Emerging Trends that are shaping Facility Management
According to Fortune Business Insights, the facility management industry was valued at $1.2 billion in 2021 and is forecasted to grow to $ 1.8 billion by 2029. This growth can be attributed to facilities management becoming indispensable to any commercial entity. Companies are inclined to outsource facility management services to enable employees to focus on mission-critical tasks to achieve core business goals. The facilities management industry is currently ripe for disruption, with technology being its major catalyst. Technological advances have led to the development of new dimensions that will reshape the entire facility management industry in 2023 and beyond.
These dimensions are opening new avenues for the industry to restructure and transform existing business models into modern and sustainable organisations. The facility managers, too, are working towards harnessing the power of technology to improve workplace management and reduce operational expenditures.
Emerging Facility Management Trends
In the facility management industry, disruptive trends are evolving at a fast pace and making rapid inroads to dominate the industry in the future. Here are important facility management trends of 2023 that will help businesses make informed decisions about adopting the right technology to improve efficiency, maximise productivity and gain a competitive edge.
Internet of Things (IoT)
According to research, by 2025, the number of IoT-connected devices will increase by 27 billion. Businesses worldwide are inclined to increase their investments in building an IoT-enabled infrastructure. Facility management services can leverage the potential of IoT to improve their services and streamline their operations. For example, With the help of air quality sensors, facility managers can monitor indoor and outdoor air quality and maintain HVAC systems. The facility maintenance teams can install smart metres to monitor energy consumption and reduce energy wastage. Smart water meters can be installed in a facility to check water quality and gain instant information about leakages or possible contamination.
Preparedness for unforeseen events
Even after two years of the COVID-19 pandemic, businesses are still recovering from its devastating impact. The pandemic severely disrupted the facility management framework and forced the managers to look for alternative means to work around the restrictions. In the coming years, the facility maintenance teams may face different unforeseen challenges, such as the catastrophic impact of climate change. Therefore, they must develop a workplace strategy that is climate change resilient and integrate it into their operations way ahead of time.
Data-driven ecosystem
Data is a fundamental element intrinsically embedded in every aspect of business operations. Facility managers can analyse this data to improve their services and provide value-added inputs in the business process. For instance, if the employees are working in shifts or the management wants to ensure optimal space for everybody, data-driven facility management will help organisations utilise office space optimally. By analysing and implementing the data results, facility managers can create a productive and comfortable facility for employees and customers. Data-driven facility management can help manage operations and maintenance across multiple facilities. It can also help facility service providers improve the daily operations and security of the organisations.
Integrated Facilities Management
Integrated facilities management aims to bring software systems, business processes and vendors under one umbrella to streamline operations and achieve efficiency. It enables organisations to overcome the drawbacks of siloed facility management services and create a unified system to manage operations effectively. Integrated facilities management can help businesses to monitor operations efficiently and reduce costs. Businesses adopting integrated facilities management tend to partner with a single vendor who understands their vision and mission rather than multiple vendors.
Preventive and Predictive Maintenance
By integrating efficient analytical tools and monitoring systems in the operational framework, facility managers can proactively monitor asset performance, predict equipment failures, and devise solutions in a timely manner. They can prepare an equipment maintenance schedule to tackle issues well in advance to avoid impeding the daily operations of a business entity. This will help improve overall business performance and reduce costs occurring due to unexpected repairs.