Big Value (CEO Goorum, Byeong-wook Lee) recently replaced its CI 10 years after its launch and strengthened its identity as an organization specializing in big data and artificial intelligence (AI).
CEO Cloud said, “The goal is to support the work means of appraisal industry practitioners and create a reliable AI solution.” He introduced this as “an answer that supports the subjective judgment of appraisers and simplifies the method that may also be utilized in the financial sector.”
Big Value’s most important customers are financial institutions and franchise firms. We support work efficiency through the ‘V-Advisor’ service, which simplifies the evaluation of real estate mortgage loans inside financial firms resembling Shinhan Bank and Hana Bank.
This solution focuses on supporting data-based decision making. CEO Koo said, “Financial firms have loads of internal data, but what evaluation they produce inside it relies on their data purification and evaluation capabilities,” adding that they begin by choosing data that affects the evaluation results through consulting.
A franchise company that manages multiple branches said it uses Big Value’s industrial evaluation solution ‘AI Robic’.
Regarding this, he said, “It provides insight by analyzing data across the industrial district (hinterland) that may help not only the operational management of the brand but in addition continuous growth,” and introduced that it reduces the danger of store operation and provides sales forecast information. Particularly, he added, “Because we’d like to learn and analyze different data depending on brand characteristics and product lines, it could even be used for future product development.”
For instance, the National Agricultural Cooperative Federation, which has about 4,800 branches, uses the Big Value solution to simulate changes in sales when branch locations are chosen or moved.
Here, a time series information evaluation system was used to investigate various data resembling floating population, competitor branches, surrounding infrastructure, and bank card company sales data and predict trends. The reason is, “To see the expansion potential of a branch, we predict population trends based on information resembling constructing permits, redevelopment, and concrete planning and use predicted hinterland data.”
CEO Koo said, “There are a selection of industries where insights derived from spatial data might be applied,” and added, “In the long run, we’re also considering launching a software-as-a-service (SaaS) platform targeting self-employed people.”
Since its inception in 2015, Big Value has designed a proptech solution that gives business insights based on spatial data resembling land, buildings, and roads. Considered one of them was the ‘automatic price service’ for townhouses and multi-family houses.
The automated quote service using real estate big data was recognized for its technology enough to be chosen for the Financial Services Commission’s designated agent system 4 times and the ICT regulatory sandbox, but was accused of violating the Appraisal Act by the Association of Appraisers in May 2020.
In 2022, the prosecution ruled that Big Value’s service didn’t violate the Appraisal Act, citing the proven fact that it doesn’t conduct appraisals ‘on request’ but uses public information to create a database of market prices within the goal area. The choice was made to not forward the criminal prosecution case itself.
Nevertheless, the long dispute experienced at the start of the business became a possibility that created the present big value.
CEO Cloud said, “On the time, we were unable to conduct proper business as a consequence of legal disputes, but as an alternative, it was a possibility to accumulate various data purification and evaluation know-how.” “The info constructed presently is now recognized as having high value and is wanted by industry and academia,” he said.
Big Value’s biggest advantage is data, and it’s explained that that is because of the outstanding capabilities of knowledge scientists who’ve a great understanding of domain knowledge resembling geography and concrete engineering.
He also emphasized, “Data generated from private firms and public institutions should be refined for AI learning and reflect changes in real time.” Constructing a knowledge pipeline is probably the most difficult task for proptech firms.
To this end, Big Value has prepared high-end server infrastructure for internal data scientists. Despite the fact that the services actually utilized by customers are provided in cloud form, a stable environment has been established for data purification through its own infrastructure.
CEO Goorum said, “As an organization that develops not only data but in addition its own AI model and is supplied with data, models, and infrastructure, we’ll achieve our goal sales of 6.5 billion won this yr.”
Reporter Park Soo-bin sbin08@aitimes.com
