Altair’s Toggled Survey Reveals Significant Growth in Smart Building Tech but with a Need for Better Data Analytics
Smart building tech adoption rates are at 78%, indicating that businesses see the value of investing in intelligent building management solutions to decrease carbon emissions, reduce energy consumption, lower costs, and manage the return to work. However, a survey by Toggled, a wholly owned subsidiary of Altair, has shown that many businesses are still struggling to optimize their building performance due to insufficient data analytics expertise.
The survey targeted 500 facility decision-makers across several industries, with the aim of gauging smart building technology adoption and its impact on sustainability. The findings show that businesses are making significant strides in energy efficiency and cost reduction, but only a third of respondents (36%) have seen measurable results in decarbonization. Additionally, 64% of those surveyed are still looking for ways to monitor and analyze their carbon footprint or greenhouse gas emissions, indicating a clear need for improvement in this area.
Furthermore, 34% of respondents cited a lack of talent and expertise as a significant challenge to integrating data analytics into their smart building platforms, hindering progress in maximizing building performance while reducing carbon emissions.
– Smart building tech adoption rates are at 78%, and businesses are making strides in energy efficiency and cost reduction.
– However, only a third of respondents have seen measurable results in decarbonization, and 64% are still looking for ways to monitor and analyze their carbon footprint or greenhouse gas emissions.
– A significant challenge to integrating data analytics into smart building platforms is a lack of talent and expertise.
– Decision-makers expressed a desire to learn more about smart building technology, and over half of those who lease their space are looking to relocate to facilities with more smart building technology.
The survey’s findings indicate that while businesses are increasingly adopting smart building technology, gaps still exist in the ability to master the data needed to optimize building performance and reduce carbon emissions. Toggled’s COO, Daniel Hollenkamp Jr. emphasized the importance of businesses choosing a system capable of customizing analytics to the facility and providing simple, actionable information in a timely manner to better leverage the full potential of smart building tech. As businesses continue to prioritize sustainability and prepare for a return to work, data analytics will be a critical component in driving building performance and achieving sustainability goals.
– The survey revealed that complexities around integrating smart technologies with current infrastructure were a significant challenge for 55% of respondents.
– Over half (58%) of organizations that lease their space are looking to secure a new lease within 11 months or sooner.
– Respondents named climate control, occupancy, and space utilization as key areas of interest for smart building technology, particularly in the wake of changes brought about by the pandemic.