If you’re a facilities manager, you’re likely entangled in work orders and service requests, calls from site staff and never ending inquires to contractors and vendors. When you have a free moment, you can begin to track how smoothly your operations are running. No calls? No one complaining? Then performance must be good! Right?
But in today’s age, that’s simply not enough. Visibility is key for all the variables under your control. The modern FM needs to be on top of the facilities group’s financial performance to truly understand not only how its doing but exactly what’s working and what’s not.
But it’s more than that. Only by plowing through the numbers can you decide where there are issues and most importantly, how to address them. For example, there is likely specific equipment that’s causing problems, particular staff that may not be adequately trained, or new locations driving unnecessary or unexpected costs. Determining exactly where issues are cropping up is necessary to truly have any hope of improving your efficiency and effectiveness.
How do you do this? Well, first you need to make sure you’re capturing all the data related to your facilities management program. All your service requests, work orders, planned maintenance schedules, equipment data tied to things like your location/site data, contractor check-ins and check-outs, invoices, warranty info, etc. should be easily stored and available. Ideally, you have a complex business intelligence engine to analyze this information. With such a system in place, you can easily monitor the financial performance across your repair & maintenance activities.
Key Data Every Facilities Manager Needs to Know
Only by automating this data collection and analysis can you get the actionable data you need. It’s important your data be granular enough so you can truly uncover where any problems lie so you can fix them. A few of the financial data points you should be regularly tracking and monitoring include repair and maintenance costs measured against:
- Locations (e.g., individual facilities, groups of similar sized locations)
- Time Periods (e.g. month-to-month, prior year periods)
- Planned / Scheduled Maintenance Activities
- Not to Exceed (NTE) Limits
- Budgeted Amounts
- Square Footage
To drive performance for not only the facilities organization but your company as a whole, it’s essential you gain visibility across all aspects of your program. By being smart about the data you collect and analyze, you ensure the facilities management can add value to the bottom line.
A good first start? Understanding what financial data is important to you and your CFO.
Originally posted on servicechannel.com
Written by David Markowitz