Optimizing Facility Management Costs Through Technological Innovation
Facility and administrative costs are a significant part of running any business, but many companies lack the insights needed to control these expenses. By leveraging advanced technology, facility managers can unlock valuable cost-saving opportunities and improve overall operational efficiency.
Understanding the Impact of Facility Management Costs
Facilities and administrative costs can significantly impact a company's bottom line. However, without a clear understanding of how these costs are incurred and where they are most impactful, it can be challenging to make informed decisions. Technological advancements in facility management have made it easier for operations leaders and department heads to gain insights into these expenses and ultimately drive cost savings.
The Role of Integrated Workplace Management Systems (IWMS)
Integrated Workplace Management Systems (IWMS) are at the heart of effective cost-control strategies in facility management. These systems provide comprehensive tools for managing everything from real estate portfolios to floor plan creation, ensuring that every aspect of your workplace management is optimized for efficiency. With the powerful data and analytics contained within, facility managers can determine how space is being utilized, where costs are incurred, and how efficiently employees are using available spaces.
Key Components of IWMS
Real Estate Portfolio Management: Tools to streamline the management of your real estate holdings and assets. Floor Plan Creation: Platforms to design and manage floor plans effectively. Cost Utilization Data: Insights into how much you are spending on various facilities-related expenses.Other Facility Management Platforms
Facility managers also have access to other valuable platforms that complement IWMS:
Computerized Maintenance Management System (CMMS)
CMMS is dedicated to handling facility maintenance requests, from replacing light bulbs to addressing HVAC issues. This system ensures that maintenance tasks are efficiently managed and addressed, reducing downtime and associated costs.
Computer Aided Facilities Management (CAFM)
CAFM is a platform that addresses the physical workplace and everything within it, including floor plan creation, space utilization, and much more. This software provides a comprehensive view of your workplace, enabling effective management and optimization.
Enterprise Asset Management (EAM)
EAM coordinates the physical assets of your workplace, such as computers, printers, and coffee makers. This system ensures that your assets are efficiently managed, from procurement to disposal, reducing waste and optimizing costs.
Workplace Management Platforms (WMP)
As technology advances, a better term may be Workplace Management Platforms (WMP). These systems manage the majority of IWMS and CAFM functions, maximizing productivity and efficiency for real estate management, operational excellence, and employee engagement.
Example of WMP in Action
A customer of SpaceIQ recently used space-planning scenarios to optimize their existing office space to accommodate a growing workforce. By reducing desk lengths from 6 feet to 5 feet, the company was able to seat new employees and defer its lease by five years. This example highlights the power of data-driven decision-making in facility management.
Understanding and Analyzing Workplace Costs
Understanding and analyzing various workplace costs is crucial for effective business planning. With the insights provided by technology, you can:
Gain detailed insights into your annual utility expenses. Plan for expansion costs when transitioning to a larger office. Properly budget for IT services and other essential services.Conclusion
By leveraging advanced technologies such as IWMS, CMMS, CAFM, EAM, and WMP, facility managers can drive significant cost savings and improve overall operational efficiency. These systems provide the necessary insights and tools to make data-driven decisions that benefit your bottom line.