Key Areas Where Innovation and Smart Financial Planning Intersect
Technology continues to move quickly, and deciding how to adapt and invest your budget can be challenging. But putting off such considerations will only compound the headaches — and might cause you to miss important opportunities to save in the long run.
A review of recent articles and blog posts by UG2 experts reveals several inflection points where innovation can impact your budget, and help you make the most of it.
Data that drives value. Modern facility management services generate data at every level — HVAC performance, energy consumption, and more. With AI, facilities teams can identify patterns and anticipate issues. Calendar-based maintenance doesn’t completely go away, but emergency repairs, asset failures, and tenant complaints are significantly reduced. But data is only valuable if you know how to use it. The real value comes from using that data to support better maintenance decisions, improve reliability, and control operating costs.
CMMS. A well-integrated computer maintenance management system (CMMS) gives the facilities team a clearer view of work orders, asset history, labor activity, and maintenance planning. Housing data in a central location allows you to run quick analytics reports that are clear and visual. By integrating real data, from equipment lists to square footage of a facility, the system can predict labor utilization, keep your equipment operating smoothly, and plan and budget for maintenance.
Occupancy data. Whether your building occupancy changes from season to season or throughout the day, taking those changes into account can have a significant impact on energy efficiency and real costs. Technology dedicated to monitoring these changes can support better decisions around energy use, custodial coverage comfort, and space planning, with sensors to continuously collect building occupancy and traffic data.
AI for equipment insights. AsAI is integrated into facilities management equipment, the data it produces not only provides actionable insights but also the ability to better predict failures before they occur, reducing downtime and costs associated with emergencies. Predictive capabilities can also help with staff scheduling and resource allocation.
Better resource management. Using AI to track purchasing patterns, identify cost-effective suppliers, and predict shortages or future price fluctuations allows you to negotiate better contracts, reduce waste, and optimize spending. For example, AI might recommend sourcing cleaning supplies from your vendor that consistently delivers products faster and at a lower cost than others.
Automation for employee efficiency. Less time on administrative duties means more productive time for problem solving. When administrative tasks like logging inspections, documenting maintenance activities, tracking parts inventories, and manually updating work orders are automated, technicians are freed up to focus on what matters most.
Sustainability savings. There are a range of low-cost conservation strategies that can bring short- and long-term cost savings. They include using automatic sleep settings on office devices, shifting custodial work to daytime to reduce night-time energy costs, optimizing hot water settings, and implementing exterior sensors and timers for lighting control.
Smarter capital planning and asset management. Strategic capital planning and asset management means leveraging data insights to make more informed decisions about the installation, replacement, and maintenance of assets essential for your facility to run smoothly and efficiently over the long term.
The people behind the processes. Buildings might have high-tech equipment, but they don’t manage themselves. The judgement of your building engineers is the first line of defense against major errors, and the processes to correct mistakes or respond to emergencies still rely heavily on the human factor.
The right partner. A critical piece of this decision-making is communicating with someone who knows about leveraging the latest technology, and who also takes the time to understand your goals and limitations. If you have questions about the best ways to maximize your budget for technology, get in touch with UG2 to discuss your specific needs and priorities.