Accruent Named an Industry Leader by Independent Analyst Firm in 2019 Internet of Things for Smart Buildings Green Quadrant
vx Observe solution noted for managing assets across classes and integrating with existing workflows.
Austin, Texas, November 12, 2019 – Accruent, the world’s leading provider of intelligent solutions for the built environment, has been recognized as a leader in providing Internet of Things (IoT) solutions for real estate owners and occupiers by analyst firm Verdantix in its 2019 Green Quadrant IoT Platforms for Smart Buildings. The Green Quadrant report provides technology buyers an objective, detailed view of software product functionality and vendors’ ability to drive customer satisfaction.
The Green Quadrant evaluation was based on the capabilities and customer success delivered by Accruent’s vx Observe software. vx Observe monitors and analyzes data collected from IoT-enabled assets to predict asset failure, filter out non-critical asset alarms, enable predictive maintenance and facilitate estate-wide asset control actions. vx Observe helps users reduce asset downtime, spend less on emergency maintenance, extend asset life and drive energy efficiency.
Accruent had the highest market momentum score of any company in the Green Quadrant that is independent of any equipment manufacturer. Unlike OEM systems, vx Observe is a truly open solution that can integrate into nearly any asset, device or software, allowing users to monitor their entire estate in a single interface and integrate IoT monitoring into existing workflows.
Based on its Global IoT Executive Survey, Business Insider Intelligence has forecasted that total IoT investments from 2017-2025 could reach $15 trillion. The economic impact of these expenditures could reach $11 trillion per year by 2025 according to the McKinsey Global Institute, with nearly half of that value being generated in the industrial and retail sectors. It is within the retail and industrial sectors that vx Observe has delivered customer return on investment and generated recognition such as that given by Verdantix.
Verdantix noted several customer types that would benefit from considering Accruent as a potential vendor for IoT solutions, such as:
- Retailers, especially supermarkets and warehouse club.
- Firms with distributed locations and assets.
- Firms seeking to combine IoT capabilities with asset lifecycle and energy management.
- Firms monitoring assets across classes, manufacturers and models.
Verdantix also highlighted the strengths of vx Observe that support its market leader classification, including:
- Automated discovery and configuration of assets reducing the time, cost and time to value for IoT projects.
- Automated identification and diagnosis of equipment faults via analysis of telemetry data that can predict asset failure with >95% accuracy, reducing downtime and emergency service cost.
- Smart alarm management that filters out duplicate and non-critical alarms and resolves potentially critical alarms via persistent escalation procedures that greatly reduce the chance of that alarm response is mishandled.
- Integration with most computerized maintenance management systems (CMMS) allowing for automated creation of work orders and faster time to fix for high priority issues.
“Accruent’s vx Observe delivers a strong analytics engine for both filtering of alarms and analysis of telemetry data,” states Verdantix Principal Analyst Dennis Callaghan. “We identified them as a leader because they combine these analytics with an attention to workflow. This is demonstrated by their ability to bring sites online in minutes, to create automated work orders in multiple CMMS systems, and to bring assets into a single user interface regardless of type, manufacturer or model number.”
vx Observe monitors assets at more than 25,000 locations worldwide, using 463,000 digital twins to analyze, filter and act on more than 180 million asset alarms and 345 billion telemetry data points annually.
“We are proud and humbled to have been named an IoT leader by Verdantix. We have worked hard to develop applications that can ingest incredible amounts of data across legacy devices and raise actionable insights for our customers and their service partners,” adds Accruent’s Senior Vice President of IoT Strategy, Mike Parks. “Most importantly, our applications solve business challenges and deliver tangible, quantifiable value for our customers. IoT isn’t about technology, it’s about improving the quality of life for the people that interact with connected devices and ensuring a return on investment. We aim to deliver returns for our clients as quickly as possible and continue to build functionality aimed at speed to value, security, scalability and interoperability.”