Bengaluru: The advent of Internet of Things (IoT) and smart technologies is leading the commercial real estate industry to push its boundaries and move towards its long-term goal of achieving self-operating autonomous buildings.
As digital transformation becomes a top priority for the real estate sector, Honeywell with its ‘Forge for Buildings’ platform is aiming to reduce the operating expense of a building by up to 25% with its advanced technologies. The cloud-based software aims to transform the way companies in India collect, analyse and act on data by optimising their enterprise on a single screen using advanced data analytics.
The opportunity for Honeywell to tap the Indian real estate market is significant as the real estate sector in India is expected to reach a market size of $1 trillion by 2030 from $120 billion in 2017 and contribute to 13% of the country’s GDP by 2025, according to India Brand Equity Foundation.
“Honeywell Forge for Buildings converts massive quantities of data from equipment, processes and people into intuitive, actionable insights that enable monitoring of enterprise operations from a single screen. Through predictive analytics it helps identify maintenance issues in advance, enabling workers to be more productive, proficient and safe; reduce costs; and increase productivity,” the company said in a statement.
“Buildings house an incredible amount of data, but most buildings have multiple systems within them making it difficult to access, interpret and put that data to use. Honeywell Forge for Buildings is an enterprise software platform that allows owners and operators to get more insights out of their building data in order to drive significant business results,” said David Trice, vice president and general manager, Honeywell Connected Buildings.
Currently, many building portfolio owners have multiple disconnected systems in each building. These systems often do not communicate with and are not compatible with each other, leading to manual maintenance, data trapped in proprietary systems, disconnected teams and systems, over- or underutilised space, and poor occupant experience.
“Access to new types of building data is giving owners and operators the ability to make more informed decisions to make the most of their technology investments and reap cost savings that affect the corporate bottom line. Achieving operational efficiency will be the key differentiator,” Siddhartha Chatterjee, sales leader, Honeywell Connected Buildings, India said.
Honeywell in India has three manufacturing and engineering operations, and five global centres of excellence for technology development and innovation. Honeywell which announced its third quarter earnings on 17 October said its organic sales grew 3% driven by aerospace, process solutions, and building technologies.