Effective facility management is a buzzword among architects, engineers and construction workers. It goes back to the implementation of smart building technology while renovating and building new structures, but it can be retroactively outfitted to buildings that have not previously taken advantage of what the Internet of Things (IoT) has to offer, explains John Moore of TechTarget. With respect to effective facility management, you need to understand the three ways smart buildings lead to smart profits.
It Eliminates Visibility Issues, Promoting Better Compliance With Regulatory Statutes
Complying with government statutes is among the greatest pain points for new, existing and upcoming businesses. Energy consumption and wasted resources can result in the levying of fines and penalties against an establishment, reports AutomatedBuildings.com, and the public backlash for “sweeping issues under the rug” can decimate a business. However, IoT-connected, automated smart buildings promote effective facility management by providing a clear view into a company’s operations.
So, a company can actively mitigate risks that could contribute to injunctions against the company by local, state and federal authorities. Since fewer resources are devoted to cleaning up the “proverbial messes,” these funds result in higher profit margins, allowing for greater reinvestment into the company’s services or products as well.
Smart, Effective Facility Management Mitigates Risks From Equipment Failure Through Preventative Maintenance
Fault detection and preventative maintenance are essential benefits found in smart buildings using IoT-empowered devices to manage overall operations. As explained by Navigant, a leading smart building research firm fault detection is typically resolved during the phase of early adoption of an effective facility management solution. However, it transforms into preventative maintenance once all issues have been resolved. Essentially, preventative maintenance allows workers to “oil and tighten the bolts” of pieces of equipment that are designed to wear out with time.
The ability to recognize these “soon-to-malfunction” parts means that workers can be notified and dispatched to replace the at-risk part before it causes the system to fail. Thus, the subsequent costs of downtime and lost revenue is eliminated. Ultimately, this saves money while analytics programs run in the background, reducing the system’s overall energy consumption.
Smart Buildings Merge Legacy Systems With New Technology, Reducing Costs Associated With Implementing an Effective Facilities Management Strategy
The final reason smart buildings promote effective facilities management is simple. Most newer pieces of equipment have certain energy-efficiency ratings. This information can be leveraged in combination with connecting existing technologies in buildings, as explained by Facility Executive magazine, to generate specific key performance indicators for varying aspects of facilities management, resulting in less waste and cost savings.
Cost savings mean more financial resources are available for use in other parts of the company, including upgrading systems further as newer technology becomes available. Meanwhile, dashboarding tools that use information from equipment, including KPIs and energy-efficiency ratings, give business owners and managers more information about their operation and provide clear insights without adding additional costs. Ultimately, the merging of systems leads to better allocation of resource and more effective facilities management strategies.
What Does It All Mean?
The triad behind effective facility management focuses on the simplest parts of business, including saving money wherever possible, avoiding regulatory fines and penalties through boosting visibility and combing new and old technology to produce a positive, cost-effective result. Since your business growth relies on strong profit margins and continued expansion of services or products, you need to cut your overhead costs now. Consider this triad and why it is behind the push toward more effective facilities management strategies around the country before your competitors leave you in the dust.