Empower Property Management To Increase The Value Of Commercial Property
Between the initial maintenance request and the final report, back-office teams often have little visibility into how those tasks are being carried out or how project outcomes impact the organization.
The work gets done, and valuable insights are lost to the void.
Illuminating Maintenance
This problem is not new, and operators have been working to solve the problem for years, no progress has been achieve yet.
The complexity and lag inherent in preventive maintenance work mean that anything other than real-time orchestration isn’t going to solve the problem. It requires operators to utilize technology in new ways, eliminating friction and empowering people, while simultaneously increasing the control and insight to manage these important processes.
The data harvesting tools and everyday maintenance activities can become key sources of actionable business insights.
It is similar to turning on a light in a dark room.
With greater visibility into preventive maintenance costs, timelines and outcomes, property teams can create practical benchmarks and key performance indicators (KPIs). Illuminating maintenance data is about more than measuring output and quality of work.
It is about mitigating risks, accelerating service resolutions, upgrading reporting, and generating more accurate forecasts based on measurable historical trends.
Unlocking the power of data requires a more tech-savvy approach than a paper-based process.
Tools such as process automation, artificial intelligence, mobile apps, and cloud-based platforms give property operation teams the means to collect, document, manage, analyze, and report on actionable preventive maintenance data to unlock a number of benefits, including:
• Reduced maintenance times: Data harvested throughout the maintenance process helps operators identify sources of friction and opportunities for increased efficiency.
• Cost control: Tracking, assessing, and benchmarking expenditures across all maintenance functions enables smarter budgeting.
• Increased accountability: The ability to collect real-time activity data throughout the maintenance process gives operators greater visibility into vendor and staff activities.
• Increasing asset value: Preventive maintenance programs are key to maintaining asset value, assuming they are designed with a building’s specific specs, amenities, equipment and capabilities in mind.
• Data-driven strategies from custom dashboard : With the tech and skills to leverage maintenance data comes the power to identify opportunities that will improve net income, reduce unwanted liabilities and, ultimately, add to the sustainability of the building.
The Big Data in preventive maintenance
Big data has potential in property management, and that extends well beyond individual properties.
We’ve learned from experience how data from property inspections, turnovers, preventative maintenance and other maintenance projects can inform best practices that lift entire portfolios.
Imagine how it can benefit entire operations.
Because of data-driven insights as opposed to anecdotal evidence. Only then can they truly gain the confidence and stakeholder buy-in to use big data to tackle the bigger picture.
Beyond Predictive Maintenance Data
It’s no revelation to say that property management has evolved.
Expectations are mounting and the demands of the job are becoming more complex. The cumulative strain can lead to black holes in data throughout any organization, and modern data analytics tools and approaches bring critical insights out from the shadows.
Investing and implementing new technologies into any operation is like eating an elephant because you can only begin with one bite at a time. I believe that operators and property managers that commit to digital transformation will find themselves on the path to future leadership positions.
