Why Real Estate Sector Needs Smart Facility Management?

By CIOReview | Wednesday, July 10, 2019

When the millennial generation leverages digital devices on every turn, it expects the workplace to be smart as well.

FREMONT, CA: The millennial generation bloomed in the cradle of technology. Over the last few years, the rise in the number of millennials in the workforce has spurred the organizations to transform their processes to cater to enhanced employee experience. The digital generation is accustomed to digitalization, leveraging digitally empowered processes such as cab sharing, online food delivery, and homestay hospitality services.

Until now, facility management (FM) was driven by cost-centric principles. However, the rise of the millennial generation has spurred the organizations to prioritize value and deliver unified and connected services to the customers. The workplace quality impacts not only productivity, but also employee experience. Hence, it is imperative for organizations to focus on value-based customer service. As a result, FM is now evolving into a sector aimed at enhancing the experience of the occupants and improving their interaction with the facility.

The real estate sector has witnessed a significant evolution in its processes due to automation. Organizations are incorporating diverse technologies, including smart glass and robotic process automation to augment their operations. The integration of artificial intelligence (AI) and the internet of things (IoT) require specialized infrastructure and optimized FM processes to overlay the digital workspaces. Modern customers expect personalized and service-led facilities that go beyond legacy models. IoT, connectivity, and mobile applications are predicted to dominate facility management over the next few years.

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The digitalization has spurred organizations to focus on real-time responsiveness, enabling predictive management of buildings. It has become imperative to incorporate technology and enhance occupant experience. It will not only allow them to attract more customers but also maintain a competitive edge in the market.

In the millennial dominated era, efficiency and customer experience play a vital role in the real estate sector. By integrating emerging technology, organizations can drive performance, connectivity, and experience for customers. The AI enabled systems can also allow them to draw actionable insights from the troves of data.

     Facility Management Companies - BOS TechnologyDigital Spaces, IncFieldFLEX

After the construction phase, the lifecycle of buildings requires natural, financial, and human resources. Hence, there is a need to invest in the FM workforces to enhance the productivity of its personnel. It will not only improve employee experience but will also bring a better return on investment (ROI) to the owners.