Last week, EIKA, one of the largest real estate developers and construction service providers in Lithuania, hosted AI hackathon. Beyond Analysis competed as a joint team with EIKA, including two Beyond Analysis data scientists and a UX designer. We are extremely proud that our team came first place in the public vote and delighted that our proposed solution is going to be implemented by EIKA GROUP.
During the two day event, six teams competed to solve different real estate problems using AI and Machine learning solutions. The Beyond Analysis-EIKA team focused on forecasting costs for multitenant buildings, looking to build a solution which allows forecasting and monitoring of project costs during different project phases. Our proposed solution every year is expected to drive a revenue increase of 25% and a reduction in current estimation time of 90% reduction, as well as the opportunities created by employees whose time would be reclaimed by introducing the solution.
Using Python and Cosine Similarity algorithm, the team have built an automated, live prototype which forecasts the cost of a new multitenant building based on the building’s parameters and data from historically developed real estates.