Property management software has taken the world by storm in recent years. With the promise of operational efficiency and increased cost saving, they are becoming more and more attractive to investors and property managers in the modern world. 

A recent trend that is gaining a lot of traction in the market is the concept of IoT. IoT stands for the Internet of Things, to put it simply it involves connecting physical devices to the Internet to collect and exchange data, it offers unprecedented opportunities for optimising building operations, enhancing tenant experiences, and achieving sustainability goals

This blog will give you some clarity when it comes to the various IoT software available in the market. How it helps property managers make better decisions when it comes to streamlining their operation. 

Definition Of IoT. 

The concept of IoT put very simply, they are sensors, actuators and smart gadgets attached to the hardware of many properties across the area, that report the real-time collection of data. IoT is used by the property manager to make data-driven decisions across their property.

To better understand the scope of use of IoT sensors in this blog, we will focus primarily on how malls utilise these key features and leverage them to optimise their operation and reduce the cost incurred in the market. 

Key Components of IoT 

1. 1.
   Temperature Sensors: Temperature sensors monitor ambient cooling and heating across the mall. They can help enable cooling and heating systems where there is more footfall in the mall, and divert energy consumption from areas where there is less priority for it. 

2. 2.
   Motion Sensor: Motion sensors allow the mall operator with the help of property management software, to assess the movement across the mall and help manage lighting and security systems. 

3. 3.
   Humidity Sensor: Humidity sensors can be installed across the facility to better analyse the moisture levels to control HVAC systems and prevent mold growth within the HVACs. 
   
   
4. 4.
   Actuators: These are devices that receive signals from the IoT system and perform future actions, such as opening or closing valves, adjusting lighting, or controlling HVAC components across the malls in the region. 

How IoT data processors work In Malls 

1. 1.
   Data collection: IoT collects data using the aforementioned metrics such as temperature, occupancy, energy consumption, air quality, and security status.
   
   
2. 2.
    Data transmission: Data once collected is transmitted across the various channels either through gateways or wired connections in the mall's ecosystem. 

3. 3.
     Data processing: Once the data is collated, it is then processed. If it is simple data such as HVACS it can be monitored and adjusted accordingly. however, if the data is more complex it needs to be stored in cloud servers and processed later using various data analytic methods. 

4. 4.
    Actionable insights: After the data has been collected and analysed we can make data-driven decisions regarding the optimum use of raw materials in the mall, where energy consumption can be saved and what days of the week would require less energy.
   
   

Steps to integrate With IoT software 

A. Initial Assessment and Planning: 

1. 1.
   Identify the main objective that your mall is trying to achieve with the integration of IoT devices. Subsequently, try to identify the various IoT devices that you could implement to help facilitate the same.  

2. 2.
   Stakeholder Involvement: Ensure that your shareholders are involved in the decision-making process so that you as a mall operator can gather data from all the relevant individuals and make informed decisions. 

3. 3.
   Budget and Resource Allocation: it's important to allocate a fixed budget for the investment of IoT across your mall. Without a properly defined budget, you are unable to determine the cost-benefit of installing the IoT product. 

4. 4.
   Risk Assessment: When it pertains to IoT there is always going to be some level of risk. They can range from data security, compatibility issues and potential disruptions due to operations. 

B. Selecting the right IoT devices 

1. 1.
   Device Compatibility: When selecting an IoT integration, make sure that the IoT device is completely compatible with your software and can easily integrate with your ecosystem. 

2. 2.
   Scalability: Choose devices that can easily scale with your business. Narrow down on IoT devices that can cater to all the major expansion plans you might have in the future. 

3. 3.
   Vendor Selection: Select reputable vendors that offer high-quality IoT devices. Look for vendors with good support services and warranties. You can assess this with the help of online reviews and user recommendations. 

C. Data Integration and Management

1. 1.
   Data Standardization: Standardise the various metrics in which the data is collected. This is done to help mitigate any issues that you might face when using your property management software. 

2. 2.
   Connectivity: Establish proper connectivity for your data transmission from wifi routers, Bluetooth and wired connection. 

3. 3.
   IoT Platform Integration: Integrate IoT devices with a central IoT platform that can compile, and analyze data. Ensure that the platform can communicate efficiently with your property management software.

4. 4.
   Data Security: Implement security measures to help encrypt users' data from potential threats and to safeguard any weak points present in the data system.  

D. Implementing and testing

1. 1.
   Pilot testing: Once the whole system is set up we have to ensure that the API integration is successful and that there are no pertinent issues regarding its functionality. 

2. 2.
   Performance monitoring: Once the pilot test is successfully conducted we cannot simply let the system function independently. We have to constantly monitor the IoT integrations to make sure that the system runs smoothly and doesn't have any issues. 

E. Training and User Adoption

1. 1.
   Comprehensive training: Once your property management system is fully integrated you must provide the respective faculty with the necessary training to operate the system. 

2. 2.
   Ongoing education: Offer your concerned staff the opportunity to access more modules to clarify their learning and get a better understanding of the software at hand. 

Conclusion:

IoT integrations are gaining major traction in the realm of property management software. With the rapid innovation in property management and the expansive responsibilities of property managers, we could see a major impact that IoTs might have in the near future.