In many ways, buildings have changed very little over the last half-century. HVAC, security, lighting, and other systems in most buildings continue to function separately. This results in reactive rather than predictive or preventive maintenance and limits automation opportunities. Often this creates burdens for building owners. The inefficiency inherent in separated systems not only contributes to higher maintenance costs, but also to energy waste. Building owners should look at how system integration helps them administer their assets though integrating cloud and on-premises apps in built environments.
There are countless ways for commercial property owners to lower their building operating costs. These expenses can include property taxes, insurance premiums, utilities, upkeep of infrastructure like HVAC and other systems, repairs, renovations, or payments to contractors who contribute to the upkeep and operations of the structure. Reducing costs can be achieved through hiring expert tax accountants, renegotiating contracts, passing some of these costs on to tenants, or investing in infrastructure to reduce these expenses.
Over the past half century, green building initiatives have transformed our approach to commercial properties. Today, those developing green buildings usually seek to comply with standards set forth by internationally recognized agencies to demonstrate their commitment to sustainability. However, these standards tend to focus more on design and material rather than operations. Integrating Internet of Things (IoT) technology into green buildings goes beyond these certifications to allow for building management that supports sustainability on a daily basis.
When building owners are looking to cut costs, the first place they often look is energy spend. And that makes sense: energy is an enormous expenditure in commercial buildings. But energy savings aren’t the only way to reduce costs. What’s more, many of the same mechanisms and tools used to reduce energy use—including system integration and advanced building analytics—can be used to identify other cost reduction opportunities.