Following the right practices in creating and using a CRE energy management platform will add brand value, asserts McKinsey&Company. Unfortunately, the path to creating and using business intelligence in CRE facility management is not always clear. Facility Managers should follow these tips to streamline implementation and take full advantage of business intelligence tools.
1. Look for Short-Term Results of Business Intelligence in CRE Facility Management
CRE providers are businesses, so the first step to approaching the use of business intelligence in CRE facility management lies in building a strong business case for its use. CRE Facility Managers should identify the short-term, within six months, results that derive from the use of business intelligence and use this information as a key talking point in presenting the business use case to stakeholders. This is also an important factor in reporting information to stakeholders after implementation to set reasonable expectations for time to ROI and effect on occupant experiences.
2. Start Small When Using Data
One of the most significant problems CRE providers fall victim to when deciding to use business intelligence in CRE facility management is moving too quickly. While today’s systems and technology can quickly scale to meet the needs of any size facility, making a sudden shift companywide will result in the Facility Managers becoming overwhelmed. Therefore, it is inadvisable to make an immediate change across an entire portfolio. When using data for the first time, but it is also essential that all changes be rolled out across the whole portfolio within a reasonable time frame.
3. Use Analytics
Analytics include descriptive, predictive and prescriptive analytics that provide a comprehensive view of the potential issue and outcome from identification to resolution in CRE facility management. Analytics may be applied to maintenance, lighting, schedules, automated systems, customer service, and much more.
4. Remember the Impact of Talent and Culture
Business intelligence in CRE facility management will have a dramatic impact on the talent and culture of your organization. As the talent gap widens, attracting the next generation of workers to your organization will depend on your ability to embrace digital transformation and offer a tech-based work environment.
5. Democratize Data
Big data holds great value, but this value is lost when it is not shared and used correctly. CRE providers need to reduce the barriers to accessing data, which will allow for greater use of data and overall improvements in occupant experiences. This is known as the democratization of data.
6. Build Real-Time Business Intelligence Into Both B2B- and B2C-Facing Services
According to Bruce Harpham of CIO.com, building business intelligence tools into both business-to-business and business to consumer-facing services, such as work order management system and the property website, can help CRE providers understand the needs of their tenants and tenants’ consumers better.
7. Be Future-Ready
As explained by Arie Barendrecht of D Magazine, customers and tenants are always forward-looking, which means they want the latest technology and service possible in every facility. Smart office buildings may be fitted with state-of-the-art technology and advanced infrastructure to improve the productivity of workers, and retail CRE spaces may offer faster Wi-Fi to help customers find the products they want online while shopping in the store. CRE providers need to understand that their success depends on their ability to provide support for smart technology and the changing needs of consumers and tenants.
Kickstart Your Use of Business Intelligence With an Energy Audit
Business intelligence in CRE facility management can reduce the costs of maintenance, prioritize facilities needs and improve engagement with tenants. However, the best-laid plans for the use of business intelligence tools lack value if not deployed promptly and adequately.