How Facility Managers Can Leverage the Power of IoT for Savings and Sustainability
- The Internet of Things (IoT) is a network of interconnected sensors that communicate seamlessly with each other and provide feedback via the Internet.
- Implementing IoT will take facilities management to the next level by providing data from sensors and devices to power preventive and predictive maintenance.
- IoT technologies can help facilities managers drive ESG goals, both by improving energy efficiency and by increasing transparency in ESG reporting.
May 09, 2024 | Operations
By Daryl Watkins
Facilities management has been on a wild ride in the last few years.
Facing pressures to optimize cost savings amid labor shortages and sustainability pressures, facilities managers need to stay on top of the key trends that are shaping and reshaping how society operates.
One trend that is poised to make a big impact? The Internet of Things (IoT).
IoT represents a network of interconnected physical objects that communicate with each other and with humans via the internet. By capturing and sending data, IoT devices can provide data-driven insights that drive informed decision-making.
We’ll take a look at some of the ways IoT can make an impact in facilities management.
Optimizing Occupant Comfort and Sustainability
Think about your home thermostat – if you leave for vacation in the summer with the air conditioning on, you’re wasting energy cooling your house when you don’t need it. For a single home, the savings can be significant.
Now think about how much energy you can save with smart thermostats that can optimize temperature and energy usage in real time, according to the data they collect. Smart energy management solutions can reduce energy costs by up to 30% and lower greenhouse gas emissions by up to 40%.
IoT lets facilities managers reduce maintenance costs by up to 20%, reduce unplanned downtime by up to 50%, extend asset lifespan by 25%. The technology can also help facilities managers monitor and prevent hazards such as fire, smoke, water leaks, and intrusions.
Some other major ways that IoT technology can help transform facilities management is by enabling preventive and predictive maintenance, increasing energy efficiency, and by facilitating more data-rich ESG reporting.
Preventive and Predictive Maintenance Helps Control Costs and Reduce Downtime
The shift from reactive maintenance (fixing equipment failures as they occur) to preventive and predictive maintenance (fixing them before they fail) is one of the most important trends for facilities management in 2024.
Making the switch can reduce downtime, safety hazards, and repair costs, as reactive maintenance can cost from 3 to 9 times more than preventive and predictive maintenance.
By using data from IoT devices to predict when equipment needs maintenance or replacing, in combination with facilities management software to coordinate maintenance activities, facilities managers can optimize asset performance and extend the lifespan of components and equipment
IoT Data Makes Accurate ESG Reporting Easier
ESG reporting will be a critical aspect of facilities management this year, as investors, end consumers and regulators demand more transparency and accountability from building owners and operators.
Reporting on ESG risks, goals, and progress can help companies demonstrate their corporate social responsibility, improve their reputation, attract capital, and drive regulatory compliance.
How does IoT factor into it?
To conduct effective ESG reporting, facilities managers need clear data from IoT sensors that they can connect to performance, such as energy consumption, water usage, waste generation, greenhouse gas emissions (GHG), etc. They will also need to collect, verify, and analyze data from various sources, such as utility bills, sensors, surveys, or audits.
Modern platforms can connect data sources such as IoT sensors, analyze ESG data, and provide accurate reporting for facilities managers.
Also Read: CAFM Benefits for Facility Managers
Investing in IoT Connectivity Provides ROI for Facilities Managers and for Enterprises
To take advantage of IoT technology, facilities managers will need to invest in smart devices and sensors that are compatible with their existing building systems and infrastructure.
They will also need to integrate IoT data with their facility management software platforms, such as CMMS or IWMS, to enable predictive maintenance, energy optimization, and space utilization.
By making investments now, facilities managers can drive value by taking advantage of the vast amounts of data that are available today.
Daryl Watkins is a senior director of consulting at GEP and leads global projects for transforming facilities management.
