Leveraging facility management in real estate

Facilities management (FM) is a process of managing and maintaining the facilities in an organization. It has gained importance over the past few years, after a reluctant start in the 1990’s, as the business has identified that well-managed buildings and facilities help companies function more effectively and efficiently. The FM team consists of professionals involved in day-to-day analysis, maintenance and the upkeep and repair of the utilities and strategically planning activities which helps in cutting costs and increasing the employee productivity. The FM personnel need to ensure that all the facilities in the organisation are compliant with industry health and safety regulations such as fire prevention methods and emergency exit plans, effective waste disposal and control of hazardous substances and maintenance of the company parking space. They should plan their work with a customized process to achieve the desired quality to ensure safety and efficiency.

Predictive and preventive maintenance of all assets in the facility or a property helps in business continuity, thus achieving the competitive advantage. The FM organisations have been working on the continuous improvements and the technology platform as a result of the same. Technology helps in accuracy, quality and safety aspects and helps in the increasing productivity, therefore the companies are expected to involve the FM teams in strategic planning to save cost and improve efficiency.

FM has a significant role in strategic planning, however majority of the time is spent on regular day-to- day operations. The use of technology in FM helps the facility professionals to spend more time on brainstorming on the strategy aspect rather than the day-to-day operations. An effective technology helps facility professionals in assessments, as well as track and manage the company property and utilities. This saves time for the facility professional to make quick decisions for business continuity and progress.

The goal for any company is to cut and save cost, improve productivity and increase the return on investment. Facility management professionals are instrumental in meeting the company’s goal, thus their presence is highly significant in the current corporate real estate scenario.

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