Edge computing is increasingly being adopted and promises to bring numerous advantages to businesses due to its flexibility and rapid information processing capabilities. So, what should real estate businesses prepare and consider to maximize the potential benefits that edge computing can offer?
In a research project conducted by FPT Digital at the end of 2020 on promising solutions for the future, Edge Computing was highlighted as one of the most promising development trends. This is closely tied to the continuous expansion of cloud computing services, the explosive growth of 5G networks, and, more importantly, the increasing awareness among businesses of the need to adopt technologies that optimize operations, enhance customer satisfaction through faster responses, and provide more accurate predictions by maximizing the value of data collection and analysis.
Which types of Real Estate Businesses should adopt Edge Computing?
However, not all real estate businesses should implement edge computing. The key feature of this solution is the development of a multi-level network for processing and analyzing information, where each level is designed to handle a specific volume of pre-allocated data and provide the fastest possible instructions and responses within the designated area. Therefore, real estate businesses with the following product and service characteristics are particularly suitable for deploying this solution:
- Projects that are geographically distributed (across multiple regions or provinces).
- Products or services related to the management and operation of buildings, urban areas, or industrial zones.
- Products and services involving housing, urban areas, and smart cities.
What will real estate businesses gain by applying edge computing?
| Figure 2: Simulated data collection model of a smart urban area
The Three Major Technical Benefits of Edge Computing for Businesses:
- Fast information response: Data is processed close to the source, reducing latency, improving management efficiency, and enhancing user experience.
- Minimized system-related risks: In cases of unexpected incidents affecting a specific node in the network (natural disasters, fires, power outages, hardware failures, etc.), only the areas within the affected node’s scope are impacted, while other areas can continue operating and providing services smoothly.
- Elimination of bottlenecks in information processing: Information is processed appropriately at each level and scope based on the source of the data (IT systems, IoT devices, etc.), resulting in isolated processing of information with minimal interdependency.
For real estate businesses, edge computing provides more comprehensive and intuitive information, as illustrated below:
- Combining full management of all information, categorized into multiple layers with Geographic Information Systems (GIS), and objects replicated on digital platforms as digital twins of even the smallest elements (e.g., apartments in a residential building, electrical lines, wastewater systems in an area, etc.). These digital twins provide near real-time information, combined with predictive analysis using artificial intelligence, enabling businesses to respond quickly, anticipate, and implement appropriate solutions to minimize risks.
- Capturing user information through interaction behaviors with systems (e.g., residents with devices in smart buildings, outdoor devices in smart cities, employees, and partners with IT systems). This allows the system to analyze these behaviors to make appropriate adjustments, increasing engagement, customer and partner satisfaction, fair treatment, trust, and employee loyalty.
Key considerations and preparations for implementing edge computing
Edge computing is highlighted as a solution that provides a network-based system divided into multiple levels, enabling the collection, analysis, and processing of all data to deliver appropriate outcomes based on pre-built scenarios. Therefore, to achieve the benefits mentioned earlier, businesses in general, and real estate enterprises in particular, should carefully consider the following key points:
- Develop a synchronized infrastructure between IT systems and IoT devices as a necessary condition, with particular attention to the IT system design to clearly delineate the architecture and components within each node on the network.
- Ensure information security during transmission by applying careful encryption and decryption measures, categorizing levels clearly with appropriate protection measures based on the importance of the information.
- Build and develop an appropriate information communication system (API Gateway) to control and enhance integration capabilities.
- Deploy software that aligns with the strategy, needs, and practical requirements for utilizing the capabilities of the edge computing system.
It is undeniable that the implementation of edge computing brings significant benefits to businesses, especially those operating in the real estate sector. However, building a large system with many components requires three essential factors: a standardized system design, an appropriate implementation roadmap, and an effective investment plan. This poses a considerable challenge for businesses, particularly those without strong IT capabilities, as is the case for many real estate enterprises. Thus, the most suitable solution to turn these benefits into reality is for businesses to collaborate with capable partners, dividing the process into two main phases:
- Consulting Phase: Conduct a thorough survey of the current state, quantify ambitions, and balance investments to create a suitable system design for the future. This design should include a roadmap closely tied to digital transformation and sufficiently long to achieve its realization.
- Implementation Phase: Collaborate with capable partners to invest, supervise, and execute the proposed roadmap, measure outcomes, and make adjustments as needed to achieve the goals set during the consulting phase.
References
(1) FPT Digital. Edge computing, a promising solution for the future
(2) Grand View Research. 2020. Edge Computing Market Size, Share & Trends Analysis Report
