How is IoT-based Energy & Asset Management transforming the Coworking industry?

Remote or hybrid work culture is becoming a new reality for corporations. As startups continue to thrive in India, making space for freelancers, independent contractors, and solopreneurs, the need for a workspace is growing further. 

However, the limited workspace, skyrocketed property prices, and unaffordability of office spaces for the majority of start-ups create an issue. In this case, the co-working space offers an ideal solution for low-investment startups or middle-level organizations. 

What are Coworking spaces?

Coworking spaces allow people to assemble in a neutral space and work independently on different projects or groups. It’s different from a typical office workspace. The key differentiator is flexibility. There is no requirement to sign a long-term lease in a coworking space. It’s reinventing the concept of traditional working and incorporating various forms of technology to create enormous disruption in an office space.

Coworking spaces provide maximum comfort to team members and maintain the financial health of businesses. 

Why is coworking space in demand?

The roll-out of coworking space has been phenomenal! Unlike the traditional serviced-office model, co-working tenants not just share a range of facilities but also share the property, internet, and energy costs of a building. 

Small and fast-growing companies, freelancers, technology and media firms, or any business can thrive in this version of the modern workplace. Especially in organizations filled with millennials who like to work in a vibrant community and encourage collaboration, networking must look out for co-working spaces. Larger firms can also leverage the benefits of this new-age working space.

According to the all workspace study, the number of coworking spaces worldwide is expected to more than double by the end of 2024. The CNBC study even indicates that the co-working space in commercial real estate is estimated to make up 30% by the end of 2030. 

Challenges faced by owners of Co-working Spaces

It’s critical to make the most sophisticated and efficient use of coworking spaces. It comes with its own set of challenges. Here are some of them: 

• Lack of occupant comfort
• Manual asset management
• Electrical health and safety issues
• Lack of workplace and energy management system

The Internet of Things (IoT) can solve these challenges. 

Using IoT-based energy & asset management to transform co-working spaces 

By leveraging IoT technology, coworking spaces can be transformed into smarter, dynamic, and engaging workplaces. 

ZenConnect command and control center empowers co-working spaces to drive higher member satisfaction through efficient and timely tracking of member complaints, accomplishing energy efficiency goals, and digitizing workplace management workflows using a single platform.

1. Energy management through centralized monitoring and intelligent controls

IoT technology comes with powerful systems, smart sensors, and monitoring devices that help in effective energy management in a co-working space. Installing these sensors in the building helps to collect all kinds of information like occupancy, temperature, energy consumption, etc. 

It leads to cost reductions and generates a positive return on investment. IoT allows optimal energy monitoring through: 

• intelligent scheduling of assets (HVAC, lighting, etc.) based on peak/non-peak hours
• Optimizing HVAC operations Idenfiying sub-optimal operating building equipment like UPS and DG

2. Occupant comfort by maintaining the optimum ambiance 

IoT-enabled temperature, humidity, and AQI sensors installed in the building facility improve energy efficiency and air quality in the coworking space. It leads to better occupant comfort and optimal indoor temperature. 

3. Centralized asset management 

IoT comes with the ability to create a network of physical objects and connect it to the cloud network. Software and sensors collect the data and manage it from all sources to a centralized cloud network. It allows the owner of the co-working facility to manage assets remotely.

4. AI/ML-based Fault Detection & Diagnosis (Predictive maintenance)

Artificial Intelligence and Machine Learning algorithms used by IoT centralized systems help owners of co-working spaces to analyze the data and extract meaningful insights. They can receive real-time notifications in the event of any discrepancy, allowing them to investigate and remedy the problem.

5. Centralized workspace management

IoT systems can be integrated with centralized workspace management for better visibility.

6. Digital ticketing workflows with real-time notifications

A digital ticketing system can raise the anomaly if detected. It can be further assigned to an engineer for resolution. It will also provide you with a detailed fault diagnosis with action items for the engineer.

Reach out to Zenatix to get advanced IoT-based energy and asset management 

Zenatix offers excellent IoT-based solutions that can transform any facility into a connected building. Make the most out of your co-working space with our IoT-based energy and asset management solution. Reach out to us today!