Interconnectivity: How IoT leads to the Digital Real Estate

Why should Facility Management and Internet of Things (IoT) meet? As part of the digitalswitzerland challenge one group of the Digital Real Estate Roundtable is delivering the answer to this question.

Interconnectivity the next big thing?

One aspect of the digitalization is the use of IoT in property and facility management. A recent study by Cisco came to the conclusion that IoT could soon be as essential as the internet itself – the worldwide number of IoT devices is expected to grow from around 15 billion now to over 82 billion by 2025.

However, the study also comes to the conclusion that three-fourths of IoT projects are failing – only 26% of the over 1’800 interviewed IT-managers of companies coming from different sectors stated that their IoT project could be considered a success. So what are the take-aways from the successful implemented IoT projects?

How to gain from interconnectivity

Close to two-thirds of the people which successfully implemented a IoT project said that how the implementation process was structured is of outmost importance. The interviewees emphasized that IoT projects look good on paper but turned out much more complex than expected during implementation. The companies with the most successful IoT projects made the most use of company networking. They were able to find the right partner for every project phase, from strategic planning to data analysis to implementation. They didn’t went alone and tried to involve all stakeholders. “Collaborative innovation” is though the key word, which is also the motto of the digitalswitzerland challenge.

The gains in numbers

In numbers the impact of IoT projects, following the study by Cisco is quite impressive: 73% of all study participants used IoT-data to improve company success. Across the globe the three largest beneficial factors for the surveyed companies are customer satisfaction (70%), operative efficiency (67%) and improved product- and service quality (66%). As an unexpected benefit, 39% of the companies mentioned an increase in profitability.

Around one third of the participants believe that we have only started scratching the surface of the IoT-possibilities for companies.

Answers made in Switzerland

In the context of the digitalswitzerland challenge, the bet “Facility Management meets IoT” is trying to deliver the proof that by means of the consistent use of IoT in Facility Management, it is possible to achieve measurable savings of 20% of the facility management costs by the end of 2017.

The problem in Switzerland is that qualitative and quantitative synergy potentials between facility management and the connectivity possibilities from IoT are not yet sufficiently developed and available technology is often not used adequately.

So, how to counteract these effects? The group around the “Facility Management meets IoT” will present first conclusions during a conferencing group meeting on August 29, 2017, at the office LAB at Basler Park – a co-working space which opened in March 2017. The RESO Partners have been organizing several conferences on the topic of IoT.  The results of these conferences will be presented at this final event along with speakers and experts showing individual use cases of their IoT applications.

If you are interested in participating in the event on the Augutst 29, 2017, you can find an overview of the detailed program here and register for the event here. We will be providing an summary of the findings in this blog and in our newsletter, feel free to subscribe.

The post Interconnectivity: How IoT leads to the Digital Real Estate appeared first on digitalswitzerland.

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