Written by Monika Brachmańska, Business Unit Managing Director Ventures – GetFlow at Future Processing.
There is no denying that when data is transformed into knowledge, it provides real-time insights that can improve decision making and increase efficiency. Data has become one of the most valuable currencies of modern times. The applications of data are vast, whether it’s applied to customer service, financial outcomes or automating processes. Organisations worldwide are beginning to realise the benefits of investing in its collection and analysis. One industry in particular that has become an avid data collector is the facilities management sector.
According to a Statista report, the global facilities management industry was worth approximately $1.34 trillion in 2020, and is only projected to continue growing in the future. Facilities management companies often are involved in preventing and recovering from business downtimes. These can result in drastic consequences, from lost revenue to customer dissatisfaction. By analysing the right data, facilities management professionals can generate insights into customer behaviour and internal efficiencies that can then be used to improve operational performance, as well as to gain insights into customer demands to bolster customer service.
The Significance Of Data In Facilities Management
Facilities managers are responsible for ensuring the efficiency of the several processes across the organisation, in addition to the overall management of the site operations. Real-time insights provided by the data analytics can enable facilities managers to gain updated information about what challenges employees are facing, plus the strengths and requirements of the site. By the virtue of this information provided by the data, facilities managers can streamline their operations by identifying potential bottlenecks and strengthen their strategies having the changing needs of the facility.
Furthermore, the data insights can prove to be a cost effective tool for facilities management companies. The information gained from the data insights can enable these professionals to fix any potential risks causing damage or downtime – enabling them to save costs spent on the repair and productivity lost in the downtime. In other words, leveraging predictive maintenance with data insights, facilities managers can not only save repair and damage costs, but also increase productivity by reducing or eliminating the downtime.
Ultimate Utilisation Of The Data Insights
In order to harness data insights, it is necessary that the data is kept secure, accessible, and up-to-date. None of these elements can be ignored and needs to be addressed carefully by facilities management organisations. IoT evolution in the facilities management has led to the adoption of advanced technologies such as sensors and automated tools. What’s next, to ensure the efficient management of those elements, facilities management professionals can integrate technologies such as management softwares and cloud offerings. These technologies not only help ensure that the insights are secure, accessible, and up-to-date but also lead to greater accuracy, efficiency in an organised manner.
Emerging software tools eliminate the reliance on estimations allowing companies to drive their operations based on evidence-based data. These software tools also automate mundane tasks such as scheduling preventive maintenance, managing orders and overseeing site operations. On the other hand, cloud collaboration ensures the data is stored securely and can be accessed from anywhere with certain credentials. This allows the ultimate exchange of data insights and helps keep data up-to-date regardless of the different locations of the employees.
In the past, facilities managers were expected to address any damage or downtime as soon as it occurred; however, the current era requires facilities managers to be advanced enough to prevent any downtime before it even takes place. Thanks to the emerging technologies, such as AI, machine learning or sensors, significant amounts of data can be generated to help facilities managers to enable them to maximise their operational excellence. Hence, it becomes imperative for facilities managers to make most of the data insights available from the great amount of data.
Facilities management organisations that leverage data insights to their best ability can deliver an optimum level of customer experience. Hence, facilities managers who aim to achieve greater consumer satisfaction need to involve the best use of the data insights in their strategy going forward.
