Let me start by saying the worst PropTech term is PropTech itself. The tech is rarely focused on the Property. In fact, Property isn’t a common term within CRE generally. But let’s name an entire area after it because “it sounds cool.” /end vent
IoT is the next worst term in our industry. The “Internet of Things” is supposed to solve all the world’s problems. Plug in a fancy lightbulb and the internet will get better! Install this sensor and your employees will use space more efficiently! Don’t forget that smartphones are “things” too and we can use them to track find people!
Things rarely solve problems in this world. No one needs a sensor for the sake of having a sensor. The sensor doesn’t have a voice to tell people what to do, it’s a passive device that works as part of some bigger program. The “IoT” side of the equation isn’t the focus, but it does sell well to real estate departments.
If the solution to the problem is “install things,” you’ve asked the wrong questions. If the “things” are going to make your life better, you are going to be disappointed when the project is over.
IoT is what companies sell when they either don’t have a real solution or they think their customer won’t understand their real product. It’s a discouraging misdirect every time.