TORONTO, July 19, 2018 (GLOBE NEWSWIRE) -- ThoughtWire, the leader in Operations Performance Management for built environments – today announced the availability of five new applications, spanning across two industries, for the real-time orchestration of people, systems and things. ThoughtWire’s new applications expand upon its Internet of Things (IoT) platform capabilities to provide vertical-specific solutions aimed at helping businesses gain greater visibility and more automated management of their operations.
The IoT platforms market is projected to surpass $22B in annual spending by 2023 (IoT Platforms Market Report 2018-2023, published by IoT Analytics, June 2018). Despite significant investment in IoT platforms, the ROI for many organizations has been elusive, particularly because IoT platforms require significant development costs to address their business potential. Indeed, a recent 451 report found that a significant 41 percent of companies said that the IoT’s lack of perceived ROI was a barrier to adoption. Meanwhile, many organizations grapple with complex workflows, siloed data sources, lack of relevant data, absence of predictive analytics, and a fundamental lack of a people-centric approach. ThoughtWire’s application suites are aimed at unlocking the true value of connected things in built environments, yielding cost savings, an increase in asset value, and an improved experience for a built environment.
“ThoughtWire’s goal is to establish itself as a leader in the emerging market segment of Operations Performance Management (OPM),” said Michael Monteith, CEO of ThoughtWire. “Building owners and healthcare providers are looking for proven solutions to achieve a rapid return on their IoT investments, and we’re extending beyond the typical developer-centric approach of most IoT providers to help tap into the true potential of intelligent operations for built environments. With our OPM application suites, building owners now have the ability to experience real process change and unlock better outcomes for their patients and tenants, which can dramatically impact – and even save – the lives of the people they are serving.”
With these vertical-specific applications, building owners and hospitals have more tailored solutions to:
ThoughtWire’s Smart Building Suite for OPM has proven to increase asset value by raising rental value; reduce operating expenditures by enabling remote monitoring of buildings and automating corrective actions of faults; and lower energy costs by automating efficiency workflows. The suite helps corporate and commercial real estate owners empower building and facility managers to collect data, determine which data points are most useful, and give employees as well as tenants access to context-rich applications. The suite consists of PrecisionHub for building and facility managers and the @WorkApp for tenants.
Smart building managers can bring tenants in more quickly and reduce the likelihood that they’ll move elsewhere by improving their overall experience. They can also reduce overall operating costs, such as improved energy efficiency with intelligent monitoring tools, and can increase asset value since smart buildings have a higher market value. ThoughtWire already has many customers in the smart buildings space, including Oxford Properties. ThoughtWire’s applications are currently being used at a 900,000-square-foot building in Toronto, Canada, where it has been projected to yield a 344 percent internal rate of return (IRR) over a five-year period.
ThoughtWire’s Smart Hospital Suite for OPM puts the power of managing operations in the hands of the people who are in the best position to positively impact process change, helping hospital staff provide a better patient experience and better health outcomes. With this people-centric approach to managing IoT-enhanced environments, smart hospital staff members can easily see how their facility operations are faring inside and out. They can also see how the state of their facility is impacting the patient experience. Hospital teams can more easily bring in new patients, improve the time it takes to care for patients as well as the management of that care, and make changes as needed along the way. Smart hospitals can also save on overall operational costs. For example, one hospital was able to realize an annual ROI of 900 percent, saving $2.7 million per year, through its work with ThoughtWire.
“Failure to recognize patient deterioration is a significant issue for acute care hospitals. The use of early warning scores that track abnormal vital signs is a strategy to recognize the unwell patient,” said Alison Fox-Robichaud, BSc, MSc, MD, FRCPC, Department of Critical Care, Hamilton Health Sciences. “In collaboration with ThoughtWire, our hospital has harnessed the power of our electronic health record to alert healthcare professionals in a timely manner. This has led to reduced cardiac arrests and unplanned intensive care unit admissions.”
The Smart Hospital Suite consists of three applications: EarlyWarning, SynchronizedOps, and RapidResponse.
To set up a demo, visit www.thoughtwire.com.
ThoughtWire is the leader in Operations Performance Management (OPM) for built environments, helping hospitals and commercial buildings operate smarter, safer and healthier with software applications for OPM. Since 2009, ThoughtWire has been changing how we think about intelligent automation and process optimization, beginning with its award-winning Ambiant™ platform, developed to interconnect and orchestrate people, data, and things in real time. Today, ThoughtWire's innovative applications empower built environments to connect previously unconnected systems, unlock high-value outcomes for patients and tenants, and put people in control of process change and optimization. Find out how ThoughtWire is powering a new era of OPM at www.thoughtwire.com.
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