What is IoT Data Collection?
Definition
IoT data collection is the process of using sensors to track the conditions of physical things. Devices and technology connected over the Internet of Things (IoT) can monitor and measure data in real time. The data are transmitted, stored, and can be retrieved at any time.
Types of IoT Data
There are three common types of IoT data in the commercial real estate industry.
- Equipment data
This type of data enables real-time fault detection, runtime-based schedules and predictive maintenance thus saving energy cost, increasing productivity and extending equipment life. Equipment data can be centralized in one platform so that on-site staff, management, and vendors can all be on the same page and data can rollup into executive dashboards.
- Environmental data
IoT sensors can be deployed to track a range of data streams within buildings: temperature, air quality, people flow, moisture, or movement. These datasets are primarily used to be proactive for occupant comfort issues and avoid disaster scenarios such as leaks and floods.
- Submeter data
Digital Submetering devices connected to the internet help automate the utility submetering process which costs, eliminates errors and generates bills as soon as the billing period ends. Submetering provides transparency to portfolio owners for the recovery rates of their cash outlays.
Why it Matters
There are already more connected things than people in the world.
Experts predict that in total there will be 41.6 billion connected IoT devices by 2025. Industrial, automotive, and commercial building equipment represent the largest segment, but there is also strong adoption of smart home and wearable devices.
The Internet of Things has allowed companies to significantly widen the range of data that they are able to capture.
One of the most prominent examples of this is in the real estate industry. IoT data helps homes, offices, retail stores, and institutions to optimize building performance by
- Reducing energy consumption. IoT tracks the amount of electricity spent by the property, operators become more aware of potential ways to reduce energy consumption.
- Improving environment quality. Monitor air quality level to create a favorable environment for tenants and increase employees’ productivity.
- Maximizing equipment performance. IoT data collection is the foundation of preventative maintenance and predictive maintenance, which can reduce the likelihood of unexpected equipment breakdown.
These give portfolio managers transparency where it never existed before and often provides insights that lead to significant cost savings.
