Why everyone must embrace IOT in Property & Facility Services?

By Rinith Mohan Raj — In By : Rinith Mohan Raj — January 28, 2019

28

Jan
2019

We all know that we are highly depending on technology to move ahead. Whether it is at your home or a manufacturing plant. Thus, every moment, even while you are reading this, there are numerous teams of research and development working on every part of the globe to make work and living a bit more easier. For you, For us.

The Property and Facility Service based Industries go through a lot of challenges on a daily basis. In order to execute a Cost Effective Operation and to smoothly manage their Assets & Resources, they tend to struggle quite a lot.

Well, I just mentioned the outer shell of the hurdles. Dive deep and you will find the difficulties in Ageing Assets, Maintenance, Security, Customer Satisfaction, Business Insights et cetera.

From what I have seen in the past, Failure to adapt new technologies will definitely lead to higher operational costs and will increase customer churn.

Then again, For every problem, There is a solution. Usage of Smart Energy reduces costs, increases living comfort which in turn leads to better customer satisfaction. Connected Assets for better management. This can be done with Digitalization of Systems and using Predictive Maintenance. All of this with Big Data Analytics to create Smart Buildings with Live Business Insight, Smart Alerts and warning systems through mobile applications.

Its high time everyone started to embrace Big Data and IOT. It only results in Reduced Costs, Increased Turnovers and Customer Satisfaction.

A study from MarketsandMarkets says that ‘’Facility Management Market powered IoT and analytics, to grow from $24.65 billion in 2015 to $43.69 billion by 2020. This represents a Compound Annual Growth Rate (CAGR) of 12.1% from 2015 to 2020.”

What I believe is that with Connected Technologies combined with Deep Learning and AI algorithms, PFS industry is becoming smarter every day

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