IoT: The Next Big Thing In Commercial Real Estate
Blog written by – Mr. Mangesh Wadaje – Director and CEO- Highbar Technocrat
As India’s population surges, the role of the Real Estate sector in aiding the country’s growth story will be crucial. Since long the sector has been battling with the challenge of enhancing efficiency and productivity at construction sites for timely delivery of projects as well as reducing operational expenditures.
To answer this principle challenge, Construction firms are now integrating cutting edge technologies to consistently monitor the flow of the construction process in real time. As the world moves towards the ecosystem of interconnected machines which can be controlled remotely from anywhere across the globe using the internet, the real estate sector is witnessing a tactical shift in its operations.
The Internet of Things (IoT) in this regard has enabled the sector in surging efficiency related to equipment management, delivery of building material as well as enhancing the safety of workers at construction sites.
Data is the biggest asset of IoT deployment and businesses harness this data for continuous improvement. A comprehensive data analysis enables operations teams to refine their processes and deliver projects quicker. The actionable data from IoT also enables real estate players to consistently improve and execute processes faster to generate more profit.
Internet of Things(IoT) is not a concept of the future as a lot of homeowners already use their devices and appliances remotely using the internet. And while there are perceptions that the construction domain is not technologically advanced, IoT usage in the industry is considerable at present.
Tracking of Equipment And Materials
Construction players can utilise IoT in quickly analysing asset availability at different locations and can also direct them to different sites depending upon the requirement.
Garnering an accurate figure of the available inventory and ordering requirements to avoid any delays and glitches in the construction process is another benefit which the technology has brought in for the construction industry.
With a detailed understanding of data procured via telematics, real estate players can enhance their revenue figures by investing smartly, generating new revenue models and predicting market scenarios beforehand.
Enhancing Safety at Construction Sites
Security and safety of materials, equipment and human resources are a matter of major concern for realtors. IoT can proactively alert the users of heavy equipment of any forthcoming danger at the site and resolve it swiftly. The technology can also enable remote tracking of workforce location to receive emergency and safety alerts in case of any untoward incident.
Creating Real Business Value
IoT solutions empower the real estate players in leveraging live business value via predictive algorithms, real-time intelligence, tracking and monitoring. Furthermore, an ecosystem of connected assets, both fixed and movable can enable the real estate industry to establish new business models to enhance ROIs and profitability.
Analysing live business data with IoT will also help the real estate industry leaders in proactively tapping short term market opportunities and forecast business challenges.
Picking The Right Solution Provider
A renowned vendor of IoT solutions and services can enable a real estate player in implementing a fruitful IoT strategy with the deployment of the most relevant IoT solutions and applications. My advice to a construction player who is gearing up to reap the benefits of IoT would be to first shortlist a credible technology partner which offers end to end IoT solutions, services and consulting.