A Fun Experience
I remember the first time we visited the new offices of one of our customers, as we needed to go up to the 25th floor, we called the elevator by using a digital screen which indicated the elevator number for us to jump on. Inside the elevator, there were no buttons, but a big screen with the news. As soon as we arrived our floor, checked in at reception, and went to our designated meeting room; on the glass door there as a digital screen with the meetings scheduled for the day and as we walked in, the lights dimmed up and the heating system started running since we were the first ones to arrive. As our meeting went on, we were able to adjust the temperature to our taste by voice and requested coffee and lunch through the room's iPad device. As soon as we walked out of the meeting room, lights were dimmed down and heating system stopped. This was our first big experience in a smart building and all its charm.
What is IoT?
The internet of things, or IoT, is a network of digital devices whereby each device has built-in capabilities to collect, process, and share data turning any object into a source of information about itself and the environment around it. A device may use different types of sensors to track motion, air pressure, light, temperature, and water flow which then autonomously communicate, analyze, and act or react to people or to other machines. This opens an enormous potential for individuals, businesses, and governments to improve efficiency and gain better visibility.
How it works?
From a technological perspective, a complete IoT system integrates the following components:
Smart Devices (IoT-enabled): Each device has its own IP and may include sensors, chipsets, or actuators enabling capabilities to perform "smart" functions. Some examples are smart light bulbs, thermostats, electrical outlets, and fixtures among other accessories which can react to motion, environmental changes, or voice.
Connectivity: Wired or wireless network involving equipment, internet protocols, and service providers. The key standards for these wireless networks are LoRa, NB-IoT (Narrow Band- Internet of Things), restful APIs, containers, etc.
Software:
Platform: Used for managing devices and their connectivity. It provides a broad variety of IoT services and protocols to manage the device life cycle from on-boarding to decommissioning. E.g. SAP Cloud Platform Internet of Things.
Application: Can be added “on top of” a Platform and along with the aggregated data collected from devices, it can produce actionable insights for specific pain-point areas. E.g. Contract & Lease Management App.
Solution: Are made up of groups of Applications. E.g. SAP Cloud for Real Estate.
Key Benefits
Increase energy efficiency: Smart devices enable a significant control of your energy use when it comes to utilities such as lighting, water, electric, heating, and air. Devices can automatically adjust the light, temperature, and/or ventilation on a room based on work schedules and motion detection. For instance, IoT knows when employees are not there, and it can dim down the light and reduce the heat in order to prevent energy waste.
Enable predictive maintenance: With IoT-enabled devices with predictive analytics, you now can identify and resolve system failures before they occur. Sensors and real-time energy monitoring not only increase energy efficiency, but they also automate and resolve building maintenance issues. The smart devices can foresee when it's time for maintenance or servicing and inform the owner accordingly. For example, an appliance maintenance is an important task that is not only time consuming but also requires finances to be arranged before-hand; with the power of smart devices, you can have information on how much of the device is consumed and when is the time for service.
Value of data for decision making: Smart devices provide valuable insights of the performance of a specific location. This opens a wide range of opportunities such as real time operating reports on utility and water consumption, office space utilization, and improved security. Since all devices collect data, is possible to integrate this with analytical systems in order to provide accurate consumption reports to users.
Conclusion
Disruptive innovations in the technology space are fueling the growth of smart real estate space. There is a huge advancement in devices and sensors that are being used to capture data. This is enabling real estate providers to create differentiated value to customers by providing smart solutions to control various systems at homes, offices and the spaces they frequent.
IoT today is a part of homes, work and shopping places, parking lots, etc. Capturing data from sensors in the real estate space, combined with the power of analytics, gives IoT the potential to offer insights that will change the way we live. IoT applications will continue infiltrating and shaping the real estate industry in numerous ways. Predictive technology not only increases homeowners’ awareness of household functionalities, but it also increases home market values. When selling a home, agents should consider whether or not the home has IoT capabilities for the value proposition. It will also be essential for agents to examine how IoT technology can help them increase their own job efficiency and generate leads.