Global market insights inc just released their report on the worldwide market value for the FM industry by 2025, and it was a staggering 2 trillion dollars!
The growth of world tourism has had a glaring effect in driving the need for efficiently managed facilities, and third party FM service providers tend to bring in the skilled labor with the necessary training to run smooth facility operations. Stringent FM regulations that are in place have left corporations to outsource this activity and focus on their core competencies, as it makes a lot more economic sense.
With the advent of more and more third party FM service providers, your existing building operations are going to become an increasingly complex web of siloed systems with disparate data. At a portfolio level, extracting any insights from this convoluted maze would be akin to finding a needle in a haystack. And the burning question in the minds of every building stakeholder remains: How to scale innovation in the commercial real estate business model?
He contends that the data generated by many operations and assets embedded in buildings is a crucial resource in making modern CRE smarter. With the arrival of IoT, AI, and machine learning technologies, data becomes an enabling resource to deliver consistently real-time experiences in properties.
Transitioning into Data-Driven Property Management
Prabhu notes that the combination of distributed processing power and connectivity in IoT has made it possible for us to link systems and processes that are either physically remote from each other or operating in parallel but disjointed isolation. “IoT allows companies to create real-time monitoring solutions for such assets and, in conjunction with other technologies like cloud computing and AI, can lead to the virtually instant generation of actionable insights. Machine learning is the final piece of this puzzle; you can essentially use it to make your automation “smart” by giving it the ability to develop a bank of experiences and causations” he explains
While priorities change across organizations, and each portfolio will have its particular way of implementing technology, here’s a logical and coherent progression of steps that he believes commercial real estate businesses should take as they deploy or create any new set of technologies.
- Stay in Control of objectives and outcomes
- Replace the guesswork with insights
- Work towards total integration
- Empower stakeholders
- Deliver real time value
Read Prabhu’s full article published in Forbes
At Facilio, we believe that data-driven operations can enable portfolios to achieve transparency, efficient resource utilization and best-case performance. Learn how forward thinking enterprises globally unlock portfolio intelligence with our data-driven platform for operations & maintenance