Inside Self-Storage

SEP 2018

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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S ome tech trends fizzle out and die, while others transform our world and how we live. Today, Internet of Everything (IoE) platforms are allowing self-storage owners and operators to reinvent their businesses. Just as broadband and the Internet have been critical enablers of economic growth over the past few decades, IoE is creating new opportunities. Let's look at smart-connected solutions, their benefits, and how an IoE platform can increase revenue and employee productivity, reduce costs, and enhance the customer experience. What Is It? IoE is the connection of people, data, process and things. Its primary benefit lies in connecting devices and sharing data between them. This is especially true with a platform that incorporates an By Jon Loftin An example of how IoE works within a self-storage environment analytic decision engine, in which the capabilities can grow exponentially and through which business intelligence starts to take shape. This is much more than a property-management system passing information to your self-storage website or gate system. The ability to connect, collect and act on data is one of the chief advantages of IoE. How It Works The accompanying illustration showcases many of the solutions that can be connected and analyzed at a self-storage facility. As an example, let's look at how IoE might work with a facility's HVAC (heating, ventilation and air-conditioning) system. If you have a climate-controlled building, HVAC is probably one of your biggest monthly expenses. While you can put a timer on a thermostat, you're probably still heating or cooling the building when no one's inside, or you have tenants who like to adjust the temperature to meet their desires. By integrating your access-control and HVAC systems into an IoE platform, the platform can use historical information to predict when customers are most likely to be at the property and automatically adjust the temperature. The cost savings could be substantial. Case studies from large facilities have shown that implementing HVAC control can reduce maintenance and energy costs by nearly $100,000 per year. These savings fall to the bottom line, and at today's capitalization rates, can result in a significant increase in property value. Preventive and predictive maintenance is another area that benefits from IoE. When facility repairs come without warning, they tend to be more expensive and the customer experience suffers. It's TECH TIME HOW IOE PLATFORMS ENHANCE FACILITY OPERATION 48 ISS I September 2018 www.insideselfstorage.com

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