Top 5 advantages a unified O&M platform can unlock for your CRE business model
By Prabhu Ramachandran, Founder & CEO, Facilio Inc.
What is the biggest challenge that a commercial real estate enterprise, with multiple properties at distributed locations, faces today? Chances are, if you put that question to any top executive in the industry, their answer would be a simple and forthright nod to concerns about their bottom-line. Like every other business, a commercial real estate enterprise has numerous measures of excellence and quality to prioritize, but at the end of the day generating the highest possible net operating income (NOI) is always going to be numero uno. While this might seem an obvious statement to make, taking a deeper look at what it entails opens up a pandora’s box of complexities.
Modern buildings are much more than physical structures. Few, if any, industries can match the complex web of facilities, infrastructure, technologies and commercial interests that converge in commercial real estate. In order to maximize NOI, multiple parameters across domains such as operation and maintenance costs, energy spend, asset capital, vendor contracts, tenant churn, and much more, must be optimized. Given a facility portfolio which is probably distributed across multiple locations and properties, this is easier said than done!
An IoT and AI led transformation
Juggling between software systems that aren’t integrated, siloed automation and huge amounts of unused data, how likely is it that the average CRE business would able to streamline operations and maintenance (O&M) at the enterprise level? The cards are certainly stacked against them, aren’t they? Emerging data-driven solutions are leading the charge for the use of centralized software platforms that unify disparate and multi-vendor systems, across an entire portfolio of buildings.
Facilio Inc., a New York based facilities management software provider, has combined the data gathering prowess of IoT and the real time analysis of AI to build a vendor agnostic software platform, which delivers a suite of cloud-based solutions for O&M. But what exactly does this approach add to the business model of the average commercial real estate enterprise? Putting it mildly, the effect is not limited to a little process optimization. Can a CRE owner with little or no enterprise level insight into their portfolio really make the best decisions for their business? How far do you think a context-deprived facilities team will get, juggling multiple tools with no big picture view, in providing delightful occupant experiences? From the best possible use of resources and lowered operational costs, to satisfied tenants and high occupancy rates, the uninterrupted flow of real time data and insights is the silver bullet solution for operating a commercial real estate property at its most efficient and profitable.
Unified, centralized, predictive and responsive – welcome to Data-driven CRE Operations
What if your CRE business could deploy an enterprise-wide platform that integrates automation and operational data from all the buildings in your portfolio? What could you achieve with centralized analysis that creates immediately actionable insights in real time, and command and control that has a transparent view of every function in your business? Just for a moment consider all the opportunities to optimize performance and returns, which such an integrated O&M platform would create. The possibilities are, quite literally, limitless.
Here are the top 5 advantages to deploying such an integrated and responsive business model for a commercial real estate enterprise:
- Centralized Control: Data-driven decision making, empowered by full transparency into operations, is a priceless advantage that traditional real estate businesses have little or no access to. Being able to drive the business on the basis of such insights, continuous commissioning and automated FM workflows are only some of the advantages of an enterprise-wide software platform.
- Connectivity: An enterprise data hub, with real time BAS integration,fully connected automation and complete access to operational data across the entire portfolio, can transform efficiencies. The value that a commercial real estate business can unlock by gaining access to such granular information is only limited by the resourcefulness with which it’s leveraged.
- Optimized Operations: The complexities involved in reconciling operations across multiple locations, and the specific needs of each property in a portfolio, has often led to less than ideal results in the past. The 360 degree visibility, which a fully integrated IoT and AI based solution can provide, can optimize the efficiency of all physical assets and workforces.
- Synced Functions:A best case business model doesn’t just entail ensuring that all the functions of a business do their job. Very often, the real prize is being able to use these resources in a fashion that is the most complementary. Enterprise-scale integration allows all business functions to work in tandem and to mutual benefit.
- Streamlined O&M: Instant access to data relating to all resources - including physical assets, people and operations – creates the context in which a business can optimize all its outcomes, from profits to sustainability. Complete transparency, and the ability to monitor the impact of every action taken, leads to processes, teams and functions performing in flawless unison.
From Cost Control to Value Addition
A new dawn in facilities O&M is here. Led by software based solutions, such as Facilio’s IoT and AI based enterprise-wide platform, the commercial real estate industry can now create maximal positives, for all its diverse stakeholders, at once. Delivering unparalleled tenant experience is a primary differentiator in the industry, sustainability is just as paramount a goal, and optimal resource utilization is an obvious benefit that all businesses aspire to. Imagine being able to create all these outcomes and more, with a single solution. By leveraging the data lying unused across the siloed systems that currently mire the typical CRE portfolio, and the power of IoT and AI tech, these are exactly the advantages that a unified O&M platform can help your commercial real estate business uncover.
About the author
Prabhu Ramachandran is the founder and CEO of Facilio Inc, an Enterprise platform for data-driven Facilities O & M (Operations & Maintenance) across real-estate portfolios, headquartered in New York (US) and with operations in USA, Middle East and India. Prabhu’s career spans over 18 years of product, business and customer experience focused on enterprise-scale software for IoT-based connected services, sustainable building solutions, and telecom network management. For more information please visit:https://facilio.com/
Headquartered in New York (USA), with operations in UAE and India, Facilio offers an Enterprise platform for data-driven real-time facilities operations & maintenance (O&M). Facilio harnesses IoT and AI to centrally consolidate existing building systems and automation data across portfolio, onto the cloud. It offers applications and modules for property owners and service providers to manage and control portfolio-wide O&M activities and outcomes, such as maintenance, tenant experience and sustainability, in real-time.