As a facility head, you want to analyze each component of your business to ensure the organization reaches its set objectives. Although that is what you should ideally do, it’s humanly impossible to watch every moving part. 

This is where technology comes into play. With technology, you don’t just measure a performance metric but also get insights on the steps required to make the overall process more efficient. How?

Data obtained from integrated tech systems allows facility managers to understand the day to day functioning of FM operations. And when this aggregated data is combined with IOT, you quantify the workplace. Quantification ensures improvement in operational efficiency at the facility.         

While there are several crucial data metrics for each industry and business, here are 3 of the most lucrative performance metrics to track:

Maintenance Performance Metrics

Organizations have realized, prevention is better than cure. Rather than waiting for the inevitable equipment outage, companies collaborating with FM services are conducting predictive maintenance. Some of the key parameters to measure maintenance performance metrics include the cost of repairing the assets, cost of service, and labor hours. A deeper understanding of the numbers above will help reduce downtime.     

With facility management software, you can measure maintenance performance metrics with precision. Not only does the software point out the issues in the operation but presents them to you in a way that eliminates the need for the manual creation of custom graphics. The FM software uses augmented intelligence, a method that empowers users to work better and smarter to tell you the exact stage of the problem. Once the fault is identified, the technology, combined with operational processes, executes timely and cost-effective action. This concept is known as data-driven facilities management.  

Data-driven facilities management aims to move away from reactive operational processes anchored by alarms and failures to act that is driven by concise information detected and analyzed by the analytical software. With this data-driven model, you identify the assets that matter rather than trying to monitor the whole system. To take advantage of the model, your organization must adapt to the software’s capabilities and modify processes likewise.

Workspace Utilization Metrics

Whether it be office, meeting, or technical space utilization, the number varies day today. Moving away from a head-count-based approach (which includes monitoring metrics such as vacancy rate and office space density), companies are now measuring the percentage of space utilization and cost of leasing space per employee. The new model has proven to be cost-effective and more adaptive in the post-pandemic world.

Sustainability Metrics

Analyzing the sustainability metric increases energy efficiency, reduces heating and cooling costs, lowers paper product consumption, and decreases water usage. Additionally, it helps organizations fulfill Corporate Social Responsibility (CSR).

What Does The Future Hold?

The importance of data will continue to grow in the facility management industry. The implementation of technology to analyze data and put it to useful work will only increase. Activities that are still run individually will be integrated meaning facility management providers will be able to gauge the level of maintenance required at a particular site with more accuracy than ever. Learn more about our Specialized Engineering (PM5.0) and data capabilities.