Precisely has revealed the important part that its Points of Interest data has played in the City Forward program that Generali Real Estate has developed. In 2019, the Data Science team at Generali Real Estate, a specialised fund manager within the Generali Group, tasked its Data Science team to improve investment analysis of real estate by using spatial analysis.
The problem Generali Real Estate faced was that their existing solutions while tracking property valuations, were unable to pinpoint causes for as much as 60% of the changes perceived over seven years. Getting a greater understanding of the historical changes behind property valuations would lead to more accurate forecasts for future valuations and better investment decisions.
Led by Costanza Balboni Cestelli, head of data intelligence and innovation at Generali Real Estate, the team developed City Forward. The City Forward platform combined satellite imagery and spatial analysis alongside location intelligence data. This was coupled with over 30 different AI/ML models to deliver property insights across a range of use cases.
Generali Real Estate also operates across Europe. It needed a third partner that could provide data for urban locations across the continent. Precisely POI data has access to 400 datasets and over 9,000 attributes from over 200 countries and territories across the world.
The Precisely Points of Interest data provides some of the 800 variables used by the Generali Real Estate AI models. The data provides information on business locations, leisure hot spots, and other geographic features. When an investment decision is made, the geocoded data ensures that the investment managers can trust the information and analysis provided.
Cestelli commented, “Ultimately, without data context, there is no such thing as AI in the field of location intelligence. 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.”
Beyond investment
City Forward is now used by over 400 professionals with Generali Real Estate. The solution is trusted to assist with decisions across several use cases. Cestelli shared details of how City Forward was now supporting the wider business in a LinkedIn post last year.
- Real Estate and Investment analysis, the initial use case, enables the firm to gain insights into property worth and market trends, enhancing investment and divestment decisions.
- Retail and Commercial teams leverage City Forward to identify the optimal locations for clients. It considers factors including consumer behaviour, traffic patterns, and demographic shifts. To assist with geo-marketing decisions, it identifies areas that are likely to have the highest return on advertising investments.
- Urban planning teams use City Forward to help monitor and manage urban growth, land use, and infrastructure development.
- Mobility planning teams assess commuting patterns, enabling them to plan more efficient and safer transportation systems.
- Environmental monitoring and sustainability are becoming increasingly important. City Forward is now able to map CO2 emissions. This is helping organisations to make targetted policy decisions and improving global efforts to mitigate climate change.
City Forward relies on Precisely to provide trusted data in making these critical decisions. Tendü Yoğurtçu, PhD, Chief Technology Officer at Precisely, said, “For trusted AI, you need data integrity, and that means ensuring the accuracy, consistency and context of the data fueling AI models. 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 has published an ebook entitled “Trusted AI 101:Tips for Getting Your Data AI-Ready” which details the importance of data integrity for trustworthy AI outcomes. It is also cohosting a webinar that will highlight elements of data enrichment and showcase Generali’s City Forward application on June 18th, (registration required). the webinar is titled: “Predictive Powerhouse: Elevating AI Accuracy and Relevance with Third-Party Data webinar .”
Enterprise Times: What does this mean
Research from Deloitte revealed that 94% of business leaders believe that AI is critical for their company’s short-term success. However, research by Teradata in 2022 found that 40% of execs believe their data is not ready for AI. They also believe that it will not provide accurate outcomes. Precisely assists companies in building trust in their data. Achieving data integrity by ensuring the accuracy, consistency and context of an organisation’s data. It achieves this through tools within its Data Integrity Suite. The unique combination of software, data, and data strategy services helps businesses worldwide leverage trusted data for advanced analytics and AI initiatives.
For Generali Real Estate, this came in the form of the Points of Interest solution. This has helped the organisation improve valuations or other key data points for its investment services.
