A total of $131 million is expected to be generated in the Global Smart Buildings Market. By 2027, the market will grow by 10%. This proves how rapidly building management technology is evolving. However, to manage these state-of-the-art construction technologies, building managers must invest in facility management software in 2022.
Now, if one were to define facility or building management software in short, it is a tool used to consolidate all facility functions under one dashboard.
Yet, this is the tip of the iceberg.
Defining: Facility Management Software System
An organization can manage all aspects of its maintenance and repair program through facilities management software (FM). To maximize the efficiency and effectiveness of a business’s properties, assets, and occupants, software like this helps organizations manage their buildings and assets more effectively and efficiently.
In addition to asset management, commercial contractor sourcing, and compliance, work orders can be fulfilled while preventive maintenance scheduling can be scheduled via the FM software. Additionally, invoicing and data analytics are also accomplished using multi-site facilities management platforms.
Nevertheless, FM teams must use the right tools to effectively track space utilization, analyze spending patterns during the time, improve energy efficiency, and lower costs – all while better communicating with service providers and stakeholders within the organization.
Facility Management Software 2022: 15 Perks
1. Preventive Maintenance
When you are dealing with huge buildings, you cannot expect every facility aspect to function the same daily.
There can be chances of building fires, asset malfunction, and whatnot! Using the facility management tool, you can schedule preventive maintenance for building assets. This will prevent most assets from acting out suddenly.
Consequently, your facility will not face downtime, which can lead to loss of money and resources.
2. Supply/Parts Management
Businesses can buy products and services from approved sources and contractors using the best facility management software. In addition to saving money, ensuring quality, integrating ordering, and tracking warranties, businesses are better able to keep a close eye on these purchases.
3. Proposal Management
Facility managers can easily submit a Request for Proposals (RFP) to contractors, track the status of the RFP, and sign contracts on their own using most Facilities Management Software platforms.
4. Contractor Management and Sourcing
It allows facility teams to access all contractor data, including W-9 forms and insurance information, via a centralized database. By simplifying the contracting process and ensuring higher quality work, the contractor can work more efficiently at a lower cost.
5. Easy Call Centre Access
Call center access is usually included in facility management software for locations to submit work orders over the phone at any time. To ensure timely contractor performance and reassignment if needed, time-critical service requests must be followed up on a formal basis.
6. Asset Management
FM software allows for storing all records and work histories related to assets and locations on a single platform. This simplifies the:
- Warranty and Equipment Tracking
- Scheduled Inspections
- Equipment Tagging via QR Codes
- Periodic Inspections
7. Smarter Business Decisions
Software for facilities management can be an important tool for guiding your business strategy by providing valuable information. A company’s success today is highly dependent on how well it captures and analyzes its data.
All of this essential business intelligence can be housed in one place for easy access, enabling you to identify potential cost savings and areas of risk throughout your facilities.
8. Space Optimization
Facilities management software puts facility management at the forefront of improving how space is utilized on a site-wide basis.
Before this technology came of age, it was easy for organizations to fall into the trap of certain locations being heavily overpopulated, while others were barely touched. A post-pandemic environment makes this unfeasible, especially.
The FM can use this component to assess how much space your facilities are using, and then determine whether more space is required, or how your existing space can be reused to meet that need. This will help businesses understand contemporary methodologies like open-plan offices and hot-desking.
9. Regulatory Compliance
The financial well-being of your organization, as well as your reputation among your customers and the wider world, is greatly influenced by meeting your contractual and industry obligations.
You’re never at risk of noncompliance when you use facilities management software. This software can provide early warnings if you are at risk of potential liabilities, so you can take immediate action to correct them if they happen. It can enable you to fulfill your SLAs or determine how well you are satisfying your PFI and PPP obligations.
10. Collaboration & Mobility
Today’s facilities management teams have many demands, making it more important than ever to be able to access primary facility information from anywhere, whether they are at their desks or remotely through their phones.
Facilities managers can access this information at any time through high-quality facility management software, enabling them to make timely, mission-strategic decisions, rather than letting issues fester until they are even more costly or time-consuming to solve.
Additionally, your team’s ability to collaborate greatly benefits from having all of this information in one place. Having real-time data means everyone can discuss improvements to your performance alongside relevant colleagues in real-time, before passing those recommendations on to your organization’s decision-makers.
What is the ROI Expected from FM Software?
For businesses with multiple locations that previously ran their facilities programs on paper, facility management software typically offers a strong return on investment. Oftentimes, the savings brought about solely by switching to electronic payment processing (as opposed to manual invoicing) are enough to offset the cost of the software and then some.
To estimate potential ROI for facilities management software, multiply your total annual maintenance expense by the total annual savings percentage expected as a result of the software implementation. This value signifies the total yearly efficiency savings of your business. Subtract the cost of the FM software from the total annual efficiency savings to determine complete annual ROI savings.
On that note, now that you are aware of the many benefits provided by FM software, ensure to find a suitable facility management software company for your building management needs. With the right tool and company by your side, you can save up to 60% money from building maintenance expenses.