Smart building management appears as a new term on the construction and energy management block. It refers to the conjunction of the Internet of Things and Analytics in energy and comprehensive facilities management. When companies have information at their fingertips, making energy-efficient decisions is seamless and effortless. However, the causes behind this conjunction of technologies rests on a few simple facts.
Most businesses, up to 75 percent, view the IoT as a crucial aspect of future success, more than half of existing businesses have already implemented IoT-based controls, and 60 percent look to outsource solutions and services for smart facility management.
Device Integration Capability, Accessibility and Availability Are Growing
More IoT-enabled devices are being manufactured daily. By some estimates, reports IHS, the number of connected devices will surpass 75 billion by 2025. However, researchers based this forecast on 5.5 million new devices manufactured daily. Growing interest in the IoT will spur faster manufacturing and innovation, which may propel the actual number to more than 1 trillion within a few years. Part of the reason for this increased state of manufacturing lies in return on investment.
Over the course of a decade, the Internet of Things could jump from 15.4 billion devices to 75.4 billion.
Return on Investment Is High
Companies deploying IoT devices can achieve a high return on investment in a relatively short period when applied correctly through cloud applications. These companies can realize cost savings of 8 percent. Numerous small to mid-sized companies have cut energy costs by 20 percent or greater.
The IoT Prevents Siloed Systems
The true power of the IoT lies in its connected nature and use in analytics. Analytics take the proverbial mountain of data and derive clear, concise indicators of what is and is not working properly in a system. This means data from one part of the company can be compared against data from traditionally siloed systems. Thus, the overall savings increases. Since data and organizational siloes contribute to poor visibility, the use of the IoT will only become more popular and useful.
External Data Provides Additional Insights Into Current and Future Operations
One of the most profound ways of leveraging data from the IoT comes from outside of your company. The IoT relies on the endless data streams of millions of devices, integrated into homes, computer systems, retailers, manufacturers and beyond. This external data can provide additional details to your own energy management system, indicated possible peak usage times and billing rates in the future or trends being embraced by your competitors. The power of the IoT and analytics are comparable to divine sight, seeing everything, everywhere, all the time.
How Do You Take Advantage of the IoT and Analytics to Improve Smart Energy Management?
You do not have to search for devices online, and the age of self-installing new devices has passed. Instead, turnkey energy management providers, such as ENTOUCH, offer comprehensive smart building resources, ranging from initial energy assessment to implementation and continued support via ENTOUCH.360. Find out more about what smart energy management could mean for your organization now.