Facilities are a source of ongoing costs for any business. Besides leasing itself, facility upkeep needs no small budget, and even the best planning can’t account for every expense that arises throughout the year. However, most businesses accept the costs of facilities outright, which is why they don’t always see opportunities to save money on facilities maintenance.
Fortunately, there are ample prospects for facilities maintenance cost savings if you know where to look. Here are a few ways effective facility management can help to lower costs.
Free up Time
Reducing the time spent on manual tasks and processes can greatly save costs in your business. Managing property and maintenance repair jobs can take considerable time, including sourcing contractors and finding quotes, looking for schedule time for booking, and creating much paperwork in invoices and payment requests. In addition, the quality of work being performed can be inconsistent if you consistently source new contractors based on availability.
Facilities management software helps make managing these tasks much more efficient. Your system can be crowded with pre-approved contractors to eliminate the time spent sourcing them, you can track and monitor tasks and their status to achieve quicker resolutions, and invoices and buying can be done directly within the system.
Improved Energy Savings
Improving energy efficiency is a fundamental way to reduce costs. This approach benefits the environment and reduces carbon emissions, which can lead to significant savings without any noticeable drop in performance over time. Although this will incur an immediate cost, it’s an investment that pays back over time on the company’s energy bill. Due to the push across the world to be more eco-friendly, a powerful stance on energy efficiency has the potential to allow your company and staff to receive tax cuts and other incentives.
Enhances Employee Productivity
Facility management can greatly help your business retain employees, boost their productivity, and support recruitment. Your business benefits more when your staff members can make the workplace more productive and inspiring through the knowledge of the facility management courses.
People usually don’t stay in an uninspiring place, and replacing these employees may cost time, money, and manpower. However, this cost is significantly reduced when the employees are equipped with the knowledge to make their workplace more inspiring and enjoyable.
Predictive Maintenance Planning
Predictive maintenance planning can save you significant money by helping you identify issues early and keeping your site and assets safe for use. Depending on your understanding, you can minimize the risk of declines and the greater costs these incidents usually incur by scheduling regular servicing of assets. In addition, consistent maintenance also helps in extending the assets’ lifecycles, saving you money in both repairs and replacements.
However, it’s important to accurately understand your various assets’ data to fully benefit from this facility management reduction. A modern CAFM system can combine this information into one central database, which may be used to schedule maintenance tasks.
Improved Project Tracking
Monitoring and time tracking the people involved in a project is another way facility management can reduce costs. This applies to both full-time employees and temporary contractors. A project management plan combines the management of all project aspects into one platform, which gives users a great view of every detail from the start to completion. There is also a lower risk that costs will surpass the budget if tabs on all projects being undertaken are kept closed. These can be identified to further boost efficiencies as the job progresses.
Data Analysis
A computer-based facility management system can help you analyze data at the site level and across your business to identify areas costing you money. This may include identifying a particular asset or problems that have led to repeated callouts or determining where an alternative contractor could have been used to save costs.
This useful data will help your visibility over all sites and over a long period of time so that you can identify and fix those issues and save money in the long term. This will help you identify which areas are going over budget and why.
Supply only Procurement
A streamlined system can help you manage your goods, parts, and assets in facility management as well as your buildings’ maintenance. A facility management system can help you monitor all your ongoing asset procurement and facilities, saving you significant time sourcing stock. You can also help regulate expenses by ensuring that repairs under warranty are properly served by digitizing your non-electronic systems.
Endnote
Considerable cost reductions can be achieved through effective facility management. However, to increase the potential of these cost-cutting capabilities, it’s important to invest in the right tools to support your facility management team.
short url:
