The commercial real estate industry is looking to innovate and achieve its long term goal of achieving self-operating autonomous buildings with the advent of latest technologies, such as the Internet of Things (IoT) and Artificial intelligence (AI).
With advanced technologies, Honeywell is aiming to reduce the operating expense of a building by up to 25 percent with its ‘Forge for Buildings, as digital transformation becomes a top priority for the real estate sector. The cloud-based software aims to transform the way companies in India collect, analyze and act on data by optimizing their enterprise on a single screen, using advanced data analytics.
From $120 billion in 2017, the real estate sector in India is expected to reach a market size of $1 trillion by 2030 and contribute to 13 percent of the country’s GDP by 2025, offering a perfect opportunity for Honeywell to tap the Indian real estate market.
“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.
David Trice, the vice president, and general manager of Honeywell Connected Buildings said “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.”
A number of building portfolio owners have multiple disconnected systems in each building, which are not compatible with each other. It leads to manual maintenance, disconnected teams and systems, data trapped in proprietary systems, over- or underutilized space, and poor occupant experience.
Siddhartha Chatterjee, the sales leader of Honeywell Connected Buildings, India said. “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.”
Honeywell has three manufacturing and engineering operations, and five global centers of excellence for technology development and innovation in India. According to Honeywell, its organic sales grew 3 percent, driven by aerospace, process solutions, and building technologies, as per 3rd quarter earnings.