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78 percent of businesses have adopted smart building technology to drive energy efficiency, reduce costs, reduce carbon emissions and get back to work – and there are still gaps.
Troy, Mich, May 19, 2023 /PRNewswire/ — Changed®a wholly owned subsidiary Altair (Nasdaq: ALTR) focused on intelligent building management solutions, released survey results show that while many businesses are adopting smart building technology to increase energy efficiency and lower costs, they are falling short of their goals due to a lack of control over data. The independent survey of more than 500 utility decision makers across a variety of industries assessed the adoption of smart building technology, its business benefits and impact on sustainability initiatives.
“It’s clear from our survey that the battle to win smart building adoption has been won. But we can’t stop. By helping facilities establish a complete technology-to-intelligence cycle, they can fully optimize energy and cost savings,” he said. Daniel Hollenkamp Jr., Chief Operating Officer, has been replaced. “Most businesses are only scratching the surface of what the technology can do. Once facility managers begin to harness what their performance data is telling them and where to adjust, the real business value of a scalable and flexible IoT-enabled smart building network will come to life.”
Adoption is high and strides are being made.
According to the survey, 78% of the respondents deployed modern building features, and the same percentage of this group (78%) saw energy efficiency and cost reduction due to the use of the technology.
While the results show that businesses are making significant progress in reducing energy use and costs, nearly two-thirds of utility decision makers (64%) say they are still looking for ways to monitor and analyze their facilities’ carbon footprint or greenhouse gas emissions. Only 36% saw measurable results in carbonation.
Validation and analysis are low, inhibiting further development
The majority of respondents (94%) who have implemented smart building technology say their organization has invested in data analytics. However, 34 percent say they lack the ability and skills to integrate data science into their modern building platforms. This highlights the importance of businesses customizing analytics to their organization and choosing a system that provides simple, actionable information in a timely manner. These features allow users to monitor building performance based on real-time data insights, from web-based tools without extensive coding or data science knowledge. By doing so, organizations can gain insight into how these systems are improving performance and lowering their carbon footprint.
Additional key findings from the survey include:
- Smart building technology is smart, but is it simple? While many decision makers surveyed expressed some knowledge when it comes to smart building technology, 88% are interested in learning more.
- Many face challenges in upgrading their lighting and HVAC systems with advanced smart technology.
- More than half (55%) of respondents named complexities around integrating modern technologies with existing infrastructure as a major challenge.
- 38% do not have dedicated, knowledgeable staff to make smart building technology work efficiently.
- Getting smarter to support new return-to-work models: Although most organizations turn to smart technology to control energy consumption and reduce operating costs, climate control – temperature (65%) and humidity (45%) – scored high, along with occupancy and space utilization (52%). A renewed focus on the post-pandemic workplace.
- Commercial real estate (CRE) owners get smarter quickly: The study found that while smart building adoption is widespread among decision-makers in organizations that own their facilities, 41% of companies that rent their space are looking to move to a more “green” business space. Smarter building technology.
- More than half of this group (58%) are looking to secure a new lease in 11 months or less.
“Many of the issues identified in the survey are things we see every day and why we designed our solution with such a focus on simplicity, customization and integration,” said Hollenkamp. “Users gain full control over their modern construction environment to optimize performance by providing a customizable data analytics dashboard that generates real-time overviews of construction efficiency and anomalies.”
The national survey was conducted by Toggle and Atomic Research. Between April 13 and April 19, 2023. The survey received responses from 505 US decision makers on their company’s facilities in a variety of target industries, including construction, financial services, information services, manufacturing, healthcare, education, real estate, agriculture, restaurant/food and beverage, transportation, energy, hospitality and tourism.
Because it has changed
Altered and modified iQ is a wholly owned subsidiary of Altair (Nasdaq: ALTR) Ilumisys Inc. (dba Toggled) are trademarked brands. Switched iQ is a networked lighting and building control system that leverages the Internet of Things to enable customers to create unique and adaptable solutions across multiple applications for lighting control, HVAC, remote sensor monitoring and intelligent building control. To understand more, visit https://toggled.com.
About Altair (Nasdaq: ALTR)
Altair is a global leader in computational science and artificial intelligence (AI), providing software and cloud solutions in simulation, high performance computing (HPC), data analytics and AI. Altair enables organizations in all industries to compete more effectively and drive smarter decisions in an increasingly connected world—all while creating a greener, more sustainable future. For more information, visit https://www.altair.com/.
Media Contact:
Altair
Jennifer Ristic
+1.216.849.3109
[email protected]
Source Altair
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