How IoT makes buildings smart and efficient
IoT and AI can make commercial buildings’ energy consumption more sustainable by changing HVAC settings to account for temperature, occupancy and fluctuating energy prices.
Today’s best-performing smart buildings use cutting-edge IoT technologies, powerful software and AI to create a healthier, more comfortable occupant experience and improve employee productivity.
However, just 1% of buildings are classified as “smart buildings,” according to an article by analyst company Memoori.
It is no wonder that forward-looking companies worldwide are embracing digital transformation to raise the IQ of their existing building portfolios, save energy, shrink their carbon footprint and reduce operating costs. All this is possible through a new IoT- and software-enabled discipline called enterprise performance management. This discipline is a suite of critical applications to improve operations, safety and sustainability for operators, occupiers and investors alike. Enterprise performance management is a single source of truth — a record system — for all things building-related that is the digital backbone for applications.
Bringing older buildings up to speed is admittedly a big job. After all, most of the world’s commercial buildings were designed, built and equipped years or even decades ago. There were 5.9 million in the U.S. alone in 2018, according to the “2018 Commercial Buildings Energy Consumption Survey.” But the potential payback for operational improvements is enormous, considering commercial buildings in the U.S. consume 18% of all energy and account for 20% of greenhouse gas emissions.
Commercial buildings come in many shapes and sizes. High-rise office buildings, hospitals, industrial plants, retail stores, schools and hotels are among the kinds of structures classified as commercial buildings. Each type of building has unique characteristics, but they all have one thing in common: They consume energy.