A world full of data
We live in an increasingly data driven world, but making this data meaningful is rarely an easy task. With 5G networks providing substantially higher data rates than 4G/LTE, data is available far more rapidly, with data volume now predicted to grow exponentially. It is estimated that by 2025, 463 exabytes (1m terabytes, 1b gigabytes) of new data will be created each day globally.
We have a vast expanse of data at our fingertips. However, the adoption of high quality tools which give the ability to convert this data into high quality information is hugely lacking. Meaning that the end goal of harnessing data’s power and turning it into a valuable decision-making tool is often out of reach.
Utilising data effectively is vital to the success of any business, and data-driven technologies can utterly revolutionise entire industries. The real estate industry is one of the highest profile examples of this, which has been transformed by the rise of IoT and Proptech. Leveraging data across the building lifecycle enables the creation of smarter, more efficient and more valuable buildings.
The issues surrounding data
Whilst companies have a huge amount of real estate data available to them, the potential within this data is rarely unlocked. Data is often scattered across legacy systems and isolated silos, making it near impossible to locate, interpret and integrate.
Coupled with major concerns over accuracy, almost all FM teams are faced with this scattered data issue. In particular, there exist many cases where records are updated manually and are therefore subject to human error. This happens on a huge scale, to the extent that the average organisation is losing $13.5 million per year as a result of poor data quality (Gartner, 2015). Another study by KPMG (2016) suggests that 84% of CEOs worry about the quality of the data within their organizations. It is painstakingly clear that steps must be taken to optimise data quality and integration.
To be truly effective, real estate data must be consolidated, standardised and connected. Crucially, this must be accessible to FM personnel, both on-site and remotely. Without a single platform, it is impossible to see the full picture of your real estate and identify significant cost saving opportunities.
By using an IoT platform which creates a virtual building twin, organisations can bring together information about your building and its physical assets into one single source of truth. Software platforms are designed as a tool which provides users with accurate and easily accessible information, enabling them to work faster and smarter. With an accurate Visual Asset Registry, Facility Managers will increase operational efficiency and first-time fix rates.
Improving your bottom line
Having massive volumes of data is effectively useless unless it drives tangible results. Once your granular data is crystallized into valuable analytical insights, the subsequent cost reductions can drastically improve your bottom line.
Below are just a few examples of ways in which an IoT platform can provide a huge return on investment.
Monitoring office occupancy and capacity, this management of workplace utilisation will improve your bottom line. The cost of a single desk in Central London is approximately £17.5K per annum (Cushman & Wakefield, 2017). With peak office utilisation averaging at 45%, businesses could potentially see as much as £4.8M in wasted real estate assets every year (Open Sensors, 2018).
Installing a smart maintenance system can also streamline your operations and reduce costs. Proactive maintenance is estimated to reduce equipment repair costs by 40-60% annually. (Cushman & Wakefield, 2018)
Productivity loss associated with ill-health costs the UK economy £73 billion per year (Mercer, 2017). Monitoring indoor air quality creates a healthier workplace, meaning that by improving the health of your office you can improve employee health, reducing sick days and driving productivity. It has been shown that improved Indoor Air Quality (IAQ) can lead to productivity improvements of 8-11%. (World Green Building Council, 2014).
An IoT solution such as Metrikus can do all of this and more. By transforming the way you view your real estate, seamlessly integrating your data and displaying information with absolute clarity. Built on open standards, their system combines data from unlimited devices, systems and buildings to form a single, intuitive interface.
It is abundantly clear that real estate data is an immensely powerful tool that can provide huge cost savings for your company, but only if it is used in the right way. What is therefore essential to unlocking these financial gains, is finding a hardware agnostic software platform that can aggregate all of your data and display it in a meaningful way.
IoT technology is becoming prevalent in almost every industry, enabling previously unfeasible ideas to be realised. The global IoT market was value...
The Centre for Digital Built Britain defines the built environment as all forms of buildings (residential and commercial), all economic infrastruct...