The Power of IoT: The Tech that Drives Efficiency and Cuts Costs

The Internet of Things, also known as IoT, is reshaping how we interact with the world around us.

IoT offers transformative benefits for environments like multifamily and senior living communities, from in-home comforts to energy management and business operations.

What does IoT mean?

IoT refers to a network of connected devices and applications that communicate and exchange data—from building automation systems and smart locks to thermostats, lights, and even toasters. IoT encompasses all "smart" devices capable of connectivity, creating a web of interconnected systems that enhance automation and efficiency.

What is IoT about?

• Telemetry: Collecting data remotely
• Metrics: Measuring various data points
• Analytics: Analyzing collected data
• Automation: Automating processes based on data
• Intelligence: Gaining insights through data analysis
• Action: Taking informed actions based on insights
• AI Enablement: Leveraging artificial intelligence for advanced automation
  
  

What are the benefits of IoT?

There's a significant amount of collectible data that can benefit multifamily and senior living communities.

IoT can provide metrics on environmental data, energy usage, movement patterns, and more. By leveraging this data, organizations can significantly improve their operating margins while achieving consistent results at scale.

Resident Safety and Comfort

IoT devices and applications create a safer, more enjoyable environment for residents.

• Fall Prevention: Gait analysis and motion sensor lighting can reduce the risk of falls.
• Comfort and Convenience: Enhanced living experiences lead to happier residents and improved retention.
• Telehealth: Wearable devices and telehealth applications improve resident health and wellness.
  
  

Improved Staff Workflows

IoT can streamline staff workflows and automate manual processes by expanding and improving how we measure Key Performance Indicators (KPIs).

• Automating quantifiable KPI measurement via sensors
• Aggregating KPIs from multiple data sources
• Analyzing KPIs to optimize staffing
  
  

Security and Privacy

IoT offers improved cybersecurity, protecting your business and your residents' data.

• Data Security: Preventing data breaches and ensuring authorized access through encryption, firewalls, secure authentication, and regular software updates.
• Data Privacy: Managing data collection, storage, usage, and sharing according to legal standards and regulations such as HIPAA.
  
  

Utility Loss Prevention

IoT helps prevent utility loss through:

• Real-time efficiency measurement of water, gas, and electricity use
• Real-time efficiency measurement of individual HVAC systems
• Leak detection in indoor areas, pools, and water features
• Resource anomaly detection
• Automatic irrigation system adjustments based on weather and seasons
  
  

Resource Management & Financial Benefits

• Energy Management: Energy monitoring and building automation increases operational efficiency and resource management, reducing carbon footprints and energy costs.
• Operational Expenditure (OpEx) Savings: Streamlined workflows reduce the number of onsite staff needed, and improved resource management lowers operational costs.
• New Revenue Streams: Modern amenities improve resident retention and attract new residents to your communities
  
  

Implementing IoT

Utilizing IoT allows operators to significantly improve their business operations and residents' quality of life.

IoT brings a range of benefits to communities:

• Smart Home Tech
• Technology Concierge Services
• Differentiation from Competitors
• Telehealth Enablement & Remote Therapeutic Monitoring (RTM) for Medicare & Medicaid
• Resident & Family Apps
• Mobile Ordering & Simplified Food Delivery
• Ethical Monetization of Data

Deploying an IoT ecosystem can be challenging for many senior living communities that lack internal resources. Choosing the right partner is crucial for successful deployment. A capable partner will assist with product selection, installation, launch and training, ongoing management, software updates, and network and data security. Future-proofing the system through AI enablement ensures that the IoT ecosystem remains reliable and effective over time.

Connect with Dual Path to learn more about how IoT can transform your communities and create a more connected environment for your residents.

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