IoT (Internet of Things) technology is transforming the Real Estate industry through its integration of internet-connected devices and sensors to gather data which enables both automation of building management processes and data-driven intelligence to drive decision-making. With the infusion of AI, the use cases for IoT in the built environment are accelerating where the value proposition is now connected to improving the efficiency of building operations and achieving sustainability outcomes.
Modern Building Management & Healthy Buildings
The experience with the pandemic and return to work strategies has amplified the importance of Healthy Buildings. In turn, achieving a healthy building strategy is now top of mind for all stakeholders which includes tenants, employees, investors, owners and property managers. Simply put, a healthy building is one that prioritizes the well-being of the people it occupies. These buildings strive to meet nine foundational criteria which include ventilation, air quality, lighting, views, and physical security. Whether it is homes, schools, or offices, designing and operating healthy buildings can positively impact health and productivity as well as help to address global challenges. Especially in the post-COVID-19 hybrid workplace, where more and more people have started working from home, a study by Harvard’s School of Public Health connects the to boost in cognitive function to the health of the workplace
While healthy buildings are people-first, “smart” buildings primarily emphasize technology, data, and automation to optimize building operations. They employ sensors and IoT devices to monitor and reduce energy consumption, creating sustainable living solutions. A building can be both smart and healthy by combining these features. By balancing efficiency, health, and sustainability, we create a positive, holistic, green environment for building occupants. The implementation of an IoT strategy to monitor and manage Air Quality is becoming integral to achieving a Healthy Building which is then naturally connected to employee productivity and tenant satisfaction along with greater tenant retention and occupancy.
History and Evolution of Building Management Systems
While BMS might seem completely new, it is a concept that has been around for over 50 years now. It started out as a simple computer-based system to control temperature. Then came the Single Building Management System. This marked a significant shift in building operations and was used widely in the CRE industry. However, while it increased operational efficiency and reduced energy costs, there were minimal overall cost benefits since the price of the system itself was so high. It later evolved to partially integrate IoT, allowing for remote monitoring and condition-based maintenance. This resulted in higher revenue and cost benefit from operational efficiency. These early BMSs were critical in laying the foundation for today’s smart buildings. On the other hand, the present-day research “Digital Twin” technology boasts to be the future of innovation in BMSs.
IoT & Data
The next question is how building management systems integrate IoT solutions and what role they play. The primary role of IoT is to provide a platform for collecting real time data from building systems to better manage the operations of the building which include energy consumption, water utilization and air quality. In addition, this data is especially important in leveraging AI to predict future capacity. For this reason, the IoT market for global intelligent building management systems was almost 500 million USD in 2022 and is anticipated to grow to USD 2.2 Billion by 2031 at a CAGR of 15.9%, according to Business Research Insights.
How does it do all that? Here’s the answer broken down for you:
#1. Data Collection and Monitoring:
By leveraging the capabilities of IoT sensors, the collection of real-time data for energy consumption, equipment performance and environmental conditions is especially powerful for reporting, trends and analytics.
#2. Remote Monitoring and Control:
Our solutions allow for remote monitoring and control of energy consumption. All that is required is login access and a working internet connection, and voila! Identify inefficiencies, track energy usage patterns and make informed decisions from anywhere, anytime – be it your car on your way to work or in the cafeteria as you’re grabbing a cup of coffee.
#3. Predictive Maintenance:
One of the key features of the Clarity platform is that by continuously monitoring equipment performance, IoT can detect anomalies, identify potential failures and trigger alerts or maintenance requests before a breakdown occurs. This is highly advantageous as it reduces downtime, extends equipment lifespan and improves overall operational efficiency.
#4. Energy Optimization:
IoT uses advanced analytics and machine learning algorithms to process the collected data. These technologies can identify energy usage patterns, optimize consumption and suggest energy-saving strategies. It keeps track of the power factor (PF), for example, sending alerts or shutting down equipment when it falls below a preset value.
#5. Enhanced Safety and Sustainability:
As a result of all the preventive measures and optimized operations, IoT enables safe and sustainable practices in energy management systems. For example, real-time monitoring of environmental conditions can help identify and remove risks while predictive analytics helps to reduce carbon footprint and improve operational efficiencies.
The Future is Clear
The Clarity Platform has been designed to modernize the approach to building management and deliver the transparency of operations to all levels of stakeholders. With the implementation of an IoT strategy, Clarity also aims to simplify data collection and automation in order to respond quickly to changes that are required. Our powerful IoT software enables for the seamless integration of products, sensors and various communication protocols, irrespective of the manufacturer. Our building solutions cater to customer needs and are specialized for each project. We have delivered remarkable ROI and paybacks for building owners in the past who decided to take the leap. Now, all that’s left is for you to transform your buildings for the future. Contact us to learn more.