According to Gartner, the global business value derived from artificial intelligence (AI) is projected to total $1.2 trillion in 2018, an increase of 70% from 2017.
The impact of AI across various industries has caused the world to change. From self-driving cars, home gadgets, to optimization of processes and automation, in a very short time AI has enabled to rethink how to solve world’s largest problems.
AI’s business value in dollars is just one of the stats shared by our CEO, Abhinav (Abe) Somani, when he addressed a roomful of attendees last week at our very first users conference, LEVERTONIA. In addition to having a conversation with a LEVERTON chat bot and fitting in a George Michael song into his narrative, he also added in a simple question for all in the room: “The world has changed. Have you? – You Have.” – implying that whether you want to change or not, you will have to given the recent industry and technology trends.
At LEVERTON we believe that our customers and over 4,000 global users and partners are on their way towards adapting to the changes made possible by AI and will continue to do so by using our AI-powered data extraction platform to solve their biggest document and data challenges in a smarter way. Thus, we decided we want to bring users, customers, and partners together in Manhattan on November 7th, 2018 —to thank them for being a part of this change with us, to foster a strong LEVERTON community of AI-technology enthusiasts and thought leaders, and, very importantly, to provide insights into the next evolution of the LEVERTON product, and to have a little fun.
LEVERTON’s COO, Vyom Gupta, explained how we’ve grown from having a single real estate document use case at the beginning of 2012, to assisting a diverse community of over 200 partners and customers with numerous use cases, including NDAs, deeds, invoices, loan documents, and other document types today. Our VP of Product, Christopher Matzdorf explained how with millions of pages and a high volume of data processed in the last six years, we continue to improve our product with enhancements to the OCR, adding more languages to support global portfolios, strengthening the infrastructure of our platform, and powering it with an even better, smarter and more efficient artificial intelligence engine - LEVERTON AI 2.0.
Our founder and CTO, Florian Kuhlmann, outlined how our latest version of the LEVERTON AI, based on our state-of-the-art algorithm, has increased the extraction quality considerably. As Matzdorf explained, LEVERTON AI 2.0 improves the filtering out of results among all potential options available, surfacing the most suitable responses. What makes the new AI engine unique is that these precise decisions on finding the best possible results are made purely by the AI, without any hard-coded rules.
We also heard from current LEVERTON customers, Patrick McGrath, CIO and Doug Jamieson, Jose Rivera, Director of Business Process Automation, JLL, and Jens-Dominik Hemmerle, Senior Consultant, EY, on how they apply LEVERTON’s technology to improving the processes and output of their work, as well as implementation “lessons learned.”
After a networking lunch, we dove into a key part of the day: having our customers and partners be part of co-creating and influencing the future of the LEVERTON product during our interactive workshops - The LEVERTONIA Hub. It was amazing to see participants contributing their ideas on new use cases, challenging and re-shaping our ideas, sharing best and worst product experiences, discussing how to achieve higher efficiencies with automation, and asking many questions about AI and how to improve it directly to founder and CTO, Florian Kuhlmann. We were reminded how important it is to take the time to listen and learn from our customers as part of the product development process.
Panel discussions with industry thought leaders from the CRETech, blockchain, and broker spaces closed out our first LEVERTONIA. Some of the key points about technology use today and 2019 predictions raised in these discussions included:
“There will be a sea change in the type of people who enter commercial real estate because of AI.” – Michael Beckerman, CEO, CRETech
“AI is not going to take everyone’s job, but the nature of the job will change. As AI and automation helps to make everyday tasks easier, many roles will become more strategic in nature.” – Kevin Shtofman, Real Estate Technology Lead, Deloitte
“Blockchain is going to help more people to execute real estate transactions without having to rely on a third part like a bank.” – Perrin Quarshie, CEO, RealBlocks
“Blockchain is not better than traditional methods of real estate asset exchanges today. But the reason it’s so exciting is its potential. Ethereum and Bitcoin are progressing and getting much faster – we will end up with more efficient ways to get deals done. – Rick Ferrino, VTS
“People are not reluctant per se to try new technologies – they just haven’t been educated fully.” – Doug Jamieson, Corporate Managing Partner, Savills Studley
Before the evening networking reception began, Abe thanked all who came from near and far to join us in our first users community forum and encouraged all to continue to share LEVERTON learnings and best practices with others, and to work with us to make our product and the AI we’re building together even better.
We had an incredible day exchanging ideas with our customers, partners, technology and service providers and industry thought leaders, and look forward to LEVERTONIA 2019!
If you'd like to learn more about LEVERTON and attend LEVERTONIA next year, contact us at firstname.lastname@example.org