR to enable visualization of what an empty apartment would look like if the customer wants to add furniture, modular components, and fixtures to it.

This recorded file could then be given to the designer to execute his job with perfection.

By these ways, Mahindra Lifespaces, the Real Estate and Infrastructure development arm of the Mahindra group, plans to adopt AI to transform their business and provide the customers with easy and accessible services.

-Bhakti Nikalje

 

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