Technology giant Honeywell (HON) - Get Report and enterprise-software titan SAP (SAP) - Get Report have joined forces on a cloud-based data-analysis platform that will begin with a focus on the real estate sector.
Why real estate? “Building owners often need to pull data from disparate sources that are not normalized,” the companies said in a statement.
“This makes it extremely difficult to determine the true efficiency and utilization of their portfolios. ... The new offering will enable facility managers and building owners to reposition their portfolios through cost savings and newly identified efficiencies, while also helping to improve tenant experience.”
This is a product whose time has come, says Honeywell Chief Executive Darius Adamczyk.
"Building owners today often struggle to get the real-time data they need to determine the true efficiency and utilization of their portfolios," the executive said in the statement.
"Honeywell and SAP together will provide insights from the boiler room to the boardroom that make it easier for our customers to get a true picture of how to optimize building performance, lower carbon emissions to meet sustainability goals, reduce energy costs and help enhance occupant experience.”
The service could be particularly handy as building owners deal with the coronavirus pandemic and the accompanying economic plunge, the companies said.
At last check shares of Honeywell, Charlotte, N.C., stood at $148.25, down 3.8%. They have slipped 5% in the past three months.
American depositary receipts of SAP, Walldorf, Germany, recently stood at $134.69, down 1.4%. They have climbed 16% over the past three months.