Where to go for smart technology

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Once a definition of smart technology is established, it becomes clear that it is a trend that has already gained a lot of traction in the business world. Usually understood as devices connected to the network or having at least some form of automation, intelligent technology has the potential to transform a wide variety of industrial segments. The smart buildings market alone is already worth a staggering $67.6 billion, with estimates indicating that this figure will reach $265.37 billion by 2028.

But with more companies embracing smart technology, the market has become increasingly complex. Today, there are a sizable number of smart vendors, each focusing on a specific niche within the smart technology space, be it IoT, facilities management, or automation. Given the complexity of the market, any organization wishing to adopt smart building solutions will need to carefully evaluate the four main types of vendors available: asset management systems, IT vendors and system integrators and native IoT vendors, as well as real estate service providers and facility management.

IT vendors and system integrators

To provide digital solutions with a specific focus on building management, in addition to the wide variety of IT products and services they already provide to building users.

IT vendors and system integrators have benefited from the fact that building management has become increasingly IT-centric. They already have extensive knowledge of network connectivity, cloud infrastructure, IoT, AI, and customer support that they can use to their advantage. They typically provide a significant breadth of offering, the ability to integrate disparate technologies, and a solid understanding of the technology involved.

But what is critical to selecting the right systems integrator is their ability to combine IT and OT systems to make building monitoring, control and automation as efficient as possible. Have a vendor-neutral approach to always choose the right technologies for your business.

Native IoT vendors

The Internet of Things is causing great excitement in various business segments, but especially in building management. Gartner predicted that building automation would be the IoT market segment experiencing the fastest growth levels. Even so, companies have yet to decide whether to use a native IoT for their smart technology. The fact that the IoT market is highly fragmented makes things even more difficult, with some companies focusing on software and others on hardware.

The relative youth of native IoT vendors typically means they are more agile than incumbent vendors and more willing to pursue innovative solutions to construction challenges. Conversely, it also means they may not have the size or financial capacity to tackle larger projects. The rise of device-agnostic IoT providers has gone some way to addressing market fragmentation.

Historic building management systems

Historic Building Management System (BMS) vendors are those that have a long history in the market. As a result, they often have solid reputations built over the years and strong finances to support new developments. However, they may struggle to display the agility required by the modern digital economy, with their many years of business operations also leading to inertia and isolated business practices.

Cultural heritage providers typically have end-to-end capabilities and are particularly strong in several key operating technologies, including fire safety, physical security, and HVAC. They can have both a reach and scale that smaller operators will find difficult to compete with and are typically able to operate across geographies and verticals. Unfortunately, incumbent BMS vendors may rely too heavily on their impressive reputations, but increasingly, these players are looking to partner with IoT-focused third-party vendors to create more innovative solutions.

Real estate and FM suppliers

Property and facilities management providers understand the unique challenges of building management. Some of these organizations have developed their own smart building solutions, which after being applied internally were then made available to external customers. For new construction, this allows BMS tools to integrate closely with the buildings themselves right from the design stage.

The proximity between the customer and the software supplier also brings other advantages. For example, updates can be offered proactively throughout the building lifecycle, benefiting both the building owner and the software vendor. On the other hand, they are less familiar with adapting to external customer needs.

Questions to ask your smart building supplier

Any organization that believes that smart technology is nothing more than the latest overhyped technology trend would do well to think again. With smart buildings popping up with increasing regularity around the world, entire smart cities are already being envisioned.

With future business success depending on companies making the right decisions about their smart technology, here are some important questions to ask any potential vendor:

How can you expand the scope of your service beyond the initial “smart” requirements? What is your ability to adapt smart requirements to new fields? Are you able to guarantee security, especially on corporate data? How do you protect the privacy of building occupants? Can you integrate with other vendors and technology providers? Are you able to demonstrate your expertise in this area, for example, using references from similar implementations?

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