Honeywell And SAP Partner To Bridge The Gap Between Building Operational And Financial Data
On June 11, 2020, global building technology vendor Honeywell announced it will partner with SAP, to create a cloud-based software platform for corporate real estate owners and building operators. The joint solution will bring together Honeywell’s IoT and analytics platform Forge, and SAP’s Cloud Platform, an enterprise software product firms use to track real estate financial data. The firms are targeting this solution at Fortune 1000 companies, which spend millions on their real estate portfolios each year.
At the heart of the new product is a management dashboard which centralizes and normalizes multiple data streams to show a portfolio’s performance across operational costs, space utilization, occupant experience and sustainability. CFOs and corporate real estate executives can use this dashboard to gain top-level insights into a portfolio’s financial performance with easy-to-digest metrics such as expenditure per square foot. Facility-level managers can drill into the data to identify energy cost savings and operational efficiencies at the site level.
Siloed data is a well-known and long-running challenge for corporate real estate and facilities teams. Global firms can have more than 100 software systems in place to track leases, utilization, assets and building running costs. According to our interview with 304 corporate real estate executives, 50% of firms are pursuing strategies to centralize data from disparate systems over the next five years.
Building portfolio managers looking to centralize disparate systems have lots of choice. Rapal offers a broad data management platform by bringing together its Optimaze software product for space management and Granlund’s software for real estate and maintenance management. Schneider Electric partnered with IWMS vendor Planon, to bring together operational building insights and real estate workflows. Schneider Electric and Thoughtwire partnered in October last year to target hospital management, with a platform designed to break down previously isolated data spanning patient care and facility management.
For more insights on how to tackle data silos in your real estate and facilities data, read our report: Real Estate IT Strategies: IWMS, Point Solutions, And Everything In Between.