Facilities management has become a pivotal area for companies looking to optimize spending and enhance productivity. With economic shifts and technological advancements, the strategies for managing facilities have evolved significantly. The emergence of new trends in this space is reshaping how businesses approach cost-cutting without compromising core operations.
Outsourcing, workplace strategies, and technological innovations drive this transformation. In facilities management, where expenditures can constitute a significant portion of indirect spending for companies with distributed operations, these trends play a critical role in navigating the evolving landscape.
The global in-house and outsourced facilities management market will reach substantial figures by 2024. The outsourced segment, in particular, is witnessing rapid growth, attracting a surge of vendors offering innovative service portfolios. However, with this growth comes a complex challenge—deciphering the most valuable path forward.
To help organizations derive maximum value, it’s essential to understand and leverage six emerging trends that promise cost reduction and productivity enhancement in facilities management. These trends encompass established strategies and technological advancements, offering immediate improvement or transformation opportunities over the next decade.
1. Outsourcing Evolution: Companies are revaluating their operational models, exploring a mix of insourcing and outsourcing based on capability, cost, and coverage. This includes shifting toward integrated facility management (IFM) and capturing a significant market share in outsourcing across various industries.
2. Integrated Value Services: Integrating services like real estate, energy management, and employee services is streamlining management processes, allowing organizations to work with fewer providers and fostering strategic partnerships.
3. Workplace Strategy: Investing in workspace modularity, coworking, lifestyle amenities, and wellness designs to enhance employee engagement and productivity is becoming a crucial aspect of facilities management.
4. Internet of Things (IoT) Evolution: The adoption of IoT-enabled equipment for energy efficiency,occupant experience, and computing is reshaping facilities management practices.
5. Advent of Robots: Robotic automation is stepping in for repetitive and hazardous tasks, showing potential for widespread adoption in the next decade.
6. Augmented Reality (AR): The development of end-to-end AR solutions holds promise for transforming facilities management practices, though it’s still in its early stages.
These trends present organizations with opportunities for savings, productivity gains, and long-term transformation. However, harnessing these trends requires strategic actions:
– Elevating facilities management as a C-level priority, gaining support from key executives.
– Establishing cross-functional teams to drive sustainable impact.
– Assessing organizational capabilities for managing vendors and digital technologies.
– Building a solid business case for investment in emerging trends through controlled pilots.
– Partner with IFMs and establish robust governance mechanisms.
– Designing a comprehensive implementation roadmap to prioritize and adapt to evolving technologies.
Facilities management courses allow professionals at LBTC to delve deeper into these trends, offering insights and expertise critical for navigating this evolving landscape effectively. Embracing these emerging trends is pivotal for companies aiming to thrive in a rapidly changing facilities management paradigm.