The Internet of Things (IoT) is a mesh of low power devices that connect to the Internet and communicate with each other.
In a world that connects us through our smartwatches, smart cars, and the online portals we use to make life easier, the best way for commercial real estate executives to protect themselves is to be as cyber aware as they are in real life. The world’s greatest real estate companies understand this and have developed the knowledge and expertise needed to successfully navigate this uncharted territory.
At Real Estate Business Intelligence (REBI), we recognize the tremendous value that is provided by technology-enabled applications and platforms and therefore have incorporated and demonstrated the IoT benefits in our 2019 Real Estate Tech Scorecard methodology.
The four key considerations that make the IoT an attractive option for real estate executives and tenants including
1) Identification of compliance vulnerabilities;
2) Threat-detection, prediction, and prevention;
3) Detection and intelligence of missing assets; and
4) Increase in tenant profitability.
1. Identification of Compliance Vulnerabilities
From cybersecurity to energy efficiency, the ability to identify and control a system’s compliance vulnerability is something that most firms have yet to consider. Luckily, there are many IoT products that are intended to detect security issues quickly and in real-time and are intended to ensure that systems will run as designed.
Smart Cabling Hub is an IoT solution that allows for tight control over the placement of wires – no matter where they may be buried or routed. With this product, engineers can ensure that no matter how long a cable travels, it will flow in the proper direction. Another option that allows for safety on the Internet is FEWO, a product which bridges the disconnect for remote users when they have changed a location on a warehouse or COO’s network.
2. Threat Detection, Prediction, and Prevention
The last element of security that we must address is tracking missing assets. In today’s world, there are often items or periods of time that can go unnoticed. Inventory technology that can scan multiple electronic devices in a setting or space without having to unplug them from the network allows for greater inventory visibility and management.
For example, ICS used a system from Intel’s ERIWIT for its Comprehensive Inventory Management Solution (CORMS). This platform allows for data analysis and visualization to better understand how the inventory is being used and will be utilized in the future.
3. Detection and Intelligence of Missing Assets
A major consideration with the IoT is the identity of the missing asset or items. There are numerous options available for this, including not just containers of copper wiring or equipment but any asset within an environment. Debris, obsolete systems, and slow-moving objects make for many assets which can be missed. If customers determine that there is a missing asset in their building, they must be aware of the options available to find, track, locate, and characterize the missing property.
4. Increase in Tenant Profitability
The final and most important consideration for a real estate executive when considering an IoT strategy is its likelihood to assist in tenant growth, functionality, and profitability.
According to Citigroup’s 2019 Global Technology Trends Report, “The commercial real estate market and tenant demand for specialized IoT services, like IoT-powered asset tracking, will see a considerable uptick in the coming years as businesses compete for space and customers.”
As a result, IoT can provide tenants with many benefits. There are companies, like Citigroup, that research the market, apply analysis, and create quality documentation on how IoT can make a business more effective, efficient, and profitable.
For real estate executives that are seeking ways to ensure connectivity in their organization, the IoT presents an innovative and efficient path to implementing controls and proactively addressing security issues.