Facility Vendor Management: How Real-Time Data Saves Money in Supplier Management

Facilities managers may oversee countless assets and multiple locations, and knowing the current status of each asset and its location is essential to reducing facilities spend and improving capital planning. Facilities managers must also understand how data can make or break a facility vendor management strategy, especially as the number of field service vendors grows.

Supplier Management Is Growing in Complexity

The biggest problem in facility vendor management involves the growing number of vendors a facility utilizes. More vendors increases the complexity of relationships, and certain vendors may charge more than others. This means costs for a single supplier request could dramatically increase facilities spend, yet the same request could have been cheaper with a secondary vendor. Knowing how to track and make proper vendor decisions based on feedback is essential to getting the best deal, reports Tim Cool of eSpace.

Real-Time Data in Facility Vendor Management Increases Efficiency and Productivity

Real-time data in facility vendor management helps facilities management professionals understand spend for labor hours and maintenance. Although in-house team members may be capable of handling minor needs, periods of extreme maintenance, like following a tropical storm’s landfall, can simply be too much. In times of stress, facilities managers need to rapidly scale operations and response, leveraging as many field service vendors as available. This is an area where outsourced facility vendor management can prove its value and save even more money. Since contracted vendors through a third-party have the burden of payment processing and management, facilities managers can focus on immediate recovery needs, not trying to schedule field service vendors and manage data regarding assets. The same concept applies to supplier management as well, particularly those providing parts and materials necessary for facility management. Think of cleaning supplies, filters and other needs.

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Leading Best Practices in Facility Vendor Management

As explained by Luke Perkerwicz of AkitaBox, knowing which vendor to contact for a specific need is essential to addressing the need in a timely manner. In emergencies, the right call can mean getting power back on immediately or waiting until the deluge of calls to the vendor has stopped.

  • Take advantage of centralized vendor databases.
  • Track vendor facility management activity. Tracking vendor activity also reduces risk in your facility, says Jeff Thompson of AwareManager.
  • Integrate data.
  • Diversify the vendor list, including new, critical areas of operations.
  • Optimize vendor management.
  • Ensure vendors know your expectations.
  • Hold vendors accountable for their actions.
  • Avoid payment processing errors, like identifying instances of double-billing through auditing.
  • Benchmark facility vendor management and spending.
  • Track and maintain facility asset and building data.
  • Share a common platform with your team for collaboration and communication.
  • Automate vendor tracking and assignments.

Increase Facility Vendor Management With the Right Tools and Resources Today

Facility vendor management can be streamlined with the right facilities management partner. Look for partners that actively reduce your workload and increase cost-effectiveness. Also, outsourced services improve efficiency and minimize the number of visits necessary to conduct planned and unplanned maintenance, leveraging data to know when additional needs must be addressed outside of the schedule. Contact QSI Facilities online or by calling 1-888-328-2454 today to get started. 

QSI Facilities

QSI Facilities