Real estate management software is moving to the next stage of its evolution as profound customer and technology changes deliver radically more connected and intelligent offerings, independent research and advisory firm Verdantix finds.
Verdantix is launching a new software category – Connected Portfolio Intelligence Platforms or CPIP – to reflect the changes as the industry recognises the transformative power of increased connectivity and analytics from the Internet of Things (IoT).
CPIP, a major evolution on the IWMS category, is being supported by the rapid growth of IoT data sources – Verdantix survey data finds 60% of real estate and facility executives have occupancy sensors on multiple sites while 53% have energy meters deployed.
Software providers are already evolving solutions to CPIP by broadening the modules offered, integrating with more devices, and leveraging advanced analytics, Verdantix’s Market Insight: The Transformation of IWMS To Connected Portfolio Intelligence Platforms shows.
Joy Trinquet of Verdantix said: “CPIP is the next era of integrated workplace management systems that will deliver enhanced customer value through IoT-derived insights and advanced analytics. Legacy IWMS suppliers that don’t make the leap to CPIP risk failing to address the needs of the market, such as the desire for demand-led workflows and interoperable solutions.”
Verdantix notes that for the past 10 years, various market commentators and buyers have proclaimed that IWMS is dead – the transition to CPIP helps vendors to show how they have evolved and enhanced their solutions by making the most of IoT and advanced analytics.
CPIP offerings enrich legacy IWMS solutions with near real-time data from building equipment and advanced analytics, enabling smarter workflows and greater automation. That can include restricting space booking once occupancy sensors show space is at capacity and cleaning a desk once an occupancy sensor identifies a desk that has been recently vacated.
This allows CPIP suppliers to meet customer desire for demand-led and IoT-informed workflows that improve day-to-day operations. This will support customers moving towards more advanced building management regimes such as condition-based maintenance or smart cleaning.