Big data promises major cost savings

Big data technologies are promising to revolutionise the property market with major energy savings.

As more industries continually adopt digital strategies that take advantage of new technologies for measuring and mining excessive information, big data technologies could potentially revolutionise the property market.

New software platforms are being developed to aid property managers and building owners by reducing energy costs and carbon emissions, saving them millions of dollars annually, while improving conditions for tenants.

A good example of such software is the ACE Platform, created by Australia’s CIM Environmental Group, which works by receiving and analysing mass quantities of data from utilities such as heating, ventilation and air conditioning (HVAC) units of buildings, detecting faults and inefficiencies in real time.

The HVAC units in most buildings can account for up to 40% of total energy consumption, and 70% of a landlord's total energy expenditure. By taking data from a building’s existing building management system and analysing it in the cloud, the software automatically generates a report should HVAC units be operating outside of predetermined parameters.

“These units are constantly faulty and running inefficiently, resulting in tenancy dissatisfaction, lower NABERS ratings, increased carbon emissions and of course, skyrocketing energy bills,” explains CIM chief executive officer, David Walsh.

The technology was recently trialled at a large shopping centre and was shown to save the property owner $5250 every month month – an approximate saving of $63,000 per year. Currently, most data streams produced by building management systems require time-consuming interpretation at intervals decided by maintenance teams.

“By removing much of the human element to the process, the ACE Platform helps ensure HVACs are constantly running at their most efficient and faults are detected immediately – not after one or two months,” says Walsh.

While discussing the benefits for different stakeholders, Walsh says if the ACE Platform does not deliver a saving to clients, CIM Environmental Group does not charge any fees.