Technological advancements are revolutionizing industries, across the board. While it’s always been important for businesses to keep pace with the explosive growth of innovative tech, there’s perhaps never been a more critical time to invest in your workforce and facilities management systems than right now.
A robust, data-driven approach streamlines workflows and maximizes efficiencies throughout your organization, helping you optimize your internal staff, remain competitive and achieve your financial goals.
How? By centralizing operations, improving communications, increasing transparency, identifying weaknesses, and weaponizing key analytics to prevent breakdowns and guide procedures.
If you have yet to modernize your processes or are unhappy with your current facilities management provider, making the switch may seem like a no-brainer. For others, it may come down to simply finding a true partner versatile enough to adjust to your needs.
Whatever the case, let’s examine reasons why switching facilities management companies and enlisting an experienced strategic integrated facilities management (IFM) partner may not only be necessary, but absolutely imperative.
Switching Facility Management Companies
Here’s the deal: If you’re reading this, there’s a very good chance you’re not happy with the current state of your facilities management. If so, you need to make improvements, since every moment you don’t is costing you time, money, and resources.
Begin by asking yourself the following questions:
- Is your current provider running outdated software?
- Is their system or platform overly rigid, perhaps limiting how your facilities function? Or are you able to tailor functions as needed?
- Are you unable to effectively track your assets to specific requests and repairs?
- Are your FM operations mostly strategic or tactical?
If so, you have a significant problem, and should transition from traditional facilities management to an integrated, data-driven system.
Inefficiencies are costly—not just for your bottom line, but also in the way work is performed. According to global consulting firm McKinsey & Company, facilities management can cost companies anywhere from 10 to 25 percent in indirect spending.
That partly has to do with the technology undergirding everything you're doing. Outdated or incompatible software immediately puts you at a disadvantage with your competitors, and slows down operations. One of the most common—though avoidable—issues facing facilities is repair and maintenance, which can lead to considerable equipment downtime, costly repairs—and yes, make you less efficient.
As you know, this occurs when you’re playing catch-up to problems rather than proactively managing processes and detecting potential problems before they arise. Underscoring the need for a more comprehensive and responsive system is the revelation that over 40% of small businesses use manual processes to track assets and inventory or don't track them at all, according to a small business survey.
The aforementioned McKinsey & Company analysis identifies outsourcing, effective workplace strategies and technological innovation as key emerging trends in facilities management, and asks firms to consider the following:
- “Is your operating model optimized and peers still have better cost performance?”
- “Does facilities management provide a competitive advantage over peers?”
- "Does the company have experienced personnel in facilities management with intrinsic knowledge of the location as well as highly efficient internal technicians that would be challenging for a third party to match?”
- Once again, your answers will underscore your need for a vital, viable solution.
Benefits of Integrated Facilities Management
Integrated facilities management (IFM) resolves problematic issues before they affect operations by consolidating and simplifying myriad processes across multiple locations. Precision data analytics provide critical metrics for customized responses and laser-focused adjustments.
As the McKinsey & Company report states, companies are increasingly outsourcing their facilities management, which makes recruiting the optimal partner that much more crucial.
“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,” it reads.
“Outsourcing has now surpassed 50 percent of the total facilities management market in several regions, including Europe, Middle East, and North America,” it continues.
It’s therefore important to understand how integrated facilities management and the traditional approach differ.
For one, an IFM solution makes it easier to generate, store, and analyze data to help improve workflows and efficiencies. Due to a lack of technological infrastructure, the traditional approach limits your access to trusted data, as well as many other advantages.
IFM makes storing critical information easier, as everything is digitally stockpiled under one roof, as opposed to demanding the use of various systems that aren’t communicating with one another.
An outsourced IFM partner is more likely to boast a network of insured and trusted providers that can respond to any situation.
Essentially, companies specializing in IFM leverage technology to streamline your processes, consolidate and analyze critical information, communicate with a network of insured and trusted providers, and utilize their expertise to help you make better decisions.