Facility Management (FM) is a professional management discipline concentrated upon the productive and effective delivery of support services for the businesses that it serves. Cost-centric and value-driven priorities have been backing it. Millennial generation spent their formative years in a "real-time, anytime, anywhere" economy. Business culture is transforming under the influence of the millennial. Tech-driven differentiation is on the rise of the industry, and millennial customers are demanding real-time, unified, and connected services. The quality of built space impacts productivity and occupant wellbeing. FM is emerging from maintenance and primary functional support to the provision of an experience that delights tenants and enriches their communication with the facility.
As businesses start to incorporate technologies as distinct as Smart Glass to Robotic Process Automation (RPA) into their operations, real estate is developing quickly. Collaborative workspaces need fundamentally different infrastructure to the legacy model. The Internet of Things (IoT) and Artificial Intelligence (AI) enabled buildings to go beyond optimizing FM operations. The aim of emphasis on real-time responsiveness is enabling predictive management. The expertise to deliver value by improving occupant experience is the primary impetus for embracing technology. FMs and commercial real estate (CRE) owners will work towards totally optimized operations. The ability to attract customers is a priceless advantage. The conjoined deployment of IoT & AI is the next-gen solution that delivers this capacity.
AI and IoT enabled smart buildings to offer a competitive edge; customer experience and efficiency are integral in case of the buildings. Enhanced connectivity and unified management technologies allow workplaces to that perform better deliver an interactive experience for customers. Millennial end-users expectations from modern and smart facilities are creating a clear differentiation in the FM market. Legacy providers used to use traditional Computer- Aided Facility Management (CAFM), which is inherently inadequate in being able to address these emerging trends. Applying IoT and AI-based solutions enable FMs and CRE owners to leverage value creation as a significant operational advantage.
The most significant input of human capital, as well as natural and financial resources, is required in the post-construction phase of a building's lifecycle. FM represents a severely under-optimized resource even though it is the largest workplace in the world. The IoT and AI-enhanced FM paradigm has the potential to transform the way the industry functions.
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