What Do CRE Executives Really Think About Smart Building Technology?
Faced with the emergence of the Internet of Things and smart building technology—along with the evolving expectations of their customer base—commercial real estate (CRE) businesses find themselves in a precarious situation. While they need to show that they are on the cutting edge of technology, they also need to ensure their investments in technology will provide value.
This was the focus of a new whitepaper from Navigant Research and smart building solutions provider ENTOUCH. Based on interviews with executives from CRE businesses that cumulatively manage more than 9.6B square feet of commercial space, the report found that these stakeholders largely see smart building technology as important to ensuring they achieve their core business objectives, but face several challenges to unlocking this value.
Navigant's report said these executives believe that smart building solutions can help increase revenue, optimize management, and increase tenant satisfaction in their buildings. Specifically, smart building capabilities help CRE businesses remain competitive by providing a seamless technology experience, provide customizable capabilities that improve tenant comfort, and streamline operational and maintenance processes to improve efficiency while also reducing costs.
However, smart building solutions also need to address the main challenge facing CRE businesses—gaining buy-in for an investment from across the organization. As the report explains, prior to making an investment, executives at these companies "must understand there will be measurable improvements to their business—that the investment in IoT is not just the deployment of technology for the sake of technology." Not only do these solutions need to be able to show their impact on the building's operations, they also need to address the unique operational challenges facing the business.
To illustrate this point, the report dives into a case study involving Brookfield Global Integrated Solutions (BGIS). A provider of facility management services, BGIS saw that many of its customers faced the opportunity to reduce costs by eliminating energy waste and improving their operations and maintenance, but failed to capitalize out of concern that new processes would disrupt operations at the site level. To help their customers achieve their core business objectives while addressing these concerns, BGIS partnered with EnerNOC and ENTOUCH to provide visibility to identify faults and recommend actions for their engineers to improve efficiency, as well as remote triage and control capabilities to reduce the time that technicians spent implementing these measures in the sites.
Of course, this is just one example, and the challenges to implementing smart building solutions are unique for every business. To learn how CRE businesses are approaching smart building solutions, join us for a live webinar on Thursday, June 29th, where Navigant Research Principal Research Analyst and author of the whitepaper Casey Talon will host a panel discussion with representatives from EnerNOC, ENTOUCH, and BGIS.
In the discussion, the panelists will:
- Break down the CRE technology trends outlined in the whitepaper
- Provide insights from their experience deploying smart building solutions across a diverse range of businesses
- Discuss how their partnership has impacted energy efficiency and operations for their customers