By Jube Lang
How Data is Changing the Face of Property Management
In recent years, we have seen how data and analytics are revolutionising facilities management, contract services, and property management. The rise of technology and data has made it possible for businesses in the sector to optimise their operations and make data-driven decisions that improve service delivery and asset performance.
From Reactive to Proactive: Data Use in Facilities Management
Facilities management is a complex and dynamic field that requires constant attention to detail, timely decision-making, and effective management of resources. In the past, facilities management was a reactive service, which meant that the focus was on fixing problems after they occurred. However, with the help of data and analytics, facilities management is becoming a more proactive service by preventing issues from occurring in the first place.
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Identify Patterns and Trends: Track and monitor a variety of parameters, including water consumption, equipment performance, waste retrieval and collection and tenant traffic to identify patterns and trends. For example, data on tenant traffic can be used to identify the frequency of facilities usage to adjust cleaning and maintenance schedules.
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Optimise services: With the help of data, facilities managers can develop action plans that address specific issues and implement improvements. For example, to improve the landfill diversion rate and increase the number of recyclable streams, organisations can leverage waste tracking technology. By identifying specific areas to focus on, facilities managers can develop a plan to improve waste management performance.
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Enhance customer experience: Data is key to understanding your customers’ needs and requirements. To align services with the needs of the clients and provide optimal customer experience, engaging with customers and getting regular feedback is critical. For instance, in one of the retail sites we manage, we conducted a survey to understand our customer’s demographics, concerns, and reasons for visiting the shopping centre. Using the data gathered, we can create a youth engagement program that matches the centre’s requirements.
So, what does the future hold for facilities management, contract services, and property management?
I believe that data and analytics will play an even bigger role in the sector over the next decade. As technology continues to advance, we will see more sophisticated systems that can collect and analyse data in real-time. Data will allow facilities managers, service providers, and property managers to make even more informed decisions and optimise their operations even further.
Artificial Intelligence (AI) and data
AI can be utilised to analyse data and identify patterns that would be difficult for humans to identify. For example, AI can be used as a tool to identify potential maintenance issues days or weeks before they occur. Equipment due for replacement or maintenance consumes more energy. With preventative maintenance, businesses can help reduce their carbon footprint while ensuring continuity of services to clients and their customers.
Focus on Sustainability
As more businesses become focused on sustainability, data and analytics will be used to track and monitor progress. This will allow businesses to identify areas where they can improve and take steps to reduce their environmental impact.
In conclusion, data and analytics are transforming facilities management, contract services, and property management. With the help of data-driven insights, organisations can make informed decisions and optimise their operations, resulting in enhanced service delivery, cost savings, and better asset performance. As technology continues to advance, more sophisticated systems capable of real-time data collection and processing will emerge to further improve property management. To remain competitive, it's advisable to adopt data and analytics tools and techniques sooner rather than later.