According to a report by ABI Research, the positive impact of smart city technologies could see cities locking in incremental economic growth of over five per cent per year, and drive more than $20-trillion in additional economic benefits over the coming decade.
Since an estimated two-thirds-plus of the world population will reside in the top 100 cities of the world by 2050, these megacities present a tremendous opportunity for technology fuelled transformation.
... smart building services and enhanced controls show almost immediate returns on investments and, in many cases, in less than 12 to 18 months.— Casey Witkowicz, president and CEO of RYCOM Corporation
“We have the technical and experience know-how to optimize every type of building, showing a demonstrable 10 to 15 per cent consumption and emission reduction per year and maintaining these levels. In addition, smart building services and enhanced controls show almost immediate returns on investments and, in many cases, in less than 12 to 18 months,” says Casey Witkowicz, president and CEO of RYCOM Corporation, a company that develops innovative, integrated smart technology solutions that enable business success for its clients.
For example, a shopping mall installed RYCOM’s Data Analytics and Fault Detection Diagnostics technology and saved $94,000 in utility consumption costs in less than 12 months, which also represents a recurring savings year over year.
Among the technologies boosting building performance are sensors and smart technology that ensure electricity, gas and water are only used when required, explains Mr. Witkowicz. “Water sensors can detect leaking valves and dampers so that problems are solved sooner. Motion sensors ensure that escalators only run when people stand on them. Air and temperature sensors can be programmed to determine the optimal balance of air temperature and flow rate required for comfort and energy savings,” he says. “Beyond sensors, smart technology like RYCOM’s HIVE platform can connect all of the operation systems within buildings and even across real estate portfolios.“
If all businesses were able to take off their competitive hats and share key successes and lessons learned, smart technology would really gain momentum in real estate, suggests Jennifer Sicilia, VP & GM of RYCOM. “That way, our cities would become smart and more sustainable at a much faster pace.”
Advertising feature produced by Randall Anthony Communications. The Globe’s editorial department was not involved.