The Internet of Things (IoT) refers to any system that connects several different pieces of technology, allowing them to essentially work together. Think of a smart home assistant connected to your lights, heating and other appliances. In commercial and retail buildings, a building management system is IoT technology. 

Smart hubs for buildings are focused more exclusively on energy and utility services. They allow building managers and multi-utility retailers to control, monitor and integrate all utility services in one building. Needless to say, this type of IoT energy monitoring allows you to really unlock the hidden value of your building now, and into the future.

Improving Asset Efficiency

Smart energy systems give you greater control over your assets. Lighting, air conditioning, ventilation, security – all of these systems can be controlled in one central point. This allows you to use your utilities smarter. Even something as simple as setting timers for lights to switch off if no movement is detected for a certain timeframe can save you money and improve efficiency.

Increasing Tenant Retention

With improved efficiency comes improved tenant retention. Sometimes, the sheer numbers tell the story. If you’re able to manage your building’s utility usage effectively, you can lower your expenses. In turn, this means lower costs passed on to your tenants.

Most tenants would be hesitant to leave your building, knowing their running costs are far more competitive by staying put.

Get Your Own Data, Without the Analysts

Are you paying financial controllers or other data analysts to measure the efficiency of utility systems in your building? Save your money, because IoT technology can give you all the data you need, and you don’t need a degree to understand it.

Information is presented in easy to follow graphs, charts and tables. You can find out all sorts of things, such as peak usage times when utilities cost the most, and whether certain parts of your building are costing more. Make informed business decisions, without throwing money away on consultants and analysts.

Involve Tenants in Energy Efficiency

Smart energy systems allow tenants to check their utility usage and costs in a real-time setting via easy-to-use smartphone apps. This gives them greater control, and greater motivation to think about their own consumption. With all tenants pulling together to decrease costs, your building’s stocks continue to rise.

Increase Your Buildings Sustainability Ratings

Each country generally has it’s own building sustainability ratings and each is usually to do with your building’s energy efficiency. A lot of things are measured when assessing this, such as energy costs, the efficiency of systems, and whether you’re using any natural energy sources. These ratings are important though, especially when it comes to attracting tenants.

Good sustainability ratings give tenants some certainty that energy usage in the building is efficient. They know that this should translate into cheaper ongoing costs. 

Whatever you can do to create a more energy-efficient environment gives you more bargaining power. Better ratings, well-managed systems and cheaper running costs make you an attractive building for all businesses – and that’s the true value of your building.

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