AI is undoubtedly the future of commercial real estate. The industry is buzzing about the ways that the technology will benefit property acquisitions, operations, finance and asset management — but one key area has been overlooked: diversity, equity and inclusion. New research from CREW Network shows how AI can advance corporate DEI efforts, as well as help women and other minorities close skill gaps to advance their careers.
However, the benefits won’t come automatically, according to Wendy Mann, CREW Network CEO. Women need to lean into the AI evolution.
AI OPENS DOORS
About 83% of professionals believe that AI has created valuable efficiencies, but AI can do more than drive productivity, according to the CREW research survey. The technology can help promote diversity in two key ways.
First, companies will eliminate bias from their hiring practices and employee management. “AI can help fight gender disparity and drive diversity by mitigating unconscious bias in the recruitment and promotion processes,” explained Mann. “It can identify areas where gender and diversity gaps exist in companies.”
Second, AI is an important tool in professional development. Mann noted its role for women to gain a better understanding of the market, create personalized learning opportunities and even automate administrative tasks to focus on higher-value and client-facing duties that require skilled expertise.
MEN ARE ALREADY AHEAD OF THE CURVE
While AI adoption is gaining ground, men are already utilizing the technology at a faster pace. According to the CREW survey, 63% of men say they have a functional understanding of AI versus only 45% of women. Likewise, 48% of men are eager to use AI technologies, while only 39% of women share the same sentiment.
“Women shouldn't be shy about letting technology do the heavy lifting and bringing up their time to do more significant thought leadership,” said Mann. In addition, some professionals fear that AI adoption will lead to job loss, although the World Economic Forum estimates that AI will have a net increase of 58 million jobs globally.
Greater than job loss, most survey participants feared the reliability of AI and the insights and data that it provides. “There are real concerns about if AI results and outcomes could be unpredictable or have unintended consequences and perhaps lack transparency,” says Mann.
Professionals are not able to use the tool with confidence yet, and therefore many are not embracing it at the pace they should to remain competitive in the future.
CREATING AN UNBIASED AI Program
While AI can fuel DEI, DEI initiatives can also help create more accurate and reliable AI programming. AI tools must be built with a variety of voices and insights to ensure that data is not biased.
“Women should be part of the pilot and implementation processes from the beginning that can help reduce any kind of hesitancy or gap,” she said. Companies that can give equal opportunity to men and women to test and learn from technologies will have better outcomes overall.”
For more insights and thought leadership from CREW Network, click here.
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