The Impact of Smart Building Technology on the Increasing Costs of Running Commercial Buildings

Smart building technology is not a new idea in the world of Internet of Things (IoT) markets. It is continuously evolving to ensure that running buildings is a smoother and more efficient process, and especially cost efficient. While there are several different solutions that are applicable, all with their own benefits, employing several smart building technology solutions enables greater savings. This is crucial for business that wish to continue to run profitably, while ensuring that a high-quality workforce and business both continue to thrive within their business buildings.

Employing multiple and different smart building technology solutions like smart lighting and intelligent Heating, Ventilation, and Air Conditioning (HVAC) systems, or even a space management solution, would provide great benefits in the day-to-day operation of a building. Having the ability to manage the space within a business actually increases the benefits from smart building technology like smart lighting and HVAC systems being in place, as it enables a building’s settings to adapt according to the business use needs.

While working models of business have adapted to either a complete work from home model or a hybrid working model, due to the COVID-19 pandemic, it must be noted that those opting for a hybrid working model will be looking for methods to significantly decrease expenditure on building maintenance. With office buildings being used more in a hot desking manner, space management solutions can benefit both building management and building users. It enables building users to identify quiet areas and available working spots. It provides building management with the knowledge of which areas in the building are being used, ensuring that specific functions are taking place only there, and not in unused places.

As the market is continuously evolving, it is crucial for business management to keep smart building technology up to date to gain the most benefits from the solutions being put in place. It is a simpler task for newly built buildings to incorporate these solutions and existing technology to begin regaining Capital Expenditure (CAPEX) from the office opening. In comparison, decisions will need to be made regarding the available options for retrofitting existing buildings, and how to incorporate the different solutions that are available.

A wireless retrofit will offer the most economic sense for most businesses looking to ensure that the building is running economically, as well as efficiently for end users. The counterpart of a wired retrofit costs a significantly larger sum of capital due to the fact that a wired retrofit includes the tasks of ripping out old wired systems and installing new infrastructure, in addition to installing various sensors required for the solutions to meet the promises established by solution providers.

While there are other methods to minimize the costs of running office buildings, such as shifting to a complete work from home model, a business needs to consider certain implications prior to taking significant courses of action. A hybrid working model often offers the choice to the individual worker to decide how many days a week they will work from the office, providing a chance for social interactions with co-workers. While businesses may decide to eliminate the office completely, it cannot be done without some thought about how that will impact staff morale and productivity. While reducing overhead expenditure can be gained from this decision, if productivity is to decline, income could be potentially undercut. Therefore, implementing smart building technology solutions is one of the more technologically advanced ways to find a happy medium for businesses.