The application of facilities management (FM) data is an opportunity to uncover unnecessary expenses, reduce waste, and improve efficiencies. Meanwhile and thanks to the IoT, managers can easily keep track of the usage of facilities’ assets through FM data. The chances are that even if managers know every data point collected by systems, they are not using it to create useful information. That’s where FM analytics come into play. Facilities management analytics is a process that seeks to isolate key trends within raw FM data to identify patterns and gain actionable insights, which managers use to make strategic decisions.
The Challenges With Collecting and Analyzing FM Data
In the past, facility managers (FMs) did not have access to quick, easy, and meaningful insights available through data analysis. They made reactive decisions driven solely by their instincts. According to a recent survey, published by Forrester Research, businesses only analyze 28-40% of the data they collect. This means that most organizations use their data inefficiently. It also means that property managers spend more time collecting and storing data than they do analyzing it to gain insights.
To make the most of FM data, facilities managers need to embrace technology that lets you capture this information and convert it into insights that are available whenever you need them. Because decisions have a direct effect on the success of the business, any facility-related decisions must rely on the insights gleaned from AI and facilities management analytics.
Why Integrated Facilities Management With Analytics Improves Your Use of FM Data
Just because a particular FM data point is trackable does not mean that the specific metric is of value to overall business plans. Businesses need an integrated management strategy that identifies your business goals and tracks the right metrics. Moreover, facilities are sophisticated and have multiple “dimensions,” all with different metrics and measures. Collecting all the data requires a lot of effort and time, and integrating that data with existing systems, including the computerized maintenance management system (CMMS), is critical to success. And, multiple studies have shown that applied data is the most valuable asset in modern facilities decision making. Now, imagine the possible improvements when applying that data through analytics.
Best Practices to Improve Collection and Analysis of Data for Facility Management
Analysis of FM data is easier and more productive with the following best practices:
- Use a CMMS. A CMMS is a tool that automates mundane tasks of managing work orders, handling project management, conducting and scheduling preventive maintenance, overseeing building operations, and utilizing all available resources.
- Identify the most critical metrics to track. All metrics should have a purpose—identifying the value and actionability of each resource or asset. In turn, organizations can finally make meaningful decisions that help managers do more with less.
- Use predictive analysis to catch and preempt problems. Predictive analytics is a strategy that leverages several techniques that include modeling, machine learning, AI, statistics, and data mining to predict future needs.
Improve Your Facilities’ Data Analysis Capabilities with Innovative Solutions
The need to apply data and improve facilities is everyone. According to a recent poll, published by Internet of Business, 90% of facility managers expect connected systems and technology to deliver better value and improve their operations. Stay ahead of the curve by implementing facilities management analytics to make sense of your FM data.