The Internet of Things (IoT) has received varying degrees of coverage from different industries lately, and its undoubtedly progressing rapidly. Many sectors are appreciating IoTs contribution in linking applications, including computers, vehicles and other appliances. One such industry that sees the potential for IoT applications is commercial real estate. IoT always has new ways to ensure that resources and time are utilized to their fullest.
• Equipment Monitoring: Internet-enabled sensors can be deployed in the equipment and machinery so that they can be tracked in real-time and across different locations. Integrating IoT sensors will assist managers to perform timely preventive maintenance to avoid equipment failure, boost performance, and make informed decisions. IoT devices can be utilized to minimize unproductive hours of machines that further helps to save resources for the construction industry.
• Safety at the Sites: Safety and security of materials, equipment, and human resources are of significant concerns for the realtors. IoT proactively alerts the users of any imminent dangers at the site and resolve it swiftly. The IoT technology enables remote tracking of workforce location so that one receives emergency and safety alerts in case of any unwanted incidents.
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• Monitoring of Materials: IoT can be leveraged for evaluating the availability of assets and can also pinpoint required assets to different construction sites. IoT facilitates real estate industry in getting a precise understanding of available inventory and ordering equipment that ensure there are no delays in the construction process.
• Business Value: IoT helps in providing predictive algorithms, real-time intelligence, tracking, and monitoring. An ecosystem which consists of connected assets, both fixed and movable can enable the real estate industry to establish business models that provide profitability and enhance the ROIs.
IoT is already contributing to enhancing efficiency in the real estate industry. The technology will assist enterprises in figuring out short term market opportunities and predict business challenges. Researchers will develop new functionalities and build capabilities and features that will help businesses to meet customer needs and market demands.