Benefits of Reporting and Analytics for Facilities Management
With the IoT it’s becoming easier and easier to track how your facilities are being used, but chances are that even if you’re aware of every data point your systems collect, you probably aren’t utilizing each and every insight for the betterment of your facility. In some form, every business collects data on a daily basis. That could be financial figures related to repair and maintenance spending, reports on desk and meeting room usage or information about the most common employee requests.
A Foresters Research survey found that only 12% of data in organizations is actually being analyzed after it’s collected. While it’s easy to think this is a major miss, we like to look at it as an opportunity.
Now is the time for FMs to apply learnings from company data—instead of just capturing and storing facts and figures, use it to gain real, valuable insights into an office’s operations. It can also be used to reduce facility costs, improve employee output and make smarter, more intuitive decisions, all by utilizing the information you have right at your fingertips.
Valuable real-time reports
Making facility management decisions can be complex. However, if you are using the best software with real-time reporting and analytics, the guesswork can be taken out of your decision-making process. These insightful reports can provide an analysis that goes beyond simply giving you a list of meaningless numbers. They should describe the data, help you understand why certain things happened and even help you predict what will happen in the future.
Real-time reports and analytics can offer insight into almost every aspect of an organization. By knowing more about how your business is run, you can learn how effectively you’re using your space and money, how efficient your processes are and whether or not they should be changed—all without actually having to resort to trial and error.
Effective use of analytics
Aberdeen Group’s report on The Importance of End-to-End Facilities Management breaks down what it looks like to have a successful handle on facilities management. By looking at which companies consistently completed requests safely and on-time while also reducing costs, Aberdeen noted that those deemed to fit into their “Best-in-Class” group—by their definition, this includes the top 20% of performers—were the most successful in leveraging data visibility, automated processes and standardized best practices to drive down costs and improve visibility. In comparison to the groups titled “Industry Average” (the mid 50% of performers) and “Laggards” (the bottom 30%), the Best-in-Class group had the biggest decrease in maintenance costs and had the lowest cost for completing a work order at $4.18 per order, as opposed to $11.00 and $33.92, respectively, for the other two categories.
This report provides a clear example of the benefits of effectively using reporting and analytics. Aberdeen found that those in the Best-in-Class group are more likely to track and report their response times to maintenance requests, their facility budgets, operating costs, assets and space utilization and costs. By tracking this information, Best-in-Class organizations have the most insight into when to add or deploy new initiatives or moves, and how efficiently their business is running.
Time to adapt
If you haven’t adopted facility management software yet, now is the time. Schneider Electric polled approximately 300 facilities managers across the U.S. and found that 90% of them expect that technology and connected systems will improve operations while delivering better value. Yet only 32% are using analytics and only 17% have facility management technology in place. What this shows is that more than two-thirds of facility managers are gambling with their organization’s facilities.
By implementing software with reporting and analytics functionality, facility managers can start making use of the endless streams of data available to them to create positive, innovative changes in the workplace.
Are you ready to take a proactive approach to reporting and analytics in your workplace? Try out our facility management software today with a free demo to learn how efficient your office is running.
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