Big data analytics involves complex applications with elements such as predictive models, statistical algorithms and what-if analysis powered by high-performance analytics systems. This type of analytics in facilities management (FM) is a prerequisite for many reasons, including increased workforce mobility and a growing trend toward de-centralized and team-based work.
FM companies must collect information internally and externally to know where they stand. This allows them to get a competitive advantage in seeing where improvements are required, trends that have decreased or increased, or places in which there are potential gaps.
Digital data sources have the upper hand to help consolidate and understand customer behavior where traditional data sources have limitations. Customers expect FM companies to deliver relevant and real-time experiences through the delivery of cutting-edge customer analytics. Customers expect their preferred service provider to have a better understanding of them and deliver seamless experiences.
Here are some of the numerous benefits of data analytics.
Increased productivity and quality: Modern FM systems are allowing analysts to analyze more data more quickly, which increases their personal productivity and quality. Recent technology advancements in sensors, the Building Internet of Things (BIoT) and cloud systems have resulted in the emergence of smart sensing solutions that are capable of supporting powerful reliability analytics.
Reduced fraud and risk: The main objective of fraud and security analytics is to protect physical, intellectual, and financial assets from being misused by either internal or external threats. Effective data and analytics capabilities help in delivering the optimum level of prevention from fraud as well as complete organizational security.
Enhanced customer satisfaction: Data can increase efficiency and help in optimizing the workforce, in accordance with the needs of both the business as well as customer demands. Four major areas where FM could use data to improve are energy optimization, indoor climate, space optimization and more…
Many FM companies don’t just want to get a little bit better at reporting, they want to create a data-driven culture, but before they can use big data for analytics efforts, they need to ensure that the information they are using is accurate, relevant and in the proper format for analysis. Big data technology is changing rapidly, so companies face the very real possibility that they will invest in a particular technology only to have something better come along a few months later. IT infrastructure needs to be good enough to support analytics initiatives. Storage space is needed to stockpile the data, networking bandwidth to transfer it to and from analytics systems, and computer resources are all expensive to purchase and maintain.
The advantages of big data far outweigh the challenges. When FM companies bring data together, it is easier for them to get real-time insights across their services, ultimately allowing their teams to achieve better results.