Today’s Facilities Managers face many challenges. They must continuously address the growing maintenance backlog, meet increasing government regulations, work with dozens, if not hundreds, of service providers, gain end-to-end visibility in multi-site portfolios, and much more. Unfortunately, Facilities Managers are stretched too thin, and developing a robust capital planning process is challenging at best. However, those that leverage actionable data can simplify capital planning facilities management processes, reports FacilitiesNet, without sacrificing value or quality of budget management itself.
What’s Wrong with Capital Planning Facility Management Practices?
The biggest problem with capital planning for facilities management practices in use today as they are outdated. These practices were initially created to provide a catch-all quote of costs for the average facility, which would work if all facilities had the exact same HVAC system unit, were the same age, use the same maintenance schedule and more. Unfortunately, it is impractical to assume all facilities are identical, and it may be impossible unless your organization is a large chain that uses the exact same standard and tile in every establishment. Even in this perfect scenario, differences will still arise, resulting in inefficiencies and not allowing you to simplify capital planning facilities management processes.
How Actionable Data Contributes to Simplified Capital Planning Processes
Leveraging actionable data is the only way to simplify capital planning facilities management processes. Actionable data ensures that every decision has a basis rooted in data. More importantly, the application of data ensures all needs are addressed promptly, reducing the added expenses of putting items on the maintenance backlog and more. Actionable data is also useful in implementing a preventive maintenance program, reducing the need to handle reactive maintenance, which can have a net ROI above 400%.
Best Practices to Simplify Capital Planning Facilities Management Processes
Facilities Managers that need to simplify capital planning facilities management processes should follow these eight essential steps:
- Take advantage of internal and external resources, including other companies and their current performance records, especially those with an established facility comparable to yours.
- Gain item-level insights and detail into the current facility costs for all maintenance needs and requirements.
- Remember to include the cost of labor and making repairs, and if necessary, travel of technicians or surcharges.
- Evaluate cost avoidance possibilities when reviewing the maintenance backlog, helping your organization determine how much it could save by simply following a preventive, proactive approach to facilities management.
- Track current facilities spend, including remaining finances in the budget, room for error, and the consistent application of preventive maintenance.
- Plan for the unexpected, including emergency needs following severe weather or other major disasters.
- Negotiate field service vendor rates, as well as diversify your vendor network to ensure you are paying an appropriate, affordable price for all needs.
- Use data to track the performance of third-party technicians, as well as your internal labor resources.
Avoid the Hassle of Costly, Manual Capital Planning Processes
Recognize and harness the value of actionable data. Capital forecasting, preventive maintenance, application of data and other capabilities are giving Facilities Managers access to more information than ever before, and the proper application of actionable data can simplify capital planning facilities management processes, reducing deviation from the budget and saving money along the way. Learn more about what your organization needs to do to get started by visiting ENTOUCH today.