Curating a future-ready business landscape with IoT-powered portfolios

In 2020, nearly 9 billion IoT-installed devices were active. Today, the march continues toward an estimated 25.44 billion by 2030. The notion of a future-ready business portfolio has become more than just a trend; it is now a prerequisite for sustained success. Businesses, in their quest for competitiveness and adaptability, are increasingly turning to the integration of technology to not only meet current demands but also to proactively address the shifting landscape ahead. At the forefront of this digital transformation lies the Internet of Things (IoT), serving as a linchpin in constructing portfolios that are not just adaptive but visionary.

Placing technology at the center

The coworking industry, as a prime example, exemplifies the pivotal role of technology in shaping a future-ready business landscape. It is no longer sufficient to merely adopt technology; the key is to position it at the center of the customer journey. This requires a strategic approach that leverages IoT-powered solutions to not only fulfill current requirements but also to foresee and cater to emerging trends. Companies have embraced digital transformation with features such as business intelligence access, on-time management information system (MIS) sharing, and rigorous audits, contributing to enhanced credibility and trust in their partnerships. In fact, integrating cloud computing into coworking spaces will transform how data is stored, accessed, and shared. By 2025, 85% of organizations are projected to adopt a “cloud-first” approach, signaling a paradigm shift in how data is harnessed.

Throughout the customer lifecycle, from onboarding to operations and eventual churn, companies can prioritize elevating the entire experience through seamless tech interventions. Rooted in deep consumer insights and a forward-looking perspective, a digital transformation aims at anticipating future needs and setting industry benchmarks. In a world where technology is the driving force, a future-ready portfolio necessitates a symbiotic relationship with IoT. From smart office solutions that enhance productivity to data-driven insights that inform strategic decision-making, IoT is the backbone upon which the coworking industry is redefining its service offerings.

Tech-enabled evolution of commercial real estate

The evolution is not confined to the coworking sector alone; the commercial real estate industry is undergoing a profound tech-enabled metamorphosis. Cutting-edge tools such as artificial intelligence, virtual reality, and data analytics have shattered traditional norms. In tandem with these advancements, the industry is embracing IoT devices to monitor and optimize energy consumption in facilities. Smart sensors and meters provide real-time data on energy usage, allowing businesses to identify patterns, implement energy-saving measures, and optimize overall energy efficiency. This not only contributes to cost savings but aligns with sustainability goals, positioning commercial real estate as a responsible player in resource management. 

Moreover, the integration of smart building technologies has become integral for the industry. Utilizing IoT-enabled devices like smart thermostats, occupancy sensors, and intelligent lighting systems, commercial spaces can make data-driven decisions to enhance occupant comfort while minimizing energy wastage. This not only aligns with the green building movement but also appeals to businesses seeking sustainable and tech-savvy office spaces. Customer relationship management within the commercial real estate sector has evolved into a sophisticated web of interconnected data points. The utilization of IoT data enables businesses to create personalized user experiences. From workspace preferences to environmental settings, IoT-driven insights allow for a tailored approach, ensuring that commercial spaces align precisely with the dynamic needs and preferences of their users. This personalization fosters tenant satisfaction and strengthens long-term relationships.

The trajectory of the modern business landscape is irrevocably tied to the strategic integration of technology. A staggering 79% of executives view technologies like AI as the linchpin to their success in the coming two years, as indicated by a survey conducted by Gartner, Inc. Building a future-ready portfolio extends beyond the adoption of the latest tools; it demands a forward-thinking approach that places technology at the very heart of the customer experience. 

As businesses continue to grapple with dynamic market forces, those that recognize the transformative potential of IoT and other emerging technologies will not only survive but thrive. The journey toward a future-ready business landscape is a commitment to innovation, a dedication to understanding the evolving needs of customers, and a relentless pursuit of excellence in technology integration.

Author: Avneesh Goel, Sr. VP - Product and Technology, Awfis