Emerging technologies are transforming the facility management industry in significant ways, particularly in terms of how data is collected and analyzed for capital planning. Here we discuss the top trends that are driving digital transformation in capital planning and asset management for facilities.
1. Strategic Capital Planning with Mobile Technology
The benefits of implementing a mobile-first software solution are clear: It reduces downtime and gives managers greater control over projects with the ability to track work in real-time. Mobile technology makes capital planning more efficient and strategic. It has made a significant impact in the enterprise industry, leading to improved communication, on-site access to computing functionality, and accurate data recording.
The facility and asset management industry has joined the mobile technology revolution. With a software solution that can be used on smart phones and tablets, inspectors, technicians and facility managers can bring their software with them in the palm of their hand, wherever their work takes them.
2. Better Business Intelligence with the Internet of Things
IoT, or the Internet of Things, is the collection and exchange of data between physical devices connected via internet protocol, simply put, it refers to connecting material things (machinery, sensors) to the internet. Sensors are now more affordable, and internet connectivity is faster and more reliable than ever, making the IoT sufficiently accessible that industry experts at Manufacturing Automation predict that by 2020 the number of connected devices will top 50 billion worldwide.
IoT allows organizations to collect more information, quickly respond to changes and act on new business intelligence. As we move into a world where everything is connected, a new "smart infrastructure" will need to be implemented, with asset and facility management tools that are capable of dealing with the scale and lifecycle of dispersed, yet connected, physical assets. For facility managers, this means that issues and potential problems will be much easier to identify in a facility that uses IoT.
3. Predictive Analytics Leads to more Strategic Capital Planning
Using AI to monitor physical assets and gather intelligence makes it easier to predict the performance lifecycle for an asset before its performance is affected or before the asset fails. This leads to better data for capital planning and helps facility management teams perform preventive maintenance more effectively and thereby address potential issues before they become problems.
IoT is expanding rapidly, and so the important question for decision makers is: How is this intelligence actionable? While IoT captures, exchanges and stores vast amounts of information, it is the AI-driven analytics capabilities of enterprise solutions that will provide the answer to that question. Today, Facilities Management Software must not only accept incoming data from connected devices, but it must also put executives in control of that information and enable them to drill through in order to determine a course of action.
What's innovative about machine learning is that unlike condition-based maintenance (CBM), it does not rely on pre-programmed algorithms. Instead it enables the machine to learn from large aggregate data sets to identify patterns, trends and insights. Because machine learning systems use data collected from IoT-enabled sensors, they can continually refine models which are used to make analytical predictions on facility performance and efficiency, which leads to more strategic capital planning.
It is our mission to harness the latest tech advancements with our mobile enterprise solutions, such as FOUNDATION, so that we can provide our clients with the best software solutions that will ensure healthy building and infrastructure operations while also reducing costs, improving productivity and boosting sustainability.
Facility managers are tasked with balancing increased productivity demands along side time and budget constrains. By implementing an enterprise facility management solution such as Intellis' FOUNDATION Solution, managers are empowered to improve both the financial and operational outlook for their organizations.
Our cloud-based conditions assessment, project management, and capital planning software empowers you to optimize decision-making, manage risks, and build for the future of your facilities.
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