Risk and Benefits: A Property Manager’s Guide to IOT

When collaboratively implemented with a trusted partner, the prospective gains of IoT technology outweigh its risks.

By: Vanni de Sequera

Propmodo is a California-based media brand that focuses on technology and innovation in commercial real estate and the built environment. Its mission is to discern ever-evolving technologies that will guide property managers (and their tenants) into adopting future-seeming ideas to uncover present value propositions with “scalability and adaptability in mind.”

In a recent podcast, Logan Nagel, head of Promodo Research, discussed his company’s report, “Commercial Property Manager’s Guide to IoT Implementation.” The Internet of Things—networks of interconnected devices (sensors, thermostats, and monitors that can be controlled remotely in a data-driven manner)—is already being deployed by sophisticated businesses to increase efficiencies in energy and equipment-management expenditure, as well as maximizing indoor-air quality in the workplace, among many other things.

According to a Microsoft survey of thousands of global enterprise leaders, 94% of them fully intend to leverage IoT technology by the end of this year. Nagel, however, cautions against the risks involved with a reckless rollout of IoT technology. While the possibilities are promising, he says, there are pitfalls that need to be avoided.

Security Vulnerability

“Security vulnerabilities are absolutely critical,” states Nagel. “It seems that every other week there is a report about a ransomware attack somewhere.” Every single network device in a building, he says, is potentially a target for attack by a hacker.

“It is important to note that the most serious security risks don’t come from new IoT technology. They come from older technology [like from] legacy devices that may have been instituted in the last decade.”

Calmly, Nagel goes on to say that the reality is that modern IoT systems “provide built-in security against exploitation.”

Improper Implementation?

Nagel also says that the challenges of implementing IoT into property management can be as mundane “as things simply being hooked up wrong!” Critically, a full system analysis must first be performed, and then proper training provided to those within a property who will have access to this technology.

Cables must be attached correctly; access points should be configured precisely; upskilled staff motivated to appreciate the importance of “a new goal worth pursuing.”

Different Tenants, Distinct Needs

“These are just some of the risks and challenges facing IoT implementation. IoT is extremely powerful technology that can really change” how property management can be applied.

In the end, a smoothly functioning IoT system is dependent on human, mechanical, and WiFi-enabled networks working symbiotically to deliver big data in the most filterable, foolproof way.

Cortex Enterprise Solutions in the Philippines understands both the technical and human aspects of making IoT work for your property.

It captures, collates, and customizes your unstructured data, making it exponentially more meaningful to your goal of gaining an ultimate competitive advantage.

Know more about Internet-of-Things and how it supports Property Managers by visiting Cortex Enterprise Solutions.

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