Game Changers: New Enterprise Asset Management Technology Developments Are Transforming Employee and Business Efficiency
Newmark Knight Frank Global Corporate Services (GCS) Executive Managing Director, Simon Davis, is a 20-year+ CRE technology expert, leading business development for the firm’s GCS Technology Solutions division.
The number of technology solutions supporting Enterprise Asset Management (EAM) has grown exponentially in recent years, as service providers look to help organizations manage and optimize their asset portfolios. Among the factors driving this trend are the increased availability of augmented reality, automated intelligence and machine learning technologies, the movement of investment dollars to startups in the space and the falling costs of sensors and other enabling technologies.
EAM is about the end-to-end lifecycle management of assets, from installation to decommissioning. It’s commonly split into five categories: (1) asset lifecycle management, (2) supply chain management, (3) core EAM, (4) monitoring, and (5) maintenance planning and scheduling. The technological developments in each of these categories highlight emerging capabilities that could potentially be game changers in the future. Some of them are highlighted below.
Through our New Generation Management Trainee Program, we give middle managers the skills to adapt to operations across our various destinations. We maintain this existing talent pool of qualified managers from which we can readily staff new hotels and segue the properties from ramp-up period to profitability that much more quickly.
Digital Design Creates Aesthetic and Practical Delivery Opportunities
Even before procurement, technology plays a vital role in helping companies plan their asset strategies as part of a holistic design process. Sophisticated digital design tools are helping all stakeholders understand the requirements and costs associated with meeting their needs.
Designing space in a virtual world requires more than a focus on aesthetics. While the particular design elements of a space distinguish it, those design elements are supported by assets – a fact that isn’t always top-of-mind to the designer. But while he or she may be more focused on designing the kind of space that helps the company attract and retain talent and that supports the modern way of work, the reality is that specific equipment will be needed to support that physical space.
For example, EAM technology can inform engineers how changing the size and number of conference rooms (and understanding the likely utilization of those conference rooms) will impact the power and HVAC required to support the space. Knowing specific models of equipment can increase the accuracy of these decisions. It can also help with sizing, ensuring the equipment fits into the required space.
Work Order Enablement in Common Workspaces
As organizations have moved to new ways of working, physical ownership of space has changed significantly. For many organizations, the concepts of “my office” or “my desk” are gone, or at least minimized. Therefore, employees feel less responsibility to report issues; they simply move to another space.
The Internet of Things (IoT) is helping organizations move from a preventive to a predictive maintenance regimen
Vendors are beginning to employ more tools designed to support this world. For instance, the same “workplace experience” applications that allow employees to book conference rooms and shared spaces may also enable the rapid creation of work requests when fixes are required. Some newer work order solution technologies feature embedded artificial intelligence-based assistants or are otherwise making it easier to create requests, providing QR codes that can be snapped from any mobile device and quickly linked to request creation tools.
Data-Insight-Driven Predictive Maintenance and Facility Efficiency
The Internet of Things (IoT) is helping organizations move from a preventive to a predictive maintenance regimen. The technology facilitates tracking of millions of data points across a portfolio of assets. Data scientists are also able to interrogate the information to identify trends and insights that may not have otherwise been exposed.
IoT can also inform decisions regarding maintenance frequencies and routines, based on use across the whole asset spectrum. Sensors that track personnel movements can help determine cleaning routines, optimal timing and frequencies. Additionally, utilization technology (such as conference room and desk sensors) can help identify particular days or times-of-day when it might be advisable to lock down a facility. For instance, if you determine that, on average, your office space is only 12% utilized on Fridays, why not permit employees to work from home, reducing all maintenance costs?
Augmented Maintenance – from Pinpointing the Problem to Printing the Solution
Augmented Reality (AR) is also emerging in the EAM world, particularly concerning enhancing maintenance routines. The ability to view volumes of data (such as manufacturers’ manuals, preventive maintenance plans, etc.) while also viewing the actual asset under repair is streamlining maintenance routines and ensuring the actions taken are effective. While AR can help a technician quickly identify the barcode, and with it inventory stock and location, of a required part, in the future, the same part may be 3D-printed and used instantly.
Technology is going to continue to impact EAM positively, with newer solutions enabling more effective and efficient asset management, quicker issue resolution, and greater insight into areas where cost savings can be realized.
If you or your real estate team finds any of these areas falling short, reach out to a facility management technology solution provider for an assessment and operational improvement opportunities.