For any well-run business, minimising unnecessary expenditure is a priority. It’s commonplace for management at all levels to scrutinise cost – a totally reasonable stance to take: why would any company want to spend money they couldn’t afford?
But what does this mean for facilities managers? Most FMs will have to produce detailed financial and business justification for purchases they wish to make and be expected to minimise costs. In this context, it makes sense that you elongate the lifespan of your assets as much as possible and ensure they are utilised to their full potential. To ensure you are able to do this, you need to know exactly what assets exist, where they are and how they are being used.
Effective facilities and asset management systems and procedures can add significant value and increase profitability. The cost-related benefits are quantifiable, with a three to six month return on investment by no means uncommon.
This white paper looks at three important facilities management strategies to enable you to save costs and increase profitability:
- Asset value maximisation
- Asset tracking
- Technology exploitation