Tracking facilities management spend means knowing the energy consumption costs of your assets, understanding your labor resources, taking advantage of the lowest field service vendor rates and managing a multi-site portfolio from a central location. Since this represents a dramatic change, and how Facilities Managers operate oversee their organization’s buildings, Facilities Managers need to know a few best practices to tracking facilities management spend and why a failure to track will increase total cost of ownership.
Failure to Track Facilities Management Spend Increases Costs
Changes to facilities management activities can be data-based and still result in increased cost. Inaccurate data and tracking the right type of data will result in higher total cost of ownership (TCO). The same applies to decisions made based on older data, and in today’s age, data that was collected this morning may be too old for decision making, says Office Space, so real-time reporting and data are the only true ways to reduce spend.
Tracking Facilities Management Spend Begins with Retrofitting Facility Assets to Track Data
Tracking facilities management spend can help managers understand field service technician needs, increase interior and exterior upkeep, decrease utility consumptions and lower risk. Since tracking facilities management spend lies in understanding the per-asset costs, and how they relate to the overall energy use and costs for a facility, Facilities Managers need to retrofit facility assets to track data. While this is an easy task via the Internet of Things, modern facility assets, like smart HVAC systems, are often designed with the IOT-enabled sensors in place. Knowing how to connect modern assets to advanced, integrated systems, can help Facilities Managers begin tracking facilities management spend and leveraging data to make informed decisions.
Best Practices to Get the Most from Tracking Facilities Management Spend
- Benchmark potential savings from energy efficiency upgrades.
- Automate analytics and reports generation.
- Share information effortlessly with stakeholders and executives.
- Focus on overall economics of projects.
- Use consistent methodology, explains
- Leverage data in presenting investment opportunities, as explained by David Spence of Office Space.
- Conduct a baseline facilities management assessment.
- Take advantage of new software and platforms to streamline resource management.
- Move to a proactive facilities management strategy.
- Research vendors and assets before investment.
Start Tracking Facilities Management Spend the Right Way Now
Facilities Managers that are not already started tracking facilities management spend are likely going to go over budget. Poor visibility into facility asset performance and energy use will result in added costs. Unfortunately, Facilities Managers are not IT technicians, so they may lack the skills necessary to retroactively connect all systems. As a result, outsourcing may be the best solution. Let QSI Facilities help you get started with tracking facilities management spend by contacting the office at 1-888-328-2454 or submitting your inquiry online today.