The facilities management market is serious business. By 2032, its value is expected to top $5 trillion. Despite this positive outlook, operations leaders still face many challenges. From sky-rocketing energy prices to the push for sustainability, there’s a lot to consider.
So how can operations leaders head into the new year with the right priorities? Here are four trends to help make the right decisions and navigate uncertainty.
1. Connected facilities powered by IoT continue to gain momentum.
The Internet of Things (IoT) positively impacts an organization’s business and protects its bottom line. Today, the number of IoT devices is 15 billion, but that’s expected to almost double by 2030.
A connected facility harnesses the power of IoT to reduce costs and enhance operational efficiencies. The analytics gathered from a connected facility provide invaluable insight into everything from product safety and equipment performance to decreasing maintenance and increasing profitability. By tapping into the power of automation, operations leaders can maintain a competitive advantage, deliver a quality experience, and cut costs.
2. Optimizing energy consumption is the key to surviving cost hikes.
Businesses everywhere are facing steep hikes in energy costs this winter (and for the unforeseeable future). The significant increase, combined with high gasoline prices, supply chain issues, spending weariness, and inflation, is creating a myriad of challenges for business owners. This has left many searching for innovative ways to cut costs and improve bottom lines.
With the right asset and energy management solutions, operations leaders can optimize and drastically reduce energy consumption through better visibility into equipment on/off usage patterns, the ability to control lighting, signage, and other equipment remotely, enterprise-level HVAC control and diagnostics, and more.
3. Business sustainability is crucial.
Since the facilities management market is growing so rapidly, sustainability isn’t a trend anymore; it’s a necessity. As a result, operational leaders are hard-pressed to deliver results from two different vantage points—(1) minimizing the organization’s impact on the environment and (2) finding ways to sustain its growth.
That’s why sustainability needs to be part of a larger strategy that includes environmental considerations across the entire supply chain and all business operations. Energy consumption and capital equipment are key areas where sustainability goals, combined with the right solution, can lead to significant results.
4. Considering an integrated approach to facilities management.
When operations leaders take an integrated approach to facilities management, they can simplify day-to-day responsibilities and streamline operations. By bucking siloed operational frameworks (where functions operate as independent entities), a unified system develops. As a result, organizational oversight improves, and costs are reduced.
One way to achieve an integrated approach is to arm employees with technology that helps them do their jobs more effectively. By harnessing the power of loT, a connected facility can increase the visibility employees have over equipment and boost productivity. Using loT also makes it possible to overcome connectivity and productivity challenges with automated data collection and proactive maintenance.
Wondering if IoT and a connected facility are priorities your organization should focus on this year? Contact a member of our team to start a conversation.