Commercial M&O and the Connected Building
Every technology from AI (artificial intelligence) to IoT (Internet of things) and beyond is showing up in the commercial building sector. Data and data-derived information is critical for operations and management personnel to benefit their occupants. Energy ROI takes precedence, driving 65% of owners towards data-driven energy enhancements while 40% of technology investments are going towards IoT-driven predictive analytics.
How is this being handled? Facilio, an IoT, AI, and ML (machine learning) data-driven enterprise platform for building operation, and maintenance, released a report, 2020 State of CRE Operations 3.0 to explain.
The era of data-driven building M&A (management and operations) in commercial real estate, CRE 3.0 in Facilio’s term, is marked by the industry focus on data extraction out of building functions; data aggregation on a portfolio-central platform; and use of modular apps to perform data-driven operations acting on operational data to enable predictive portfolio operations.
Buildings are a trove of data. The automation driven upgrade of commercial real estate assets a few decades ago was focused on embedding buildings with hardware that delivered improved services and enhanced performance. The second wave, CRE 2.0, included the adoption of appropriate technologies and was designed to act as point solutions for property management, maintenance, energy management, and occupant applications among others.
Looking at 2020 and beyond we will see the rise of CRE3.0, a data-driven model in commercial real-estate operations, that is now making it possible to optimize asset performance and achieve centralized and real-time management, at an enterprise scale, according to the report.
The report touches upon the current state of operations and the priorities of CRE owners across the U.S., Middle East, and India markets. It identifies the challenges for commercial real estate owners such as the frustration faced today in rising maintenance cost, influenced by automation data silos in operating technology, dealing with dead-end tools for the variety of functions—maintenance management to asset performance to the tenant experience—and limited access to portfolio-wide operational information in realtime.
Real-estate portfolio owners are dealing with inflexible tools to manage primary business outcomes, such as maintenance, asset optimization, and delivering outstanding tenant experiences. Currently, management of assets and optimization of processes is limited by the lack of ready access to portfolio-wide operational information in real-time.
The report reveals that Connected Building portfolios and a coherent end-to-end view of workflows and processes is set to become the norm in 2020, and onwards. Manager and owners need to focus on leveraging technology to boost building performance, secure maximum uptime, and provide seamless tenant experience across portfolios.
Was this article helpful?4 Posted by: 👨 Joshua C. Molina