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In practice, however, this is often hard to achieve due to the rather fragmented nature of the industry. To coordinate renovation projects or find new tenants, real estate companies work with external stakeholders, who require access to those documents relevant to their role.

In the past, many real estate companies relied on generic digital document management systems (DMSs), adapting them to their specific requirements and spending a lot of money to keep them up-to-date. “That meant each real estate company was creating its own solution, even though they all had the same requirements.

Managing real estate also means managing piles of documents relating to each property in a way that’s always complete, transparent, and up to date. But reality often paints a vastly different picture: files are stored in a variety of systems, and both internal and external stakeholders require their own versions of the documents at varying points in the process.

The challenge: The sheer number of files, systems, and stakeholders makes managing documents difficult

“Thanks to Azure and Azure Cognitive Services, we’ve established a foundation and a solid data stock that will allow us to reap the vast benefits of AI in the future.”