The traditional capital planning process of facility management relied on disparate tools and information stored in silos. It was no surprise that the resulting budgetary decisions can feel quite misinformed and be hence inaccurate from the view of assets and facilities affected.
Yet, recent advancements in technology are ushering in an increasingly connected future for capital planning. Through leveraging digital transformation technologies such as IoT building management, facilities executives can transform their capital planning processes nicely.
The digital transformation of facility management – a brief discussion
The time has come for facility management and capital planning to go hand in hand with building management tools created by building management tools based on the Internet of Things (IoT). These sensors, autonomous drones and observing robots will constantly be gathering granular data for feeding AI degradation models in real-time.
The end result will be a clear global view of all assets and predictive models of optimal maintenance and replacement schedules.
Automated gathering of data
Automated gathering of data may sound like an armada of robots collecting data automatically. This method is done in real-time, bringing the data, information and other facts into a large centralized data pool.
AI Models integrating data with maintenance details the fact that technology is already running part of the daily workflow with ease, which hence transforms valuable information into precise asset conditions. All of this is done through a unified IoT building management platform.
Hence, with less time spent on gathering data and that too with fewer reactive work orders to manage, facility teams can focus on preventive and predictive maintenance in a really good way.
Global pools of data
Instead of disparate silos of non-actionable data, all data will be gathered in the cloud and available for use. This eliminates wrongful discarding of millions of valuable maintenance data points daily as well as eliminating manual collection of data from a lot of disparate sources.
Facility directors have the latest information at their fingertips to accurately determine and communicate facility management needs.
Decision making driven by Artificial Intelligence (AI)
According to experts from a facility management company in Saudi Arabia, a building management solution driven by both AI and IoT makes full use of the firm’s specific data and combines it with global data on models and scenarios of assets. The solution then powers real-time reports to address the current status and facilities.
It combines facility information in a way that adjusts the capital position of a company’s assets by assessing their risk level and how much of a risk they pose to the company.
Artificial Intelligence can make use of this data for creating actionable insights and lists of suggested tasks, letting the maintenance teams know which tasks need to be carried out, how often they should be completed and how much those tasks will cost.
Take it another step further, and these AI based tools can make reports on any uncertain scenario and what other shareholders can imagine. Once this reporting mechanism is leveraged, it can help decision-makers determine if a facility is worth the continued investment or if it is financially smarter to sell them after 1, 2, 5 or 10 years or more.
Using Artificial Intelligence (AI) decreases the margin of error, creates more confidence in projected scenarios and provides a solid basis for long-term facility planning.
Using IoT building management tools for improving capital planning
The entire capital planning process can be improved on a monumental level through usage of facility management digital transformation tools for generating insightful analytics.
With this information, facility managers have the evidence needed to present accurate budgetary requests towards critical decision-makers. This kind of data empowers shareholders to think about capital allocation in strategic terms.
To better harness the power of data beyond old capital planning methods, facilities and their operators need to move forward towards the era of integrated IoT building management solutions. Most top facility management firms invest a lot of money in creating and deploying scalable innovative applications and software solutions to take facility management to a whole new advanced level.
IoT is guaranteed to offer the best solutions for both facilities management teams and companies.