Typically we see transformation begin when new technology meets opportunity. In large corporations, change agents are constantly evaluating their value chain and looking for ways to efficiently optimize their operations. As technology continues to advance and touch all aspects of our lives, one of the last archaic business sectors is finally tapping technology well to fundamentally change the way they manage – the commercial real estate industry.
Over the last 5 years, the commercial building industry has been in the midst of a major transformational change. If we look at the industry as a whole, traditional building management had been limited to control systems and highly reliant on the engineering team’s understanding of the building, which often takes years of experience to know the nuances of their certain facility. Now, control systems at their core are great platforms to set rules, commands, and set points for building equipment, but are lacking the true managerial tools necessary to effectively and efficiently manage your facility. The main reason we find such a gap in current building management technology, is because of the lack of data, business intelligence, and interconnected devices providing building managers with the capabilities to get real time insight.
With explosive Building Internet of Things (BIoT) growth projected over the next 10 years, it is critical for all buildings to truly start getting their “PHD” degree to upgrade to a “smart” facility. On average, current facilities only have about 16% of devices connected within their environment, or about 6.4 billion devices. Over the next 5 years, Gartner is projecting that number will reach over 20 billion devices, or to put that in context, about 5.5 million new IoT device connections made daily. All these new connections interacting with new, more advanced software systems are truly transforming building management. It is no longer acceptable to just turn on all your equipment and just run it blindly, building managers are now being held accountable through real time data and analytics to maintain building efficiency and minimize energy waste. Ultimately, all the new IoT device connections and the granularity it is providing into building management, is allowing commercial building executive stakeholders the ability to cut costs and improve their profitability.
– Xavier Navarro, Business Development