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Proptech set to disrupt real estate in 2019

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The real estate industry is not only the oldest but the biggest of our business entities, and today, technology is starting to disrupt it.

There’s a word for this kind of real estate technology. It’s called “proptech,” a technology developed specifically for the property market. Proptech brings together multiple facets of the industry — from planning and construction, to the sale of a property.

Proptech platforms allow realtors to remotely present on property development and sale information, but this is just one small part of what can be done with this technology. The platform also includes online services that transfer digitized documents to the cloud (which can then be digitally signed) and allow access to regulations pertaining to a particular property.

How proptech works

Devin Tu is the founder and CEO of MapYourProperty in Toronto, Canada. Tu’s company makes use of a digital tool that gives real estate developers a digital interface to access layers of important information about a property, including zoning bylaws and nearby proposals.

To show how the proptech app works, Tu described how it served one client. “We had a client looking at a site in North York that they thought was ideal. But then, they used our tool, which scanned 25 different regulations and checked developments in the area in real time,” said Tu. “It turns out they had missed a key floodplain regulation.”

Tu went on to say the client almost got stuck with a $10 million piece of property he would not have been able to develop. The area remains a parking lot today.

Regarding the developing trend of proptech, Tu notes that the recent growth of the property industry has come about because of necessity. There’s a shortage of land and competition is increasing, forcing realtors and clients to make quick decisions.

Property industry plays catch-up

Frank Magliocco, a partner at PwC Canada who specializes in the housing market, told Mortgage Broker News that the real estate industry has been historically slow to embrace new technology.

“I think what you’re going to see now is a fairly significant ramp up in embracing that technology once it becomes more mainstream,” said Magliocco. “It’ll be increasingly important to remain and be competitive in the marketplace. Once you see these technologies prove out, you’ll see more and more adoption.”

It looks like Canada is going to end up as one of the next major regions for property technology innovation. Besides MapYourProperty, several large Canadian organizations have made announcements of their move into the PropTech space, including Toronto-based Colliers International and Brookfield.

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IoT + Big Data = Facilities Management Intelligence

In the equation IoT + X = Operations Intelligence, what role does big data play in facilities management?

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The way we work today has changed. The workforce is becoming mobile and companies rent temporary space depending on needs.

At the same time, facilities management professionals have a number of mandates, says Nancy Berce, chief information officer at Johnson Controls. They need to control costs while still delivering personalized experiences. They need to regulate access so only authorized personnel can enter key areas of buildings. They need to conform to wider regulations imposed by the pressing concerns of climate change.

[Download]: Real Estate Manager Goes Digital

The Internet of Things (IoT) helps deliver such efficiencies by helping facilities management professionals harvest and analyze big data — smarter and at scale.

The parallel evolution of big data and IoT

Facilities management professionals have monitored heating and cooling systems and fire and security systems for decades. But IoT has delivered a fundamental shift in how that monitoring occurs. IoT-embedded devices can relay health of the equipment in real time and the big data from such equipment help professionals manage facilities on a much more granular level.

No more blindly replacing all the light bulbs every six months. A digital-enabled platform can alert professionals to systems that are in danger of failing so the appropriate actions kick into action only as and when needed — with minimum cost to the facility and minimum disruption to the worker. “We now have a level of intelligence and insight from smart algorithms where we can be proactive about preventative maintenance and predict efficiency opportunities a lot sooner,” Berce says. 

How to leverage big data and IoT

Johnson Controls’ Bee’ah green building project, illustrates just how smart IoT-driven buildings can drive efficiencies at scale to deliver a nearly fully automated workplace of the future, with temperature and lighting controls just a few of the parameters that adjust depending on workforce distribution. 

IoT increases the number of data sets that facilities can play with and allows them to pinpoint trouble before it brings down the entire system. How does one leverage the benefits of big data and IoT to deliver intelligence?

Case Study: Advancing Smart Manufacturing Operations Value with Industry 4.0 Platform

First, connecting all the big data points together is key to see the larger picture, Berce says. Companies might already have the information they need for smarter operations, but they might be in silos. IoT data related to security, for example, can be connected to an active employee directory, to automate entry to more sensitive areas of buildings (think operating rooms in hospitals). Companies can even marry IoT systems with external weather data to manage their cooling systems.

Second, understand the insights you are looking for and use IoT accordingly, Berce says.

Third, retrofit legacy systems with IoT devices as needed. 

Finally, make the data analysis easy to visualize, advises Berce. A digital platform where professionals can easily detect anomalies makes it better to find the needle in the haystack and act on the intelligence that big data and IoT are delivering. 

IoT and big data allow professionals to do all things at once — to both zoom in and zoom out as needed. Such flexibility allows facilities management to meet the growing demands for efficiency while customizing personalized experiences for each and every worker.

[Download]: A New Approach to PLM

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IoT + Smart Edge Computing = Operations Intelligence

In the equation IoT + X = Operations Intelligence, what role does smart edge computing play?

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You don’t always need a sledgehammer to crack a nut.

The general premise driving the use of the Internet of Things (IoT) and data analytics to deliver intelligence is that the end actions usually have to be executed through some kind of blanket (often human) intervention. The shaky fallacy at the core of this idea is that it takes a sledgehammer to a nut in that even small adjustments to operating conditions requires a large investment of resources. Smart edge computing addresses this challenge and applies a solution that is more proportional to the size of the problem.

[Download]: Real Estate Manager Goes Digital

Whether it’s a thermostat or a light switch or a card reader, most edge devices that control today’s commercial facilities are passive and wired devices, says Datta Godbole, the chief technology officer for Honeywell Building Technologies. Smart edge computing introduces a more efficient way of corralling the power of IoT to deliver operations intelligence. Smart edge devices can act on intelligence on the frontlines and save the heavy-duty computing for the cloud.

