Planon Software Shares Why Combining Objective-based Management with Predictive Maintenance is Vital in Securing Long-term Real Estate Value
Whether you are responsible for a new state-of-the-art building or a twenty-year-old one, maintenance is crucial to preserving the value of your investment. Imagine constantly dealing with unexpected equipment failures and tenant complaints. These issues not only lead to high repair costs but also frequent dissatisfaction among tenants, which can tarnish your reputation and affect your bottom line.
Unpredictable maintenance makes budgeting difficult and achieving tenant satisfaction much harder. Additionally, it can make your goal of achieving sustainability and reducing energy use and costs seem increasingly unattainable. What you need is a maintenance strategy that will help you anticipate and prevent issues before they spiral out of control.
Break down siloes for better facility management
One effective way of approaching these challenges is to combine an Objective-Based Asset and Maintenance Management strategy with predictive maintenance-driven activities. This combination transforms maintenance processes, boosting real estate valuations and helping you achieve goals such as improved tenant comfort and satisfaction, better building experiences, and improved brand perception through better sustainability performance.
Achieving these outcomes starts with implementing an Objective-Based Asset and Maintenance Management strategy. This increases collaboration across your different facility teams by ensuring everyone is working towards the same goal with the same information. Siloed teams often struggle with misaligned priorities and fragmented information. By embracing objective-based maintenance, you can increase collaboration and create a more harmonious and efficient work environment.
Typically, a maintenance manager is focused on immediate repairs and minimising downtime; the sustainability manager prioritises reducing energy consumption and costs; and the facility manager aims to enhance tenant comfort and experience. But, imagine this scenario. Due to misaligned priorities and fragmented information:
- A maintenance manager needs to replace an HVAC system urgently to prevent operational disruptions and select a standard, low-cost model from a preferred provider.
- A sustainability manager has identified an energy-efficient HVAC system that will significantly reduce energy consumption but hasn’t communicated this to the maintenance team.
- A facility manager wants to ensure any new system improves air quality and comfort but hasn’t communicated this to the maintenance manager.
Aligning objectives and communication across these teams will result in a much better outcome. When all team members are working together with clear communication about organisational objectives, they can enhance the overall performance and value of your real estate assets.
Accelerate results with predictive maintenance
Implementing predictive maintenance-driven activities will improve your team’s performance and ability to meet shared objectives. Research shows that predictive maintenance can reduce maintenance costs by up to 30 percent and asset downtime by up to 45 percent. This proactive approach allows you to address potential issues before they become major problems, ensuring smoother operations and happier tenants.
Additional benefits of combining an objective-based asset and maintenance management strategy with predictive-driven activities include:
- Enabling your facility manager to anticipate and better manage tenant comfort, security, and experience needs.
- Enabling your sustainability manager to proactively communicate opportunities to reduce energy consumption and costs for better sustainability performance.
- Enabling your maintenance manager to increase real estate asset return on investments, while lowering operational costs.
Having accurate, real-time data is a prerequisite for effective predictive maintenance. This is achieved through use of IoT-based connected platforms, which provide real-time data for more informed decision-making processes. Building managers and service providers can use IoT devices to collect data on factors such as energy consumption, equipment performance, and temperature to quickly identify and correct rising issues.
In the e-book ‘Facility Management and Sustainability: A Fundamental Alliance’, Planon and Schneider Electric find that the ability to align team objectives, predict future needs, and generate actionable insights allows for a more sustainable and strategic approach to maintenance and facility management. This leads to better-managed facilities, longer asset life cycles, reduced CAPEX and higher satisfaction among building occupants. Your facility and maintenance teams can transition from being seen as a cost centre to being recognised as true contributors of value for your organisation.
Secure the value of your real estate
Property owners must invest in strategic initiatives such as Objective-Based maintenance – the time to improve, secure, and protect the value of existing building stock is now.
In its 2024 CMMS MarketScape, analyst firm IDC finds that the integration of advanced IoT-based connected platforms for predictive maintenance is integral for the future of asset and maintenance management. These technologies, such as those provided by Planon, enable organisations to translate objectives into actions, driving significant improvements in operational efficiency, cost savings, and building performance.
Ultimately, the integration of these technologies and strategies creates a more cohesive and efficient approach to asset and maintenance management. This results in sustainably maintained facilities, higher stakeholder satisfaction, and stronger real estate valuations.