6 Ways Facility Management Software Can Reduce Costs

6 Ways Facility Management Software Can Reduce Costs

For as long as civilization has existed, properties have had to be managed. We’ve seen dukes shift to area managers, physical records shift to digital databases - but there’s no reason to stop there. How can facility management reduce costs?  What are the ways to reduce cost?

No time

Have you ever considered using facility management software for your properties? Offices, hotels, housing, buildings, workplace… No matter the sector you’re in, there are benefits in automating and adapting to a technology-tailored solution that can help your company to reduce costs.

If you’ve clicked on this article, chances are that one element, in particular, will dictate this transformation: Money. Now, that can mean a range of things - easing payments from customers, cost reduction techniques, or increased revenue generation are some common examples. But that’s the beauty of the property, facilities, and maintenance services management software. It can do all three, and beyond.

No time

How? Well, keep reading for 6 innovative cost-saving ideas that property maintenance management software can net you:

1. Improved Time Management

By helping to streamline the schedules of your service providers and management, time is opened up to a whole new host of opportunities. Naturally, businesses vary greatly here, but some positives are common across most. Here are a few solutions:

  • Speed has a positive impact on your product for clients and customers.
  • Traditionally time-consuming tasks like repetitive administrative entries can be automated, allowing talent to focus elsewhere.
  • ROI is improved massively, as less is spent for better results than before.
  • Your team can spend adequate time to growing the business, rather than just maintaining it.
No time

Time is one of the most valuable assets to any business, and that’s especially prominent in the property industry. Don’t waste it with processes that software can do better, faster.

2. Eliminating Probable Downtime Costs

Teams have requirements, need sleep, and have a life outside of their role. Tenant management software won’t change that, but it can be useful in circumventing the issues that reality raises.

No time

Certain industries like app development can operate remotely, with teams strategically placed around the world in order to have a 24/7 window of efficiency. Many property-based businesses do not have this luxury, however, properties themselves are often located within a specific geographical region, and physical meetings are a necessity.

So, alleviate your downtime costs with software. It’s one of the best cost-cutting strategies to incorporate because you’re not sacrificing anything - just simply utilizing the time that was impossible before.

3. Use Data Analysis to Focus Your Budget

For a business to grow, it needs data and a budget. Without software, these are typically based upon a few factors:

  • Noticed trends from employees.
  • The current business zeitgeist.
  • Past growth.
  • Industry trends and developments.

And, that shouldn’t change. It should just be improved - with data.

No time

By having a database that connects all of your properties, the software can begin to notice patterns and anomalies that would otherwise cost a hefty amount of clocked hours. You can then use these correlations to better divide your budget, manage performance, and set overarching goals.

4. Improved Asset Management

Your properties are the lifeblood of your business, so why not treat them better than you already are? Invest in a cost-effective piece of asset management software now, the solution to save a lot more in the long-run.

No time

the best facility management software does this by impacting 3 key types of people in a myriad of ways:Role:Benefits:Building OwnerMonitor building activity View all current and past requests Analyze data as a whole Analyze data case-by-caseManagersAssign requests appropriately Monitor progress of requests Building reports and summaries Communicate easilyService ProvidersInstant concern notification Accept or decline capacity Accessible relevant information Generate intervention reports

All-in-all, this results in a top-down, fluid system of asset management. Savings stem from this in two key ways: 1) Small, cumulative costs are reduced (such as providers waiting on information, late reporting, non-instantaneous response time). 2) Large, potential costs are alleviated (e.g. a leak is instantly reported, analyzed then assigned, without unnecessary waiting times or communication)..

5. Reduced Administrative Costs

We’ve touched on this a few times over the previous four points, but the sheer potential reduction in admin costs deserves a point in of itself. Any improvement that software beckons, admin costs shrink.

No time

Let’s break a few examples down:Software Improvement:Admin Cost Benefit:Asset Management for owners, managers and service providersLess clocked unnecessary wait times No middle-men needed Automatic report generationData AnalysisAutomated, so less staff are needed View internal trends as well as external ones Analyze admin costs from a data perspectiveReducing Probable DowntimeDon’t need to manually operate 24/7 Existing admin costs go further Acquired data can improve uptimeImproved Time ManagementAdmin work can be better focused Tedious, time-consuming admin work can be automated Admin staff work more efficiently

View your software solution as an additional member of the admin team, and it’s easy to see why it’s so valuable. Just remember - admin software and admin personnel work best symbiotically, not removed from each other. The best solution is always a mix of the two.

6. Reduce Energy and Resource Wastage

Property businesses interact with a range of resources. Here are some typical ones:

  • Utilities (Gas, Electric, Renewable, Water, Heating, Lighting)
  • Transport (Public, Private, Business Expenses)
  • Legal (Documents, Contracts, Employers, Taxation)
  • Infrastructure (Materials, Repairs, Contractors, Building)

What do they all share in common? Well, besides costing money…

Software can impact them. In fact, it can do more than that - it can interpret, adjust, summarize and evaluate all of them. That doesn’t cost money - it saves it.

No time

Although at face value this seems primarily through additional information, the real savings are in what rental property management software can reduce.

Take heating, for example - it’s tricky to balance dweller requirements, energy costs, and shifts in temperature. So don’t; reduce wastage, as well as time spent analyzing, by utilizing the software.

Any legal disputes? Bring up an instantaneous electronic document, saving legal fees, stress, and your own time.

Next Steps?

Hopefully, by now, you’ve seen the benefits of incorporating facility maintenance management software into your operational model. Any business that is looking to undergo digital transformation needs to consider all of the above points, as it’s not an easy choice.

It’s a definitive step in the right direction, but that’s not what we mean by ‘easy’. With any shift, new costs will arise, unpredictabilities manifest, and the eventual rewards lay across a field of change.

There are a lot of facilities technologies and solutions, that are going to make a real impact on the space you run, the processes, the performance of your employees, equipment maintenance, and data support.
If, however, it aligned with ideas and decisions you’ve been thinking of, click that demo link, or let’s get straight to chatting.

Read these quality articles about facilities, maintenance, and property technology here:
What Facility Managers are saying after one year of COVID-19

How to combine the safety requirements of a Hospital with the maintenance of more than 55 hectares?