Technology innovations in facility management

Introduction

Technology has transformed the way we live. While it is revolutionizing the way, we communicate and interact with one another, it's also affecting how businesses stay competitive in the 21st century.

In the modern world, companies need to stay on top of their game, which involves being technologically savvy. To help them do just that, facility managers are increasingly turning to new technologies- and there's no shortage of choices out there. They keep your facility running efficiently and effectively, subsequently shifting to integrated business management.

Why is the traditional way of facility management inefficient?

Typically, a facility management company works in isolation and plans individual projects based on clients' requirements. Using a traditional approach means that there is no effective way to measure the facilities' overall efficiency and thus improve upon them. It also lacks integration and standardization across facilities.

The traditional way of managing facilities is inefficient and time managing which requires accuracy in data collation for billing/Invoicing in varies stages of the operational process /approvals, that impacts both top and bottom line of revenue. Inefficient facility management, on one hand, causes in loss of revenue. On the other hand, it leads to rising input/operational costs which takes a toll on the Business P&L. Here are some challenges in the traditional way of managing facilities:

1. Loss of revenue due to revenue leakage:

Manual processes of capturing inputs of attendance and work completion leads to errors, and delay in approvals and invoicing. It causes incorrect billing and direct or indirect revenue leakage.

2. Increased cost due operational inefficiencies:

Sub-optimal utilization of resources causes inefficient allocation. Work orders can have a negative impact on the bottom-line and service deliverables.

3. Monitoring and tracking KPIs:

While managing large facilities it becomes cumbersome to aggregate data manually and create meaningful dashboards to track important KPIs through conventional methods

4. It is more time consuming:

The traditional method of facility management involves a lot of paperwork and manual work which consumes more time and effort than software-based paperless operations. 

5. Lack of minute-to-minute coordination:

In a conventional working style, it becomes difficult to manage small but substantial activities, especially when you have a large staff.

6. Difficult for managing services at a ground level:

If you have multiple branches and service types, it is difficult to manually manage operations. It is inefficient and error prone.

7. Not suitable for all business types:

This working style is not suitable for all the corporate segments because most businesses require real-time data, which advanced software technology can achieve only in one click.

Possible solutions to revamp integrated facility management

The world has changed since 2020. Facility managers have had to adapt on the fly to accommodate a global pandemic that upended virtually every aspect of daily life. Now they are facing another challenge: the return of workers to office buildings following a prolonged period of remote work.

To meet these challenges and succeed in an ever-changing environment, facility managers need modern solutions that improve efficiency and support employees' safety and wellbeing.

Strategic execution through effective techniques

Strategic execution involves integrating business objectives with organization-wide data to improve efficiency and productivity. Strategic space planning tools allow for automated data collection, on-demand reporting, and continuous monitoring of office utilization. These tools provide a bird's eye view of how employees use facilities across multiple locations and help facility managers optimize the available space by considering changing needs over time.

Using Enterprise Asset Management software

This software helps facility managers manage equipment maintenance in real-time and automate asset tracking across departments or locations. It provides stakeholders with complete visibility into repair schedules, maintenance costs, downtime, and other metrics required to make informed decisions about facility investments. Hence, Enterprise Asset Management is a boon for the present management world.

Smart building technology

Smart building technology refers to employing solutions that use data to improve building performance and operations in a commercial or industrial setting. These kinds of smart building technologies are often used in facility management for their soft and technical services along with other allied services. Integrated facility management helps manage building operations. It includes everything from security to janitorial services, to their technical services, to foodservice and more.

Conclusion

For managing a facility, traditional decision-making methods are often time-consuming and inefficient. Facilities managers spend 95% of their time on administrative activities, such as budgeting, planning, and scheduling. That's why many businesses are trying to find ways to streamline their operations and increase productivity. Many have turned to technology to boost productivity among all levels in the organization.

Employing the latest technology in facility management can help you improve operations efficiency and smoother decision-making, reduce cost, increase profitability, critically analyze through articulate dashboards. It can also help enable quicker communication and workflow processes for effective running of operations and efficient services deliverables.