The Internet of Things (IoT) is a network of interconnected devices or systems, which communicate and share data with other smart devices. The IoT is all around us—and it’s connecting our phones, computers, cars, and homes. It allows us to access the information we need and to make informed decisions based on real-time data and enables us to personalize and control systems that we couldn’t previously.

For buildings, the introduction of the IoT—smart systems and devices interacting with other data sources—is redefining the role of commercial property. From lighting controls to concierge services, the applications of new technologies in your building system can have endless possibilities.

Integrating real-time information from multiple systems and data sources, a smart building is embedded with the intelligence to respond, adapt and optimize based on real-time conditions and needs. 

This continuous data exchange allows buildings to drive transformational outcomes across three major areas:

1. IoT has a significant impact on energy efficiency

IoT plays a key role in capturing the energy consumption pattern of systems and can initiate predictive maintenance to ensure smooth operations. It can be implemented to automate building maintenance services, enabling users to track operations of machines like elevator, HVAC system and lighting system by collecting data like operating time, idle time, and maintenance cycle.

Along with the analytics, devices and sensors will record the pattern of operation and notify the need of maintenance whenever required, either in case of irregularity or in case of predictive maintenance. This can be directly translated into tangible benefits like operational cost reduction and intangible benefits like smooth operations.

2. IoT is helping in making decisions faster

Retailers are seeking smart spaces to capture the flow of customers. This will help understand the areas where customers spend the most time, which parts of the store get highest attention etc. Better understanding of the operations will help the retailer to make decisions regarding design of the store as well as merchandising.

Manufacturers and warehouse operators are also excited about the concept of smart workspace, which will help them to monitor the supply chain with closer look into the inventory levels, people and machine performance on the floor.

IoT is also impacting the individual home buyers with quickly adapting beacon technology. Houses for sale can now have beacons that are capable of sending push notifications to potential buyers, and along with it, the specifications of the property that enables buyers to make decisions quicker.

3. IoT will soon be the only way forward

Today, the lack of interoperability of devices is not allowing businesses to tap the true potential of IoT. To achieve interoperability, there is a need for integration across various systems, devices and vendors.

There could be a threat of invading privacy due to the user data, which might lead to denial from tenants to implement IoT solutions. Commercial property providers should plan to mitigate the risk with appropriate measures.

IoT will seek more lure in the property value chain and will need huge direct and indirect investments. The property industry should plan to incorporate IoT which will drive the way businesses will operate in the future.

For everyone working in the property sector, IoT may feel like something which doesn’t concern them but see it as the Importance of Technology and this is something everyone (from the top down) needs to be aware of, and more importantly understand.