Artificial Intelligence February 17, 2020

Unlock the Power of Building Data With IoT and Artificial Intelligence

Picture: Experify AB

Cost-savings and increased building value from the attractiveness of the property are important factors driving digitalization in the real estate industry. In the coming years, enterprise-level adoption of technology such as Internet of Things (IoT) and Artificial Intelligence (AI) will radically change how property owners manage and maintain their building stock.

On average, people spend 80% of their lives inside buildings – office buildings, schools, hospitals, and homes. Buildings represent large capital expenses for businesses. So, it’s no surprise that property owners and managers are continually looking for new ways to make buildings more efficient, sustainable, safer and comfortable.

Connecting Building Assets

IoT technology dives deeper into inter-connected data, information, and sensing habits of objects with the ability to transmit data without human-to-computer or human-to-human interaction.

For building management, IoT enables productivity capabilities needed to increase energy efficiency and decrease carbon footprint. Integrating it into building systems gives property owners and managers, as well as energy companies, more ability to control, monitor, and adjust energy use and emissions seamlessly and instantly.

Traditional building management systems are designed to keep tenants comfortable and streamline the daily operational jobs of engineers and building operators. A building energy management system is designed to provide visibility and insights by benchmarking energy use, tracking changes to project future energy needs, identifying savings opportunities and reducing the risk of rising energy costs.

However, the traditional systems are not proactive and self-learning and they do not incorporate features for smart predictive measures based on data.

The Rise of Artificial Intelligence

Boosting AI and machine learning algorithms to traditional systems is quickly disrupting the industry by offering an easy-to-use and adaptable platform of Big Data analytics that turn building management and energy optimization metrics into straight forward, proactive initiatives.

As more and more artificial intelligence is entering into the world, more and more emotional intelligence must enter into leadership.”
– Amit Ray, AI Scientist

Digitalized buildings have the potential to increase productivity, enhance employee experience, reduce energy costs, improve indoor climate and reduce greenhouse emissions.

Specifically, IoT and AI are already having a significant impact on the industry, helping companies move beyond a focus on cost reduction. These applications aim to grow margins and enable features such as dramatically more efficient building operations, enhanced tenant relationships, and new revenue generation opportunities.

Forward-looking property managers should pay close attention to this development and increase focus on innovations that drives tangible value creation with a quick ROI.

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