Artificial Intelligence reduces real estate project costs and the work week

The costs of a real estate project can be lower by 10% to 15% if software tools that include Artificial Intelligence (AI), software robots and algorithms are used throughout the design and execution process, said Virgil Profeanu yesterday, based the experience accumulated over the last 20 years by VEGO Holdings (Virtual Environment Generation & Optimization), one of the largest construction technology and design companies, from urban planning, architecture, structure, to infrastructure and installations in Romania.

The statement of the founder of Vego Holdings was made on the occasion of the pre-launch of the Renda platform, which is an innovative artificial intelligence solution developed to streamline business processes and improve operational performance.

"Using modern technologies such as AI bots, Renda mimics human behavior in interacting with experts, enabling the automation of a wide range of processes, from performance evaluation and workflow optimization to trend identification and business forecasting. Renda uses state-of-the-art technologies, which, in addition to automating processes, reduce the time and costs associated with human activities. The platform will be accessible from any device connected to the Internet, with an easy-to-use interface that does not require advanced programming or technology knowledge. The system can be customized to adapt to the specific needs and requirements of each customer, offering customized solutions to meet their needs. The platform can help customers improve their performance and maximize their profitability by identifying business trends and forecasts and providing fast and efficient service. Moreover, Renda reduces the degree of human errors associated with information processing and manual activities, ensuring the accuracy and consistency of data", said Virgil Profeanu, founder and CEO of Vego Holdings.

In fact, the implementation of process automation in the activity carried out by the company's 172 employees, led to the reduction of the work week to only four days, a reduction that will be operated starting today, September 1.

"For all our employees, the working week will be only four days, and the fifth day will be free, as a bonus for having integrated into this process of automating certain activities. Thus we give more free time for employees to relax. If things evolve, I would like to have a three-day work week. I note that the automation of certain processes and the reduction of the working week do not mean layoffs or lower salary income. We will work with the same number of employees, only the company's activities are carried out in a much shorter time, only four days a week, which allows our colleagues to have more time to recover after the working days", stated Virgil Profane.

Regarding the Renda platform that will be officially launched in December 2023, the founder of the company Vego Holdings mentioned that the company's employees have been working on this project for over 10 years, that the last two years were for Renda to understand and process the entered data, including legislation in the field of real estate construction, data that they correlate, after which the Artificial Intelligence bots process the requirements, verify them and provide the exact answer requested by the user.

"Renda is an expert system, not a generalist, it goes very specifically on what you actually teach it to do. In four days he assimilates the content of 1000 books, structures the information into essential ideas, managing the data based on several algorithms. (...) We managed to make a cognition, an in-depth knowledge, which Renda implements permanently. It's a cognition similar to human, very precise that gives us the necessary information accurately. That is why I believe that it can be successfully used in other areas, including in the codification of legislation, but also in the correlation of some legislative texts that are opposed, offering regarding them the legislative proposal for correcting the errors crept into the human process of legislation. Renda automatically removes information that is not useful to her, polishes the necessary information, understands well 100 languages and communicates in 50 languages. We can say that the system works in two stages: in the first it does everything that is asked of it, and in the second stage the AI bots check what the system worked on and only then deliver the result. That's why we're talking about an expert system and not a generalist one," said Virgil Profeanu.

Moreover thanks to the automations implemented within the Vego company, the level of programming has increased in certain areas by 10 and even 30 times, a fact that facilitates the activity carried out until now by the architects, who will have time to deal only with the creation of other real estate projects.

"The influence of process automation with the help of Artificial Intelligence is also seen in the company's financial results. 20% of Vego's turnover this year in the first eight months is achieved with AI, and by December 31 we estimate that it will increase to 30%, and we expect that next year the turnover generated by AI will be much higher" , said Virgil Profeanu.

Vego is a Romanian company that offers architecture, urban planning, structure, engineering, project management, business consulting and software development services. In the real estate field, Vego has designed over the years 8.27 million square meters, projected investments of 3.55 billion euros, 46,800 urbanized hectares, 18 built objectives, 446 ongoing projects, 190 implemented projects built with non-refundable funds , developed 61 software applications and obtained for its clients 885 building permits and 27,040 approvals and 155 urban planning documents.