Smart edge computing helps companies, including facility management organizations, distribute computing needs more efficiently: you execute the small changes at the edge and save the heavy lifting for the cloud. “Time critical decisions are executed quickly without going to the cloud, while cloud computing is great for analyzing long-term trends through AI algorithms,” Godbole says.

Decisions at the edge

It is this “quickly” factor, the latency that is saved, that makes smart edge computing so valuable as part of the equation IoT + smart edge computing = operations intelligence.

Imagine a commercial building packed with fire and smoke detectors. Facilities management needs to maintain and periodically inspect these devices, which involves days of intensive work. What if instead the smoke detector could signal when it’s ready for maintenance – much like your car does? “In the future, all equipment in the building will be smart and can diagnose themselves and ask for help,” Godbole says.

The IoT part of the equation comes from the many sensors measuring a variety of parameters including temperature, humidity, light, foot traffic, occupancy and more. The introduction of IoT expands the working data set so management can more finely calibrate the final experience. “If we have IoT sensors that blanket a whole building, that conduct micro-measurements of every part of the building, we get a much truer picture of what’s happening in the building and you can control air conditioning or heating accordingly,” Godbole says.

Case Study: Advancing Smart Manufacturing Operations Value with Industry 4.0 Platform

In a sense, IoT allows for both personalized comfort and efficiencies at scale. When an employee swipes her card and enters her workspace, what if IoT-embedded edge devices automatically gave her what she was looking for: a slightly warmer conference room, lighting that adjusted depending on where she was working and her favorite snacks lined up in the kitchen?

Foot traffic sensors and occupancy patterns in the long term can dictate heating and cooling requirements so management can optimize these over time.

The use of IoT in conjunction with smart edge computing will lead to a more efficient allocation of computing resources and better and faster decision-making. No longer do you need a sledgehammer for every problem, a fine scalpel will work even better.

[Download]: A New Approach to PLM

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CIRA Made a Terrible Mistake with a Domain Name Ad

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This article is sponsored content produced by Threat Intelligence Platform (TIP)—a data, tool, and API provider that specializes in automated threat detection, security analysis, and threat intelligence solutions for Fortune 1000 and cybersecurity companies.

The Canadian Internet Registration Authority (CIRA) recently launched a commercial that encourages Canadians to register a “.ca” domain name instead of a “.com”. While CIRA’s campaign seems commercially sound, it has failed to meet one expectation: Doing sufficient domain name monitoring to ensure it wasn’t infringing anyone’s rights.

In fact, CIRA’s ad showed a banner with a “.com” domain name in the background — leading to a problematic situation. The registrar did not realize the domain name shown was trademarked and owned by the Canadian Real Estate Association (CREA) and the National Association of Realtors (NAR). This incident was a terrible oversight on the domain registrar’s part, with potential legal implications for the registry.

When CIRA learned about its mistake, its representative delivered this message:

“We are really proud of, and stand behind, the ad. The reaction so far has been overwhelmingly positive. We look forward to helping as many Canadian businesses as possible get online with a .ca domain name.”

Domain names are crucial to any business with an online presence. Without a domain name, it would be impossible for an organization to send corporate emails or put up its own website. During the early days of the Internet, registering a domain name was a tedious and costly process. 

Today, however, the trouble with domain name registration lies more in that anyone can do it. Even cybercriminals can purchase and register a top-level domain (TLD) and put up malicious websites in hopes that victims would land on them and give out their personal information.

Easy-to-recall domain names related to brands have also become scarce because even individuals compete with businesses for them. Even famous brands have to deal with this challenge. 

Google, for instance, could not use alphabet.com because someone else owns it. Nissan, meanwhile, had to spend more than 20 years before it could acquire nissan.com from an individual named Uzi Nissan.

This scarcity, however, is now being alleviated by the introduction of new generic top-level domains (gTLDs) such as .bmw, .nike, and .mcdonalds along with country-code TLDs (ccTLDs) like .ca.

Despite the influx of new gTLDs and ccTLDs, however, .com domains remain the most sought after. As such, some businesses resort to convincing registrants to give up their domain names sometimes at exorbitant prices. The average price of a domain name bought from someone who already owns it is thousands of dollars. Cars.com is probably the most expensive domain to date, valued at US$872 million.

Other companies get lucky in that they find their hearts’ desires among discarded domains. In such cases, though, they should do due diligence to make sure the domains they wish to purchase were not given up for excellent reasons such as search engine results pages (SERP) and security violations. They should keep in mind that domains in Google’s blacklist, no matter how memorable, would never show up in search results because of SERP violations. Domains in security vendors’ blacklists, meanwhile, would always be blocked on computers where their solutions are installed.

To avoid ending up with domains that have a checkered past, users can use a WHOIS history checker before purchase. Such a tool would reveal everything about the domain in question. It can help future domain owners ensure that their websites do not have ties to any malicious activity, individual, or organization at any point in their life cycle.

Domain names have become more than just a means to gain online visibility. They are now unique identifiers that point to organizations’ brands. That is why it is important for all companies to make domain security a priority.

About the Author

Jonathan Zhang is the founder and CEO of Threat Intelligence Platform (TIP) — a data, tool, and API provider that specializes in automated threat detection, security analysis, and threat intelligence solutions for Fortune 1000 and cybersecurity companies. TIP is part of the Whois XML API family, a trusted intelligence vendor by over 50,000 clients.

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