“From 5G to the Internet of Things, smart building technology is evolving rapidly. At the centre of this connected ecosystem sits the smart meter,” says Brad Pye, Yurika’s general manager of metering.
The vast network of connected electronic devices known as the Internet of Things, or IoT for short, is growing at an exponential rate. The estimated 13.8 billion connected devices today – from phones to fridges to fitness monitors – is expected to skyrocket to 30.9 billion by the end of 2025.
“The opportunities for smart buildings are limitless. The smart meter, which sits at the centre of the connected ecosystem, will be a differentiator with both tenants and buyers,” says Pye, Yurika’s general manager of metering.
Take Singapore as a sign of the times. More than half a million of Singapore’s residents are connected to smart meters and Singapore Power says all 1.4 million households will have smart meters by 2024.
“Many people are moving from old buildings to connected smart buildings with dedicated fibre so they can link their smart fridges, smart washing machines and other IoT devices to the internet,” Pye says.
One luxury smart apartment recently covered in Singapore’s Strait Times features smart doorbells, digital locks, smart aircon and “magic mirrors” with real-time updates on traffic, weather and the owner’s daily schedule.
“The smart meter is the point of presence that connects with other devices but, because it collects information in near-real time, the smart meter can aggregate data that is incredibly accurate and insightful.”
Yurika, an end-to-end energy solutions leader, provides intelligent metering technology, data and insights to energy retailers, networks and large customers across Australia.
Yurika is working with several large clients to gain insights into the way they manage space, for example. One council, for instance, is using smart tags and sensors to understand how the community is using local parks. Another is looking for better ways to manage occupancy in the era of social distancing.
Yurika starts each new project with the business challenge – not a technology solution – front-and-centre. “That challenge might be making an apartment development more attractive to digital savvy buyers or ensuring tenant customers are being billed at the right rate. We start there and work backwards to build a technology roadmap with metering as an enabler.”
Owners and developers who are already embracing smart technology to measure how people interact with their buildings are a step ahead of their competitors, Pye adds. “If you aren’t measuring what customers want through sensors and devices, you can’t build that into your future developments.”
As the property industry moves towards the space-as-a-service model, a building becomes a device. “But you need the connectivity through the smart meter first.”
Pye’s message is clear. “The property industry is now building for communities that want to live digitally. Think about how you can differentiate your offering with smart meters to open up new markets.”
Find out more about how Yurika can help you transform your next project into a smart, connected community.