Why Brookfield Residential put data governance ahead of AI

Brookfield Residential's decision to prioritize data governance over AI may seem counterintuitive, but it's a strategic move that makes sense in the real estate industry. With a large portfolio of properties and a complex web of stakeholders, accurate and reliable data is crucial for making informed decisions. By investing 250,000 internal hours and deploying 7 major systems, Brookfield Residential has created a single source of truth that will serve as a foundation for future technology initiatives, including AI.

This focus on data governance also reflects the industry's growing recognition of the importance of data quality and standardization. As real estate companies increasingly adopt digital technologies, they're realizing that flawed or fragmented data can lead to flawed insights and poor decision-making. By getting its data house in order, Brookfield Residential is positioning itself to make more informed investment decisions, optimize its operations, and better serve its customers.

Looking ahead, it's worth watching how Brookfield Residential leverages its new data infrastructure to drive business outcomes. Will the company use its single source of truth to inform predictive analytics or machine learning models? How will it use data to improve the customer experience or optimize its asset management strategies? As the company continues to deploy new technologies, its approach to data governance will likely serve as a model for other real estate firms seeking to harness the power of data and AI.

Originally reported by housingwire.com. LotNews adds analysis for real estate & property readers.