The facility management market has been predicted to grow from $34.65 billion in 2018 to $59.33 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.4%.
The facility management industry has moved on from the narrative of just managing buildings. There have been quite a few technological strides in the facility management space, impacting how routine operations will be carried out. With the advancement of technology, the operating environment and tenant expectations have changed and having a digitally-deprived facility relying on manual and paper-based processes don’t quite cut it anymore.
Today, businesses are focusing on employee productivity with the workplace expectations and dynamics setting new standards. Efficiently run facilities, where unforeseen outages and operational disarray are kept at bay provide better occupant experience. The future workforce study conducted by Dell & Intel noted that 70% of the millennial workforce wants to work in a smart office within the next five years.
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Internet of Things is becoming a convenient asset in improving performance, efficiency, time, and cost savings in integrated facilities management services. Two major challenges facility management companies face are lack of field staff and inflation in wages. With the help of iOT integrations, field staff will be able to work remotely and more efficiently, improving labor productivity.
Keeping facilities connected with iOT services give you field insights and patterns that can be harnessed to increase the business’ value considerably. By leveraging iOT and data analytics, facility management teams can easily:
- Reduce asset maintenance costs
- Customize services to individuals and groups
- Made more accurate forecasts
- Mitigate risk
- Level and optimize resources
- Evaluate performance and make informed investment decisions
When utilized the right way, iOT systems can reduce energy bills and provide insightful data to improve operational efficiency and provide a better tenant/employee experience. CBRE’s report has noted that 25 billion connected things will be in use by 2020 up from 4.9 billion in 2015.
Building Information Modeling is a tool commonly used by the architecture industry to create visual models of the facility. According to the 2019 survey by IMAGINiT Technologies, the percentage of owners integrating BIM data into their facility management systems grew to 24.3%.
One of the key factors of effective facility management includes the ability to achieve real-time access to information on assets. With a BIM tool that integrates real-time data, preventive maintenance and current operational conditions become easier. Some other benefits of integrating BIM into your FM system are:
- Improved space management
- Streamlined maintenance
- Efficient energy utilisation
- Economical renovations
Integrating BI with pre-existing work orders and facility maintenance software, retrieving O&M manuals, floor plans and asset information have improved value to organizations of up to 45%
Automation technologies are revolutionizing the FM industry by aiding in simplifying and streamlining work processes and reducing manual intervention in routine operations. Global Retailer’s case study showed that more than 30% of revenue spent on repair and maintenance was reduced by adopting automation technology.
With the advancement in technology, facility management teams can now manage maintenance, operations, sustainability, and tenant experience through mobile solutions like Pazo, built for the deskless workforce. Automation provides FM teams with:
- Enhanced visibility throughout the entire facility workflow
- Insights through constant analysis of real-time and historical data such as costs, vendor performance, and operational efficiency
- Automatic escalations and alerting relevant stakeholders during emergencies
As with every decision-making within the organization, FM teams need to take into consideration how innovation will affect the facility and processes on a social, economic, and technical level. With careful thought, FMs will be able to capitalize on the technologies available in order to create a more efficient and productive environment where the team can flourish.