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The Internet of Things (IoT), a collective term for sensored and Internet-connected devices, continues to connect the world in ways we never imagined. While initially enabling users to monitor and control a limited number of physical objects, reductions in sensor size and cost allow for monitoring and control on a bigger and bigger scale. One study suggests that by 2025, the Internet of Things could become a whopping $11 trillion market. With such incredible economic promise, it is important to understand exactly what the Internet of Things can mean for you.
With the rise of smart meters, building automation systems, and sustainability initiatives a large part of the IoT’s future market will be commercially focused. So where can you expect the IoT to have the quickest impact? The answer, most likely in how you manage your utility usage.
Internet-connected devices and wireless sensor networks are increasing the availability of real-time utility data to arm building owners and facility managers with data to optimize their building efficiency. By storing this data in the cloud it can be quickly, easily and securely accessed from anywhere you have an internet connection. Imagine knowing exactly when a pipe burst so you can shut off the water to the building or being able to adjust the schedule of your HVAC system to better align with occupancy schedules.
Let’s dig in a bit more and look at a few ways the Internet of Things and cloud utility data can save you time and money.
An important part of reducing operational costs and maintaining efficiency, energy management with traditional metering systems is quickly becoming ineffective vs new alternatives. With traditional meters, you may only receive a report on your energy usage once a month from the utility company. And when you do, analyzing and understanding the data you receive can be confusing. The last thing you want is to constantly be second-guessing how much energy you’re using, especially when you have to stick to a strict budget or face pressure to optimize building operations.
Real-time data enables a number of opportunities for increasing the effectiveness of energy management initiatives and saving costs, such as:
- Taking advantage of utility rebates and incentive programs
- Improving building operations to to decrease usage during low occupancy
- Submetering tenants to better understand usage and bill appropriately
- Drive Asset value for the building owner or manager
With droughts occuring on an annual basis and water prices up 41% since 2010, how you manage your building’s water usage will become increasingly important in the future. Like energy, water is an essential part of building operations from plumbing to cooling to drinking. Utilizing traditional meters for water can give you insight into your overall monthly water usage, but real-time data carries a number of benefits which can reap major benefits, such as:
- The ability to identify and repair leaks before they turn into floods or slowly cost you money
- Submetering to more accurately allocate water expenses amoungst tennants
- The ability to identify performance anomalies in pumps and other water assets before they cause maintenance issues
With the right sensor network installed you can manage your energy, water, gas, lighting and more in one system and receive alerts on the performance of all of your assets and utilities. To learn more about how Senseware can help you better manage your utility data and save you time and money, contact us today.
Learn how you can streamline your data collection strategy with IoT.