Potential of IoT in Real Estate
TEXT: MANGESH WADAJE, DIRECTOR AND CEO, HIGHBAR TECHNOCRAT LTD.
Construction and engineering firms need to quickly switch to an enabled ecosystem to be more competitive. With a remote access to the world of interconnected physical objects via the internet, the potential for the industry has quadrupled.
Real estate and infrastructure construction companies face the challenge of dwindling bottom lines thereby needing more effective and efficient management of their construction projects. The Internet of Things (IoT) by minimizing wastage of raw materials & consumables, enhancing productivity and reducing operational expenditures is reshaping the entire industry.
Equipment Monitoring and Maintenance
- Internet-enabled sensors deployed on heavy construction equipment and machineries track them in real time across different locations.
- Integrating IoT sensors with construction assets helps managers to perform timely preventive maintenance and boost performance.
- IoT applications forward early warning messages to the registered mobile numbers of the construction and maintenance workforce, to ensure immediate action.
- IoT devices can utilise the data to minimize the unproductive hours of machines and help save on resources.
- Enhancing Safety at Construction Sites
- IoT can proactively alert the users of heavy equipment of any forthcoming danger at site and resolve it swiftly.
- The technology can enable remote tracking of workforce location to receive emergency and safety alerts, in case of any untoward incident.
- IoT helps in evaluating the availability of assets and pinpoints required assets to different construction sites.
- The technology facilitates in getting a precise understanding of available inventory and ordering requirements to ensure there are no delays in the construction process.
- With effective tracking of materials and vehicles, IoT helps reduce pilferage loss.
- With a comprehensive analysis of data obtained via telematics and predictive analysis, engineers can minimize risk scenarios, saving money and exploring new ways of monetising assets.
- IoT is also enabling in precise billing of working hours for contractual services.
Generating Live Business Value
- IoT solutions help in leveraging live business value via predictive algorithms, real time intelligence, tracking and monitoring.
- An ecosystem of connected assets, both fixed and movable can enable the real estate industry to establish new business models to enhance ROIs and profitability.
- Analysing live business data with IoT will help in proactively tapping short term market opportunities and forecast business challenges.