Analytics in facilities management are a breakthrough. They allow Facilities Managers to tap into untold value of insight across the entire spectrum of facilities management. This includes energy management, space utilization, guest experiences, finances and much more. Unfortunately, the amount of data and technology poured into analytics in facilities management can rapidly lose value when Facilities Managers do not understand how it works and how to use it to reduce overhead.
Common Problems When Implementing Analytics in Facilities Management
Using analytics in facilities management does come with some unique challenges, including:
- Lost experience during company growth. For example, a company may need to hire new, inexperienced Facility Managers for new locations.
- Lackluster integration between systems. Failure to integrate new systems contributes to inefficiencies and lost opportunities.
- Limited analytics capabilities that do not define what needs to happen. Knowing how to fix something and prevent it from recurring relies on knowing what went wrong in the first place.
- Problems obtaining executive-level buy-in and higher initial investment costs. Facilities Managers operate with tightening budgets, and C-Suite executives may be unwilling to listen to what analytics can mean for an organization.
- Failure to act on analytics-driven insights. This is a common issue affecting change management. Analytics requires action, and facilities management personnel may not know how to make such changes possible.
- Use the same types of analytics across your portfolio, including descriptive, predictive, and prescriptive analytics. Although the IoT allows for connected systems, analytics must be the same across your portfolio, tracking information and using the information for continuous improvement.
Retrofitting of Facility Assets is Key to Utilizing Analytics
As explained by David Rottelman of FacilitiesNet, the power of analytics is driven by smart sensors. These sensors capture anonymous, rich, and accurate data that can be used to gain insights into everyday activities. Moreover, smart sensors have wide compatibility with other systems and devices, making them a core force contributing to the main use case of IoT-enabled devices in smart buildings, reports I-Scoop.
How to Use Analytics in Facilities Management to Reduce Spend
The use of analytics in facilities management can reduce facility spend by helping Facility Managers stop the endless firefighting. Among these areas, maintenance spend decreases, and overall asset management increases. As noted by the Wall Street Journal and Rottelman, some of the key ways to use analytics to reduce facilities spend include:
- Communicate insights quickly and to all personnel. Analytics are only as good as they’re applied. All staff members should be able to access analytics insights and act on information. This may include diverting guests from affected areas, adjusting the maintenance schedule, or submitting a work order through the company’s computerized maintenance management system (CMMS).
- Align analytics with business goals. Aligned business goals and analytics create a blueprint for how to best use analytics to reduce facility spend.
- Track the effectiveness of changes made to asset maintenance schedules and staff duties.
- Consider safety system benefits. Safety systems are essential to reducing liability during emergencies, and monitoring may reduce the risk of fines or penalties by local governments.
- Reporting is key to the ongoing use and benefits of metrics. Through ongoing and structured use, analytics can boost portfolio value between 5% and 10%. This does not even consider the savings that contribute to higher profit margins.
Get Started Using Analytics in Facilities Management Today
Analytics are an effective way to increase insight into your facilities management department. Rather than trying to figure it out on your own, consider partnering with a CMMS provider that uses analytics to help businesses gain greater savings and insight. Contact QSI Facilities online or by calling 1-888-328-2454 to learn today.