January 21, 2021
Traditionally, predicting how an organization’s operating costs will change week to week or even month to month has been difficult because of a variety of fluctuating factors. While recent periods of low wage growth and stable energy costs have helped to ease the management burden, these trends aren’t likely to last forever. Thus, as we start 2017, it’s a good time for facility managers and organizational leaders to take stock of ways to better manage variability using the wealth of data available from building systems.
While the notion of smart buildings isn’t new, the possibilities of what they can achieve are ever-expanding. The concept of the Internet of Things (IoT)—which centers on the fundamental notion of connectivity between everything, from infrastructure to devices—is helping to fuel the advancement of smart buildings, allowing facility managers to access actionable information to optimize how a facility is operated and better forecast and manage issues such as cost fluctuations.