Blockchain technology holds great promise and interest. Blockchain in facilities management holds even greater prestige and opportunity, especially in corporate real estate (CRE) providers and multisite portfolios. However, Facilities Managers interested in using the technology need to understand how it will impact current and future operations.
What Problems Are Companies Experiencing With Data or Tracking?
Although blockchain is a buzzword in many industries, Facilities Managers still experience problems using it, resulting from issues collecting and applying data. Quality data, as well as quality reporting systems, like a computerized maintenance management system (CMMS), are integral to using blockchain effectively. Failure to ensure data quality and integrity leads to inaccurate analysis, ill-informed decisions, and misuse of data in subsequent applications.
How Does Blockchain in Facilities Management Overcome These Obstacles?
Blockchain in facilities management is basically a cloud-based ledger, recording data automatically and only allowing the alteration of data when all parties using the specific ledger agree. Blockchain technology can be connected to other systems, allowing automated systems to make entries, enhancing accountability and visibility along the way. Furthermore, the processing power of analytics, artificial intelligence, and the cloud can use blockchain technology to maximize data integrity and enhance operations.
What Are the Benefits of Using Blockchain in Facilities Management?
The benefits of applying blockchain capabilities in facilities management revolve around improvements made to processes requiring tracking activities and detailed equipment and supply needs. These benefits include the following:
- Blockchain in facilities management enables real-time visibility and security of facilities management activities. This includes using blockchain technology to track contractual obligations of tenants and field service vendors, as explained by Lisa Stanley of FacilitiesNet.
- Blockchain will ensure regulatory adherence. Such improvements can effectively have the added benefit of increasing eligibility for tax deductions or energy-related credits, freeing capital for other uses.
- It can be private or open, perfect for security initiatives in facilities management. Blockchain could be open or private, so it can dramatically increase accountability and security of information in facilities management.
- By nature, blockchain technology is scalable, triggering a new entry in each transaction or use of information. Since facilities management roles and duties are continually expanding, in tandem with business growth, blockchain technology’s scalability will make it even more attractive.
- In healthcare facilities management, blockchain could save lives, ensuring medications are delivered to the right patients, taken at the right time, and tracked to reduce risk of adverse reactions. The application of blockchain in facilities management in health facilities may also reduce the risk of cross-contamination, hospital-acquired infections, and even reduce the risk of malpractice simultaneously.
Put the Power of Blockchain in Facilities Management to Work Through Systems Migration Now
Before reaping its benefits, companies must turn their attention to the quality and integrity of existing data capture and analytics systems. Depending on the size of your organization, automating information gathering through a CMMS is crucial to preparing for the future use of blockchain in facilities management. If you have not previously migrated systems to a cloud-based CMMS or considered the opportunities for improvement, outsourcing facilities services management to a third-party may help. QSI Facilities can help to manage your rollout of new technologies in preparation for the use of blockchain by managing work orders, preventative maintenance and much more. Find out what you need to do to get started by visiting QSI Facilities online now.