Download our FREE Digital Twins Simplified eBook | Find out more here

16 Jun 2021 | Industry Insights

How PropTech solutions can reduce costs

As energy prices continue to soar at a substantial rate, they are proving to be a real problem for global firms, especially as we look to achieve Net Zero by 2050.

One solution to the problem is the rise of PropTech, a widely used term representing ‘property technology’. It is transforming the way in which we manage our buildings, most notably commercial buildings because of their tendency to expend more energy than that of a residential property.

A growing need for PropTech solutions

The majority of energy is consumed in office space and buildings account for roughly 40% of global energy consumption. An even scarier statistic is that 60% of the buildings in the world’s fastest-growing cities by 2050 have not even been built yet. This clearly highlights a need for PropTech solutions as energy consumption and its associated costs are expected to increase exponentially.

Within industry, the working office is known for its inefficient use of energy and wastes millions of hours of usage which, in turn, escalates operational costs. It is vital to create an environment that allows for the monitoring of energy consumption in buildings as we cannot manage what we cannot measure. PropTech provides an answer to this problem - it has been instrumental in the development of green buildings that minimise the consumption of energy as well as reducing overall costs.

A win-win situation

Employing PropTech solutions in the form of a digital twin enables companies to cut costs and promote sustainability, which is great for the company’s brand.

PropTech in smart buildings

Playing a key role in the operation of a smart building, PropTech solutions like Twinview use A.I. to offer the ability to automate certain elements of a building’s operations that include lighting, heating and security. Smart buildings are known for their ability to increase efficiency whilst also minimising energy waste, without impeding on occupier experience.

PropTech has also led to the emergence of the ‘smart city’. The concept refers to urban development that integrates information and communication technology with IoT solutions that enable those in power to manage a city’s assets.

How does this link to digital twins?

A digital twin is one of the most prominent forms of property technology. For example, the Twinview digital twin connects your building systems’ data to a 3D model that can be viewed on a single dashboard. By using IoT and sensors, it displays valuable data that can help a business to make better decisions around energy consumption and other operational costs.

The use of sophisticated artificial intelligence and machine learning means Twinview can identify trends around energy patterns as well as being able to pinpoint when an asset is due for repair, not when it is about to break. This in turn minimises downtime and provides a more positive occupier experience.

Having the ability to measure energy consumption means we can have a better chance of managing it.

Move closer to Net Zero with Twinview. Book a demo now.