In this episode of AI Chronicles, host Kyle James interviews Choon Lee, CEO of Abstra, about the integration of AI in the commercial real estate industry. Choon shares his journey into AI, the challenges of implementing AI solutions, and the importance of accuracy in AI applications. He distinguishes between generative, derivative, and analytical AI, emphasizing the critical role of derivative AI in industries where accuracy is paramount. The conversation also explores the future of AI in commercial real estate and the need for more discussions around AI's impact on various sectors.
Links:
Abstra Company: abstracompany.com
GPT Trainer: Automate anything with AI -> gpt-trainer.com
Key Moments:
- Choon Lee has over 30 years of experience in software development, with 14 years focused on AI.
- Derivative AI focuses on extracting and summarizing information without creating new content.
- Generative AI is suitable for creative tasks, while derivative AI is essential for accuracy-critical tasks.
- Hallucination in AI can be detrimental in fields like finance and healthcare.
- AI models require a ramp-up time similar to training a new employee.
- The integration of AI into business workflows must be tailored to each organization's processes.
- Choon's company, Abstra, has developed an AI Precision System for summarizing commercial real estate documents.
- Introduction to AI in Real EstateThe future of AI will see growth in derivative and analytical tasks, especially in Fortune 500 companies.
- AI's implementation pace varies depending on the task and industry.
- Conversations about AI are more prevalent now than ever, highlighting its growing importance.
Chapters
- (00:00:00) - Introduction to AI in Real Estate
- (00:01:22) - Choon Lee's Journey into AI
- (00:03:00) - Understanding Derivative AI
- (00:07:54) - Challenges of Implementing AI
- (00:11:17) - Integrating AI into Business Workflows
- (00:15:12) - Future of AI in Commercial Real Estate
