While state and city governments are striving to invest in IoT and smart city technology that deliver energy efficiency, smarter governing solutions, and convenience to their citizens, who else can contribute and how? During Eddy’s IoT PropTech Summit 2020, a panelist remarked that smart construction leads to smart buildings and smart buildings to lead to smart cities.
We cannot agree more – smart buildings are, key components of a smart city.
In this blog, we look at why real estate developers, construction companies, and property managers (of commercial and multi-family residential buildings) should invest in IoT and PropTech to make their properties smarter. We also look at where they should invest. There are a lot of opportunities for all stakeholders to contribute and they have a slew of technology (read sensors, big data, AI, and ML). to aid them in their quest.
Data collected through IoT sensors , and the insights gleaned from that data through big data analytics help manage resources like water, gas, and electricity efficiently. More and more entities are using digitalization to become smarter right from the pre-construction stage to the post-occupancy stage. The digital transformation helps reduce energy consumption and meet sustainability goals at every stage of a building’s life cycle. During construction, analytics helps to see 100% of the building’s systems on an ongoing basis to ensure that the building is being delivered to the specifications and the high-quality standards expected of modern buildings.
Managing customer experience and stakeholder experience is important for property owners and managers. While it is natural to think of convenience, ambiance, and comfort immediately, safety and energy/resource management lay the proper platform for providing an excellent customer experience. Months of good work on the customer experience front can be undone by major damages due to fire, water, and gas leakage. IoT and PropTech integration allow businesses to proactively protect their assets; it’s economical to invest in preventative measures than to wait for failures to occur.
Take for example water: water damage is the number one risk to property, accounting for billions of damages in North America. Eddy helps to manage water efficiently by monitoring water usage. The system also learns your usage patterns and takes corrective action if there is an abnormal flow of water or a leak. Since its inception, Eddy has helped numerous properties save water and prevent catastrophic damages.
Security is another important aspect. The security segment targets the prevention/detection of burglaries, emergency calls, and access control. This segment is driven by-products such as smart locks (keyless entry), and smart security cameras. Customized experiences such as in-suite heating and cooling, smart lighting systems, and voice-assisted gadgets are other elements that add to enhanced customer experience.
The competitive advantage gained by investing in a smart building is simply too huge to ignore. Unless you want to say no to better ROI, better operational efficiency, and customer delight. Our buildings are no longer just buildings – they need to be living, breathing structures that take care of themselves and their tenants seamlessly.
About the Author: Parthi Radha
Parthi Radha is a marketing professional and is currently working with Eddy Solutions as an Events & Digital Marketing Specialist.