Just when you think CRE tech is getting boring (or is it just me?), something comes along to rekindle some excitement. That something is Automated Insights, a company that’s been generating stories from data for the past few years using Wordsmith. Yes, I’m talking about artificial intelligence.
Used by major companies like Yahoo and Associated Press, it takes the pain out of writing standard format articles or reports like company earnings, sports scores, performance reviews and more. And now, it’s available for the rest of us.
Have to write market activity reports? Want more detailed, timely and targeted property listings? Need monthly brokerage performance reports in a clean, easy-to-understand package? Then you’ll want to check out Wordsmith.
I was impressed with how easy it was to set up your narrative. First step is to have your data in a spreadsheet, something most brokerages likely have in place (to the dismay of those spreadsheet haters…). Or, if you’re a more tech enabled brokerage, you can use Wordsmith’s API to get your data into the system.
Next, you write a base narrative – a few sentences or paragraphs using the data points you want to summarize. For example: “Last month, XZY Company leased 3200 SF to ABC Company at 123 Main Street.”
But! What if you have sales as well as leases to write about? No need to upload that data separately and create a new template for that. Just make sure you have a transaction type field then select the trigger word (leased in this case) and set up a “branch.” If, instead of lease, your data indicates a sale, you can enter a whole new sentence to replace the one used for lease deals.
But! What if you don’t want every sentence to begin the same way? Wordsmith gives you the option to change your opening – or any portion of your narrative for that matter. Once again, select the words of a sentence and create a branch with alternative text to use.
There are all sorts of ways to tweak your narrative so each and every article you generate is unique — as if you wrote each one individually. In cases where it doesn’t matter – like internal reports that require less variability – it’s pretty much type, match and done.
How much does all this cost? It’s based on the number of narratives you create, i.e., the number of rows in your data source. Pricing is simple and reasonable, the company assures me, and you can talk actual numbers with their sales team.
I’m thinking of putting my boss’ annual business report in Wordsmith. Same thing every year – just swap out the numbers. And maybe I could do something with the monthly management reports. Or test out the BPO template in Wordsmith and have it fill in the blanks…