Data-powered water management solutions are revolutionizing how companies optimize water use, mitigate waste and risk, and save costs. In this article, we will explore how artificial intelligence (AI) can help reduce the risks of water damage in facilities.
The Costly Consequences of Water Damage
Water damage poses a significant risk to facilities, resulting in delays, high utility costs, customer impact, reputational damage, and expensive remediation and removal processes. In fact, water damage claims are one of the most common insurance claims for facilities, leading to skyrocketing insurance premiums. This increase in premiums is a major problem for contractors, operators, and insurers, impacting their profitability.
The Environmental Impact of Water Waste
Buildings and facilities are major contributors to carbon emissions and water waste. According to the National Building Performance Standards Coalition, buildings account for 35% of total energy-related greenhouse gas emissions in the United States. Water management systems within buildings also contribute significantly to these emissions. As facilities strive to meet sustainability goals, addressing water waste becomes crucial.
The Need for Modern Solutions
Traditional methods of water management, such as visual inspections and outdated leak sensors, are no longer sufficient in today’s environment. Facilities need innovative solutions that leverage AI, machine learning, and the internet to proactively optimize water use and mitigate waste and risk.
The Power of Data and AI in Water Management
Data-powered water management solutions offer a new approach to managing water consumption and reducing the risk of water damage. These systems provide real-time data on water consumption, accurately locate leaks, and can even automatically shut off the water supply in case of potential damage. By analyzing usage patterns and leveraging machine learning, these solutions can identify anomalies that indicate leaks and waste, allowing management teams to take immediate action.
Integration and Automation for Efficiency
New water management technology integrates seamlessly with existing building management systems, providing users with complete visibility and control in one place. Automated real-time alerts through SMS, email, and phone notifications ensure that facilities can proactively address water damage risks.
Real-Life Success Stories
The effectiveness of AI-powered water management technology is proven by real-life success stories. For example, a large complex encompassing over 2 million square feet of office and retail space identified significant water waste using powerful algorithms. By resolving a mechanical malfunction, the company saved hundreds of thousands of dollars in annual utility costs.
Innovative Insurance Solutions
Recognizing the importance of preventing water damage, insurance companies are investing in solutions that help reduce overall risk. HSB, a multi-line specialty insurer, offers an innovative warranty program that protects contractors and developers from the rising costs of water damage in the construction industry. This program, available for users of WINT, an AI-powered water management technology solution, reimburses the cost of water damage up to $250,000, significantly reducing exposure to high deductibles.
AI-powered water management solutions are transforming how facilities manage water waste and mitigate the risks of water damage. By leveraging data analysis, machine learning, and automation, facilities can proactively optimize water use, save costs, and protect their reputation. With the support of innovative insurance solutions, the adoption of AI in water management is set to grow, benefiting both facilities and insurers.