Licensing Historical Business Data for AI: A Guide for Property Management Companies

Understanding the Opportunity

Property management companies can benefit from licensing their historical business data for AI, as it can provide a new revenue stream and help improve AI models. Mode's company data partnerships program allows companies to license their operational data, excluding tenant personal information, for AI research and training. The program requires companies to have a minimum number of employees and years of operating records, and the data must be owned by the company.

• Determine if your company meets the eligibility criteria
• Assess the types of data you have and their potential value for AI training
• Consider the benefits and risks of licensing your data

Preparing Your Data for Licensing

To license your historical business data for AI, you'll need to prepare it for export. This involves identifying the relevant data, ensuring it's in a suitable format, and removing any sensitive or personal information. You'll also need to agree on the scope of the data to be licensed, including the systems and date ranges, with the buyer.

• Identify the relevant data and systems
• Ensure data is in a suitable format for export
• Remove sensitive or personal information

Operational Context and Data Quality

The operational context of your data is crucial for its value in AI training. This includes information about your company's size, operating history, and the systems you use. Data quality is also essential, as high-quality data is more valuable for AI training. You'll need to ensure that your data is accurate, complete, and consistent.

• Assess the operational context of your data
• Evaluate the quality of your data
• Ensure data is accurate, complete, and consistent

Hypothetical Worked Example

Let's consider a hypothetical example of a property management company with 20 employees and 5 years of operating records. The company uses a range of systems, including a customer relationship management (CRM) tool, a billing system, and a maintenance workflow platform. The company wants to license its data for AI training and has identified the following inventory:

Inventory: System, Date Coverage, Internal Owner, Workflow Context, Exclusions

1. CRM, 2018-2022, Sales Team, Customer interactions, Personal identifiable information

2. Billing, 2019-2022, Finance Team, Payment processing, Financial information

3. Maintenance, 2020-2022, Operations Team, Work order management, Sensitive operational data

4. Vendor coordination, 2018-2022, Procurement Team, Supplier management, Confidential vendor information

• Identify the systems and data to be licensed
• Determine the date coverage and internal owner
• Assess the workflow context and exclusions

Questions to Ask a Buyer

When licensing your historical business data for AI, it's essential to ask the right questions to ensure you understand the terms and conditions of the agreement. Some questions to ask a buyer include: What is the scope of the data to be licensed? How will the data be used and protected? What are the payment terms and conditions?

• Ask about the scope of the data to be licensed
• Inquire about data usage and protection
• Clarify payment terms and conditions

Mode's Current Program [1]

Mode's company data partnerships program is designed to help companies unlock the value of their operational data. The program requires companies to have a minimum number of employees and years of operating records, and the data must be owned by the company. Mode agrees on the scope of the data to be licensed with the company and removes or transforms sensitive information before onward delivery. Mode's program is subject to change, and eligibility and rights require individual review.

• Review Mode's program requirements
• Assess your company's eligibility
• Understand the terms and conditions of the agreement

FTC Data Minimization and Security Guidance [2]

The Federal Trade Commission (FTC) provides guidance on data minimization and security, emphasizing the importance of protecting sensitive personal information. The FTC recommends taking stock of the data you have, scaling down to only what is necessary, locking it to protect it, pitching it when no longer needed, and planning ahead to respond to security incidents. The FTC also provides guidance on electronic security, including the use of strong passwords, encryption, and secure connections.

• Take stock of your data
• Scale down to only what is necessary
• Lock it to protect it
• Pitch it when no longer needed
• Plan ahead to respond to security incidents