David Fisher, associate director with KPMG, participated in a video interview during Nareit’s REITwise: 2024 Law, Accounting & Finance Conference held March 19-21 in Hollywood, Florida.
Fisher discussed the transformative potential of generative AI, a groundbreaking type of artificial intelligence that generates content across various modalities such as text, image, video, speech, and code through natural language prompts. He emphasized its potential applications in diverse sectors, including real estate and accounting.
Fisher highlighted how generative AI could revolutionize project management within the real estate industry by optimizing resource and capital allocation through data integration. Additionally, he outlined its role in predictive maintenance through Internet of Things integration, aiming to minimize disruptions caused by maintenance issues.
Turning to its applications in accounting, Fisher emphasized the ability of generative AI to leverage vast amounts of data for insights and decision-making. He discussed its potential in generating advanced MD&A reports and earnings call transcripts, as well as assessing compliance with disclosure requirements and accounting standards.
Regarding the current adoption of AI, Fisher noted a growing recognition of its potential benefits. “I'd say in the next two to five years, we'll see everyone have sort of a large language model assistant at their hands to help them in their day-to-day tasks.”