Although Internet of Things (IoT) and Property Technology (PropTech) are not new ideas – both having gained the ‘buzzword’ status a few years ago – they have come into sharp focus of industry leaders and decision-makers in 2020 as they equip businesses to deal with the challenge of operating in pandemic-affected world.
Both IoT and PropTech have been continuously evolving and transforming the real estate and construction industries for some time now. But the rate of change has accelerated as companies gear up to respond to changing needs of a very different world that we live in today.
90% of enterprise leaders say IoT is critical to their success, up from 88% a year ago, and 79% of enterprises adopting IoT see AI as either a core or a secondary component of their strategy as per Microsoft’s Latest IoT Signals Report. And even though, retail, energy and manufacturing industries have adopted IoT much faster, the real estate and construction industry is set to experience big shifts in the coming months and years.
Post Covid-19, many commercial real estate (CRE) companies have acknowledged that they recognize the importance of adopting IoT sooner than previously planned. According to survey results in Deloitte’s 2020 Commercial Real Estate Outlook ‘More than 70 percent of the surveyed CRE executives plan to maintain or increase their overall technology investments even in the face of an economic slowdown.’
The report further states that, ‘Executives acknowledge that the benefits of IoT and AI technologies are not limited to tenant experience’ and that, ‘they also can raise operational efficiency and lower costs.’
As with CRE, the insurance industry is also undergoing a revolution in terms of adopting IoT. Although, so far, insurers have mainly used IoT capabilities to aid interactions with customers and to accelerate and simplify underwriting and claims processing, McKinsey and Company predicts an increasing use of new IoT-based service and business models for insurers.
Are you and your organization ready for the future?
Moving forward, IoT, Proptech, and smart building technology will continue to shape key trends that are set to transform property management in the coming years. By 2035, it is predicted that there will be 1 trillion sensors and connected devices in operation. The level of data being monitored and shared is going to completely transform commercial real estate.
With so many changes occurring concurrently, it can sometimes be difficult, not to mention overwhelming, to navigate the changing landscape and prepare for the future. Knowing this, we are partnering with business and technology leaders to organize IoTPropTech Summit.
The completely virtual, first of its kind, conference – held on November 19, 2020 – takes on the massive task of bringing together subject matter experts, innovators, insurers, and leaders in the smart building automation and technology industry to explore the impact of IoT and building automation ecosystems.
The conference will feature speakers from industry leaders like PCL Construction, FirstOnSite, and BGIS, insurance experts such as HUB, Northbridge, and AXA XL and IoT suppliers such as mCloud, CopperTree Analytics and AOMS.
Through panel discussions, these experts will highlight recent advancements in the IoT PropTech space, discuss how users can leverage technology to improve efficiencies and manage risk and resources, and share the challenges they face along with their vision for the future moving forward.
This event provides a fantastic platform to explore the advantages and potential of IoT in PropTech and how it can affect you and your business. The conference is an opportunity to learn from the experience of industry experts who are at the helm of the rapidly transforming industry, to network with peers, partners and clients and most importantly, help you and your business be better prepared to face the shifts we are all bound to experience.
We hope to see you there!
You can visit iotproptechsummit.com to find out more and register to reserve your space.
About the Author: Pooja Dawani
Pooja Dawani is a corporate communications professional and is currently working with Eddy Solutions as a Communications and Social Media Coordinator. She tweets @pdawani.
Win of the Week – ERA at Yonge
ERA at Yonge Condos is a new development by Pemberton Group located at Highway 7 & Yonge Street in Richmond Hill. With Yonge Street, Langstaff GO Station and Highway 407