IoT-based Asset Management Can Improve Operational Efficiencies

IoT-based asset management can help organizations to discover new sources of revenue

It’s a suite of smart and green technology that provides not only a means of education to the FM industry but also first-hand access to the most innovative off-the-shelf commercial solutions to embrace.Nowadays companies make have been making smarter decisions about their operations,products, and customers. And by connecting legacy assets to the Internet of Things (IoT), businesses can gain end-to-end visibility of their operations. And that’s just the start.IoT-based asset management can help organizations achieve operational efficiencies, move their business from one focused on products to one focused on services, and discover new sources of revenue. Once this is accomplished, an organization can radically change its internal operations, its customers' experience, and even its business models. HITEK Services – technology arm of Farnek has been well received as a technology solution provider in the industry. Having developed an in-house solution called the HITEK Solution 4.0, we were able to digitally connect facilities, assets, people, and spaces from multiple remote

sites, using intelligent analytical platforms developed for cleaning, security, maintenance, and energy management. What makes this solution unique is that it allows to smartly and centrally to manage and control remote sites, by utilising the Asset Management activated with Internet of Things, building management systems, developed with ML and AI analytics, powered by cloud and mobility technologies. This ticks of all the boxes for any business as it runs on information. It should be digitally available, accurate and faster. Based on operational excellence and strategic value, every data point must be connected in digital FM.

Today’s SAAS platforms must reach every stakeholder whether via mobility or IoT to bring out the true value chain where businesses excel operationally and make informed data driven strategic decisions. I believe Facilities Management should not be taken as break and fix, with digitalisation there should be more focus on Strategic FM which is based on technology, as businesses need to know their future financial budgets. All the technologies including CAFM, IoT enabled BMS and Energy Management Platform provide a complete 360-degree view of FM within the facility, its operations, and costs.

Today’s CAFM solutions have all the capabilities to revolutionise traditional siloed facilities management by connecting people and processes within the facilities for example a simple audit process or Lost & Found digitalisation streamline the entire process with compliance and digitalisation reduces the efforts and speed-up the information visibility. IoT contribute greatly in triggering the space and asset information including Indoor Air Quality and Energy with its cross analytics with Footfall allows FM to plan the manpower and maintenance work accordingly where required. FM must activate all the operational processes from technician till management to bring connected, automated and intelligent operations. Smart gadgets are another example which is proven to be beneficial for communication, visibility and operational efficiency to keep the workforce and information connected in real-time. All these technologies must be integrated as 1 flexible, scalable and analytical platform that can connect an asset or BMS from any brand to one central location. FM solutions must be built on R&D based on the challenges faced by facilities operators and owners to streamline operational processes, information automation and visibility.

On the maturity of the UAE market in adopting CAFM, I believe the UAE FM industry is very matured and [has] embraced FM & Building technology much early. Many CAFM solutions are available and activated butthere is a phase of realisation required where digitalisation in true sense should be achieved.
An important question to ask is, are we utilising all those complicated processes, and are they really needed? We should utilise all the information feed-in, and bring the value chain for future budgeting for FM operations, procurement, and financial planning for asset and resources. We need to connecall the stakeholders in the platform for better and efficient communication.

UAE has taken a lead in embracing innovation in almost every sector. We have one of the smartest government sector e-services available for the residents. FM has to follow the same strategy where digitalisation of the entire FM journey must be truly embraced and achieved where there is no Option B. These include ability to design and operate FM not only to deal with planned, reactive and corrective tasks; but connecting workforce from ground to execute the
process with full SOPs; project administration to perform various online audits, engineers to monitor energy and health & safety; and building owner expectations for the facility and asset running and lifecycle costs.

(The Author, Javeria Aijaz is the Senior Director – Technology & Innovation at FARNEK Services, the Swiss UAE-based Facilities Management Company. She is also Managing Director of Farnek’s technology arm – HITEK Services, launched earlier this year.)