Page 43 - CIJ June 2024 - Digital Edition

FACILITY MANAGEMENT

Cost Optimization Strategies in
IFM services

Delivering high-quality IFM services at optimal costs is a necessity considering
current business trends. Meeting a company’s strict budget constraints is one of
the major needs of a contemporary facilities manager. UR Uday Kumar, Managing
Director of AMPS Facilities Management Services Pvt. Ltd and Afzal Khan, an FM
expert, share a few top suggestions for reducing operating costs.

Afzal Khan, an FM expert

1. Long Term Planning (ROI generate considerable
Strategy): Long-term planning cost savings, increase
is necessary for one of our productivity, and
earlier cost-cutting strategies streamline operations
for facilities management. by deploying
Consider the long-term return on the appropriate
investment (ROI) of your options technical solutions.
while assessing your options. A Computerised
These would provide insight Maintenance
into the business’s priorities, Management System
procedures, and policies and (CMMS) is one tool for
fight to address foreseeable leveraging technology.
issues and provide a variety of Facilities managers may
solutions. When evaluating the automate and centralise
long-term goal, many strategies operations like inventory
can be employed to counter cost control, work order predictive approach. This is due
increases, and these strategies administration, and scheduling to several factors:
vary depending on the issue preventive maintenance with a • Waiting for components to
at hand. CMMS. Facilities management break before responding
can be made even more efficient
2. Continual Improvement & by incorporating smart building increases the likelihood they
Progress: If you genuinely technology in addition to a will need to be replaced,
want to reduce operating CMMS. Real-time monitoring which is often costlier than
maintenance over time.
costs in your facilities, you of energy usage, equipment
must be exact in your efforts. performance, and indoor air • If a component breaks and is
Initiatives to reduce facility quality can be made possible not spotted immediately, it can
management costs typically via IoT sensors and automation continue to drain on resources
require constant research and systems. while not providing any benefit
development. Although this can 4. Predictive/Initiative-taking in return.
be a challenging effort, there Maintenance: Firstly, quality • The failure of the asset may
may be a significant long-term facilities management can compromise employee safety
reward. Make sure that a plan result in substantial savings or make your business non-
is established and conducted, connected to assets throughout compliant with regulations,
along with the necessary KPIs. an organization. Teams that rely which may incur fines. In fact,
Breaking down your tasks into on reactive maintenance, i.e., according to Reliable Plant,
smaller tasks and projects would waiting for a component to fail predictive maintenance saves
simplify the process. before responding to it, will 8%-12% over preventative
3. Smart Technology and typically see greater costs than maintenance, and a massive
40% on reactive maintenance.
Automation: Businesses can those who take a preventive or

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