Facility Management Finances: Do You Know How Much You Are Actually Spending on Managing Your Facilities?

Facilities management except one of the most important departments in a business. Facility managers are responsible for overseeing all activities relating to a building's condition, and as a result, they have a direct impact on customer experiences. While the overarching facility management budget provides a quick view of facility management finances, it is not the whole picture. Facilities Managers need to understand the indicators of poor handling of facilities management finances, a few steps to improve visibility into such finances and why a facilities management partnership have a big impact on profitability.

Indicators of Poor Handling of Facilities Management Finances

Poor handling of the facilities management finances can result in the addition of unexpected charges and significant delays in facility maintenance needs being addressed. Some of the most common indicators of poor handling of facilities management finances include:

  1. Suppliers and field service renders taking too much time to complete a specific job or duty.
  2. Unexplained hours logged as work and materials present on invoices that cannot be accounted for and completed work.
  3. Unnecessary delays in obtaining a quote from field service vendors or lacking detail and subject matter oversight.
  4. Outdated information regarding asset condition, including manufacturer, model number, serial number, warranty information and data last service.
  5. Unnecessary delays in work order processing due to a management systems inability to provide actionable intelligence, including the routing of work orders to the appropriate department and scheduling of field service vendors.
  6. Failure to use technology to make informed decisions regarding facilities management and maintenance.
  7. Inability to scale facilities management needs, such as extensive maintenance or nationwide remodels, due to a lack of resources in the department.

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How to Know Your Facilities Management Finances at Last

Facilities Managers can gain insight into their facility management finances by following a few best practices, which include:

  1. Use a computerized maintenance management system (CMMS).
  2. Implement a data-driven vendor management program.
  3. Integrate word order processing with payment systems.
  4. Track vendor performance via an automated system, such as an IVR.
  5. Verify the quality of work performed.
  6. Streamline supply procurement processes.
  7. Develop an asset management playbook.
  8. Use technology to determine when to complete maintenance needs.

The Value of a Proven, Facilities Management Partnership

A facilities management partnership is one of the most efficient ways to gain line item detail into your facilities management finances. The value of a partnership derives from these key benefits:

  • Access to the combined experience of a dedicated field service vendor network.
  • Participation in a system to track field service technician hours and invoicing, such as an interactive voice response (IVR) system.
  • Use of an advanced to CMMS to streamline work order processing and handling.
  • Assistance in developing a preventative maintenance program.
  • Gaining asset-level detail into asset condition, ideal for making repair or replace decisions.

Get Help in Understanding Your True Facilities Management Finances Now

The true facilities management finances reflect inefficiencies and activities within the facilities management department, but modern facilities management leverages advanced technologies, analytics, a CMMS, IVR and the experience of the masses to increase the efficiency of your operation. Unfortunately, understanding your facilities management finances will be impossible if you do Not know where to look for inefficiencies. Fortunately, QSI Facilities has the tools and resources to help you achieve this feat. Visit QSI Facilities online to implement the best practices and methodologies for increasing control over your facilities management finances.

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