Pairing the Internet Of Things (IoT) and Big Data leads to better overall management and business success through smart facilities management.
When someone uses the term, “smart,” referring to technology, it means making things easier. The IoT is a tool that generates data. When compared against data gathered from other businesses and consumers, as well as data from other connections within your business, IoT-powered analytics lead to the identification of trends and issues. As a result, managers and business owners can make data-driven decisions. This is smart facilities management, and you need to understand what it means for risk management in your business.
1. Software Platforms Enhance Smart Facilities Management Adoption Rates
One of the top issues companies considering energy strategy face is still resistance to change. In other words, businesses and employees may be happy with the status quo. But, implementing a modern, advanced system is much simpler than many realize, asserts Andrew Heaton of Sourceable.
Smart facilities management programs make information accessible and actionable. For example, dashboards and third-party platforms give managers access to critical information, and in some cases, systems can act on information without intervention. Thus, adoption rates increase due to the perceived simplicity within implementation.
2. Asset-Monitoring Reduces Replacement and Repair Risks
Another opportunity for cost savings through smart building systems exists because of equipment risks. Things break down. Yet, preventative maintenance and predictive maintenance schedules enable businesses to avoid premature replacement.
Predictive maintenance is the result of Big Data showing issues affecting HVAC functions. For example, excess workload on one unit may lead to premature failure. However, Big Data insights reveal this issue, allowing business-owners to rework store layouts or duct systems to reduce this risk, explains Edward Sullivan of FacilitiesNet. During repairs, Big Data can also prevent extra costs by finding the exact issue and how to correct it.
3. Third-Party Platforms Reduce Cybersecurity Risks
IoT-based systems and Big Data already use the internet. Although individual protocols may vary, the risk of a cyberattack is present. The only way to prevent one lies in ensuring your system adheres to advanced encryption standards. Since small and medium businesses may not have the capital to support an extensive IT department in house, third-party smart facilities management platforms can manage the system’s cybersecurity, reports Serge Lubensky of Service Channel. In addition, platforms offering whole facilities management, like ENTOUCH.360, put cybersecurity risks in the hands of experts. You get the benefits of a dedicated IT team without the in-house costs.
4. Big Data Assumptions Lead to Added Costs
The other primary benefit of outsourcing IT functions and the analytics of IoT-enabled devices involves risks due to lack of knowledge. Having data on the status of your systems is great, but what if you miscalculate something? What happens if you assume your energy costs are fine? You could end up paying higher bills and increasing risk. Outsourcing takes the guess-work out of smart facilities management systems.
5. Precise Data Points Reduce Scalability Risks
Think about scalability in your business. If you expand operations, can your existing team handle new locations, and if so, how difficult will implementing a multi-site solution be? These questions reflect risks in creating a multi-site energy management strategy. However, smart facilities management systems reduce risks by allowing for easy implementation and extensive scalability, explains Jeff Rifkin. In addition, added insights from Big Data help you maximize the use of assets in all sites.