3 Tech Trends Transforming Facility Management in 2022
Facility management is a vital part of operations for most organizations, as it improves operations and a company's efficiency. In the wake of the pandemic, many companies are paying more attention to creating a space that is efficient and functional. PR Newswire reports that the facility management industry was worth $1 trillion globally and is expected to more than double that amount by 2027, showing just how much people are willing to integrate these systems, technologies, and professionals to enhance their facility's operations.
As companies are paying more attention than ever to facility management needs and requirements, the FM tech trends that are being used will continue to evolve as they help save on costs, increase efficiency, and manage risks. Here are the few key tech trends that you will be seeing more of this year.
Blockchain
With the development of Bitcoin and other cryptocurrencies, blockchain technology has risen as a popular way for people to digitally store data safely. The International Facility Management Association has said that “Blockchain has the potential to change the way facilities are managed, ranging from work order tracking to preventive maintenance to life cycle assessments.” It can help streamline information necessary to properly implement facility management practices.
This cloud-based system allows organizations to function on a more technology-driven scale. It increases trust and transparency between employees and management as well as making communication easier. It is also easy to maintain and can be used in different aspects of company operations like contract management and monitoring employee time input. Microsoft, Nvidia, and Tencent are just a few companies that have implemented its use in their business practices. As facility management focuses on creating a working environment that promotes comfort and ease, the integration of blockchain technology in business practices was inevitable.
AI Technology
Artificial intelligence (AI) systems are another innovation that has become a mainstay in many business practices. They allow computers and automation to take over menial tasks that help improve efficiency in the workplace. This includes such areas as energy monitoring, space planning (especially if social distancing will be implemented), and even security monitoring.
Scientist Melanie Mitchell wrote in her book on Artificial Intelligence that people are scared of AI because they believe that it will replace human workers and surpass human intelligence in the future. But she highlights how the use of AI has been successful over the years, improving the logistical operations within an organization’s facilities. Companies like Amazon and Google use this technology to streamline workflow and ensure that they are maximizing the use of all their resources. In 2022, AI will most likely become the norm for most if not all companies improving their facility management.
Data Analytics and KPIs
Another way technology has changed the trends within facility management is that it has put a bigger emphasis on data analytics. Forbes explains that analyzing trends and information allows organizations to create effective improvement strategies, replace guessing with true insights, and deliver truly valuable information.
It is also important to set Key Performance Indicators (KPIs) to ensure that there are clear goals to be met and whether your organization is reaching them. This can include whether the maintenance of your space meets the adequate metrics, whether operation costs are maximized, and whether employees are satisfied with their working environment (comfort and productivity factors) as well as the working area they are given. Data analytics plays a big role in being able to understand whether you are hitting these goals or not. Our Facility Management Solutions offer consultations to help you determine what KPIs you should be targeting and how to best achieve them. Our bespoke services are tailor-fit to all our clients, ensuring that you are meeting your full potential in terms of facility management.
Facility management is an important part of an organization’s overall success and tech has become a driving force when it comes to its improvement. These are just some of the ways today’s technology is affecting the industry’s trends.
Synopsis
The article tackles trends that are currently changing the facility management industry and how companies can utilize them to their advantage. The trends discussed in this piece are blockchain technology, AI technology, and data analytics. The article shows the benefits of technology in facility management and how it is revolutionizing operations.
Author Bio: Michelle Asha Cooley is a technology and business writer. She likes to use the knowledge and information she has gained to educate professionals all over the country. When she isn't working, she likes to read different books while listening to jazz music.
Quantifying the performance through KPIs helps in optimising, adding quality and enhancing the efficiency with which the work is being done in an organisation, keeping in mind the available , financial and property assets. Another advantage is that it allows the implementation of "Business intelligence" principles with the key purpose to convert company data into well-structured, analysable insights or real business intelligence that informs strategic decision-making. At the heart of intelligent decision-making is having a single, centralised depository that pulls together data from all your business activities and customer interactions.
Great Business Intelligence is having access to all business data in a single unified place with a dashboard that includes data from different areas such as sales, finance and inventory control to provide a holistic view of the business, its customers and their interactions with the business. This means that business decisions are based on facts and qualified data rather than assumptions or conjecture.
The establishment system of measuring performance using an intricate system of KPIs should be a critical strategic goal of any organisation which will ultimately lead to good business intelligence and practices. The valuable information that KPIs provide, enables managers and business owners to optimise planning and react quickly and efficiently across all decision-making processes.
Evbex Services
Evbex is a facilities services management, advisory, consultancy, technology, and research company. It works with organizations across the globe in delivering value-based facilities management solutions. Our primary advisory and consultancy services include business transformation; strategic, tactical, and operational improvements. We also procure and tender FM services on behalf of all types of organizations, in the private and public sectors ranging from a few hundred-thousand-dollar contracts to global contracts valued at several hundred million dollars.
We have undertaken significant research across many areas of FM and apply the outputs of our research into our consulting and our technology services.
Our FM Navigate cloud-based SaaS FM platform has been built as a Facilities Enterprise Resource Planning System (FERPS) with many unique features for client-based organizations, purchasers of FM services and end users towards best practice-based FM services.
We hope to be listening to your challenges soon……and of course discussing our solutions to your problems.
References
- Performance Indicators - Wikipedia
- Lavy, Sarel & Garcia, John & Dixit, Manish. (2010). Establishment of KPIs for facility performance measurement: Review of literature. Facilities. 28. 10.1108/02632771011057189.
- Moss, Qi & Nelson, Margaret-Mary & Alexander, Keith. (2008). An FM performance measurement case study.
