INDUSTRY CHALLENGES
Remember when you installed your first smart light, thermostat or speaker and there was a different mobile app or interface to control each device? This was the introduction of the Internet of Things (IoT) to the home. Then products like the Amazon Alexa and Google Home came to the rescue and provided a unified solution to control all these new in-home IoT devices.
Many commercial property owners and operators today still use dozens of disconnected tech solutions and outdated technology to manage and monitor their building’s energy, controls, performance, safety, and communications systems. This inefficient set of operations is a costly challenge for building owners and managers who are under increased pressure to reduce expenses and power usage while meeting the rising expectations of occupants for a modernized, safe and healthy space to live and work.
Commercial buildings are more complex than the home and serve different purposes – they function as a place for business and provide services to people, such as offices, schools, hotels, restaurants and retail, stadiums, places of worship, and multi-family units.
The commercial building industry has lagged behind in developing centralized platforms to connect its growing number of systems; and now more than ever the market is being inundated with new technology solutions commonly referred to as Building-IoT (BIoT) devices that optimize a physical space for essential functions and emerging services such as hands-free controls, adjustments to temperature, lighting, and air quality, emergency response, security and much more.
More specifically, this problem exists because:
MULTIPLE VENDOR SOLUTIONS
80% of buildings today either have multiple systems for management, automation and security that cannot communicate with each other, or they have a single system that cannot communicate with other systems. These buildings are also ill-equipped to handle post-Covid-19 pandemic safety requirements.
BUILDING IOT EXPLOSION
Internet of Things (IoT) sensors and devices are being added to doors, windows, blinds, elevators, temperature controls, lighting, and everything else in the building overwhelming buildings operators.
TENANT REQUIREMENTS
Building occupants and tenants are demanding healthier, safer buildings and direct control of their environment.
GOVERNMENT REGULATIONS
Government demanding “green/environmental” buildings along with social distancing and occupancy limitations. Standards organizations raising quality requirements for air quality, sanitation, and energy management.
HEALTHY BUILDINGS
Today, tenants are demanding “Touch-Free” movement throughout commercial buildings, better air quality, and enhanced cleaning processes in order to feel safe to return to work and enter public spaces.
MARKET COMPETITION
Building leases are very competitive; therefore, owners and operators need to differentiate their portfolios and tenant service offerings to win the market share.
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