A large part of keeping up with multi-site facilities management processes rests on establishing and maintaining a standardized, digital strategy. Focusing on doing more with less and seeing everything from a centralized platform makes managing multiple locations easier, even if they are miles apart. Ensuring each facility runs accordingly, follows proper predictive and preventive maintenance protocols, and operates within a manageable total cost of ownership are the primary goals of a significant portfolio, multi-site management strategy. And facility managers need to know a few things about transforming facility management into successful portfolio management.
Why a Lack of Standardization Makes Portfolio Management Troublesome
A lack of standardization can create enormous problems for multi-site portfolio management, including:
- Having every location set up differently or using different protocols will cause confusion and lead to miscommunications. And that makes it harder to manage and streamline operations across all sites. It may further lead to overlooked tickets with multiple computerized maintenance management systems (CMMS), diminishing the customer experience.
- Another issue with inadequate portfolio management systems is that many times things tend to fall into a “run it until it breaks mentality.” That focuses on reactive responses to issues and problems. And it inevitably leads to higher costs. However, it’s not nearly as detrimental as continually putting maintenance needs on the backburner.
- Cascading failures are another example of how poor management of the business portfolio can cause problems when something breaks down or suffers a total systems failure. Break-downs are profit-killers during business hours. But when they occur after hours, such as on the weekend, it costs more to fix and directly affects the company’s bottom line.
In many cases, these kinds of failures could have been prevented through regular preventive maintenance. With a good setup in place, the focus could be on preventative checks before things break, scheduling field service calls, and tracking data across more point ranges. All this helps to streamline service and makes the company more profitable and efficient.
Strategic Facilities Management Is Consistent and Follows Clear Directional Purpose
When the facility manager can keep a concise and organized process for portfolio management, everything is easier to see, track, analyze, and maintain. Strategic facilities management must include a preventive maintenance approach. That would go a long way in improving overall functionality, profits, effectiveness, safety, and ROI by keeping things streamlined and based on real-world data and reports.
Rather than a system that has no basis on what is happening in the real world, it is better to keep an on-going, real-time track of what breaks down when and how often to create a customized response plan. Instead of waiting for something to break or working on a schedule that just doesn’t fit the company or the issue at hand, using a CMMS hastens the process. Having a sound portfolio system that can be easily maintained makes this entire process more manageable and makes it easier for any company to stay focused on their goals.
Why Outsourcing Is Key to Building Standardized Portfolio Management
Finding, implementing, and maintaining the best portfolio management strategy are essential to success when managing multiple locations and operations. Due to the likely differences and distances between sites, one of the easiest and most efficient ways is outsourcing. As explained by McKinsey & Company, "Companies have no shortage of options at their disposal to optimize facilities management expenditures. Outsourcing is a well-established strategy that’s on the rise thanks to an influx of vendors, while integrated approaches to facilities management, workplace strategy, and technology all hold promise. The global market for in-house and outsourced facilities management is estimated to reach $1.9 trillion by 2024."
Create Standardized Portfolio Processes to Better Manage All Facilities
A comprehensive strategy for managing the modern facility always trails back to data-driven decision making. And as companies look for ways to augment resource use and allocation, outsourcing and predictive approaches will become standard. The key to success lies in finding and maintaining the right partner to manage the portfolio. And Cushman and Wakefield can help; visit Cushman and Wakefield Facilities’ Solutions online now to get started.