Ten-X Commercial Plots Data Expansion Using AI
Ten-X President Maureen Waters says, “In 2020, for us, it is all about the data."
NEW YORK CITY – For Ten-X Commercial, a commercial real estate technology firm, the year 2020 is all about leveraging the data it’s collected for the past decade it has been in business, Maureen Waters, president of the firm, tells GlobeSt.com.
“In 2020, for us, it is all about the data. Ten-X has data over ten years, and we want to take that data and think about how to connect it with human and science,” she said.
The San Francisco-headquartered firm is developing an artificial intelligence component to segment its data. The data is collected from its platform where investors and brokers buy and sell properties online. It operates as an ecosystem, automating various aspects of the transaction process. “We take the difficult aspects of a transaction process out, to focus on closing a trade,” she said.
As the firm looks to utilize its data to innovate existing offerings, streamline consumer engagement and introspect operations, it is also adamant about malleability. To achieve its goals, the firm has migrated to Amazon Web Services’ cloud-based platform to house all of its data in a secure and accessible place, which various intended parties can interface.
Amid the changes, the company will switch to a private label and allow its customers to layer their brand atop the Ten-X solution. The firm’s clientele has received the idea of a private label well, which is a step away from the traditional visibility other tech firms aim for when clients interface their platform, according to Waters.
In the long-term, the firm will continue building out the ecosystem of its service transaction, which will range because transaction technology is complex due to the different areas of the ecosystem, according to Waters. “There’s not a specific formula,” she said. “It’s hard to build a product around transactions that can automate.”
With the ever-changing technology landscape, Ten-X is choosy about technology because if not, it can turn into the wild west. It is laser-focused on its plans for the next three years, and in doing so, it has turned down 50% of business that requires operating in silos as opposed to holistically.
“We have to stay true to our strategy,” Waters said. “There are a lot of distractions. So many new tech firms are springing up in the space, and if you make too many exceptions, you’ll never get to the execution of the strategy.”