The traditional facility capital planning process has relied on disparate tools and siloed information. It’s no surprise that the resulting budgetary decisions can feel misinformed and distanced from the assets and facilities they’re impacting. But recent advancements are ushering in an increasingly connected future for capital planning. By leveraging digital transformation technologies like IoT building management, facilities executives can transform their capital planning processes.
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The Facility Management Digital Transformation
Soon, facilities management, and the capital planning it informs, will be dominated by IoT building management tools. These sensors, autonomous drones, and observational robots will constantly gather granular data to feed AI degradation models in real-time. The result will be a clear global view of all assets and predictive models of optimal maintenance and replacement schedules.
Automated Data Gathering
This “autonomous robot army” will continuously collect data in near real-time, feeding it into a centralized big data pool. AI models integrate that data with the maintenance details your techs are already annotating in their everyday workflow, transforming valuable information into precise asset conditions. And all of this is done within a single IoT building management platform.
With less time spent gathering data and with fewer reactive work orders to manage, facility teams can focus on preventive and predictive maintenance in a revolutionary way.
Global Data Pools
Instead of disparate silos of non-actionable data, all that data will be gathered in the cloud and available for use. No more discarding millions of valuable maintenance data points every day or manually collecting data from a dozen disparate sources. Facility Directors have the latest information at their fingertips to accurately determine and communicate needs.
AI-Driven Decision Making
An AI-driven IoT building management solution makes full use of your specific data and combines it with global data on assets’ models and scenarios. The solution then powers real-time reports to address the current status of assets and facilities. It combines facility information in a way that adjusts the capital position of your assets by assessing the level of risk they pose.
The AI can take this data to create actionable insights and lists of suggested tasks, letting maintainers know which tasks should be performed, how often they should be completed, and how much it will cost.
Take it one step further, and these AI tools can create reports based on any “what-if” scenario you and other stakeholders can imagine. Leveraging this reporting can help decision-makers determine if a facility is worth continued investment or if it’s financially smarter to sell 2, 5, or 10 years down the line.
Using AI decreases the margin of error, creates more confidence in projected scenarios and provides a solid basis for long-term planning.
Using IoT Building Management to Improve Capital Planning
The entire capital planning process can be significantly improved by using facility management digital transformation tools to generate insightful analytics. With this information, facility managers have the evidence they need to present accurate budget requests to critical decision-makers. This data empowers stakeholders to think strategically about capital allocation.
To better harness the power of data beyond traditional capital planning methods, facilities and their operators need to lean toward the next era of integrated IOT building management solutions. The AkitaBox team invests significantly to build and deploy scalable innovative applications to advance your facilities and the facility management industry forward.
Ready to take the next step in your facility management digital transformation to improve capital planning?
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Or, talk to an expert if you’re interested in seeing AkitaBox IoT building management in action