Massive IoT data paves the way for new data-driven revenue streams that property owners may not have anticipated.
FREMONT, CA: The Building Management System (BMS) industry requires a facelift, thanks to rising energy efficiency standards and sophisticated demands from a new generation of tech-savvy renters. However, it would be a great mistake to believe that upgrading legacy BMS will automatically cost one a fortune. With the advent of IoT technologies, businesses may tap into an infinite number of opportunities to optimize property operations without paying exorbitant costs.
Improved Tenant/Occupant Wellbeing and Satisfaction
Tenant connections are essential to facility owners. The increasing pervasiveness of smart homes and smart building technologies nowadays has resulted in more exacting expectations from modern tenants. Indoor temperatures were once the most important metric for determining occupancy comfort, but this is no longer the case. Air quality, lighting, and humidity are now factors in creating the optimal climate for occupants’ wellbeing and productivity. In this context, wireless IoT sensors are effective tools for ensuring a healthy and ideal interior environment.
New Revenue Generation Possibilities
Massive IoT data paves the way for new data-driven revenue streams that property owners may not have anticipated. When it comes to tenants, there is much information one may provide to improve decision-making processes. For example, the clients are likely to be interested in learning about their utility consumption and office space utilization habits. This enables them to uncover inefficiencies, improve the next leasing decision, and optimize office layouts in response to growing workforce patterns. Information about floor circulation statistics allows store tenants to enhance their services during peak hours. These are just a few examples of how property owners can use IoT data to uncover many service innovation possibilities.
Gone are the days when the BMS could only turn on and off the heater based on specified rules. IoT technologies are now enhancing BMS functionality and opening up new potential for energy savings, facility management, tenant experiences, and service innovation. All of this comes after a simple upgrade with low-cost sensors and next-generation IoT connectivity.