Property Operations in 2024: Navigating a Transformative Landscape with Integrated Solutions, Automation, and Purposeful Innovation

Prabhu Ramachandran, CEO & Co-founder of Facilio

Posted 1/9/2024

Introduction

In the landscape of property operations during 2023, a noticeable trend was the consolidation of services within the industry. Instead of relying on individual point solutions, there was a significant movement towards integrated solutions. This shift suggests a departure from the traditional approach of addressing specific challenges with isolated tools and a move towards comprehensive platforms that offer a holistic approach to property management.

As we look forward to 2024, it becomes clear that the demand for platform-driven models will continue to be a driving force in the industry. However, what will set successful entities apart are solutions that are purpose-built and have a tangible impact. In other words, the winners in this space will not only provide a broad range of services through integrated platforms but will also be distinguished by their ability to address specific challenges with precision and deliver outcomes that make a real difference.

Property Operations 2024

Cost optimization remains a paramount concern for property operators. In a recent survey of 500 facility managers, the top KPI tracked was maintenance spend and cost savings. In response to this, we foresee an increasing reliance on automation for cost optimization, particularly in the areas of energy efficiency and business process automation.

We also expect software buying decisions to become more strategic; a piecemeal approach to software buying will be replaced by portfolio level priorities. Despite tech spend reductions in various industries, there is a considerable uptick in demand for AI-driven tools that directly impact revenue by lowering operational and energy costs. For real estate owners and operators, the focus in 2024 will be on improving workforce efficiencies and enhancing tenant experiences. These priorities align with the industry’s evolution towards purposeful and impactful proptech solutions.

At the recently concluded COP28 meetings, the Buildings Breakthrough was launched with the support of 27 countries. The partnership aims to make ‘near-zero and resilient buildings’ the new normal by 2030, addressing the fact that the building sector alone accounts for nearly 40 percent of global energy-related CO2 emissions, 50 percent of extracted materials, and one-third of global waste. Hence decarbonisation will continue to be a top priority.

Yet many building owners and operators don’t know where to start or how to navigate the path to net zero. IoT-led building operations software will play a critical part in fast-tracking this journey, and we advocate the “crawl, walk, run” approach – first monitor, then predict and finally optimize/control.

Property Operations 2024: Conclusion

In the coming year, the property operations landscape will witness a sustained adoption of platform solutions. Automation will play a crucial role in optimizing costs, while the integration of AI is expected to elevate both workforce efficiencies and tenant experiences. Additionally, the pivotal role of IoT (Internet of Things) will be underscored in the pursuit of achieving net-zero objectives and optimizing energy usage. This multifaceted approach signals a forward-looking industry, leveraging technology to enhance operational efficiency, sustainability, and overall user satisfaction.

Prabhu Ramachandran

Prabhu Ramachandran is the CEO & Co-founder of leading proptech company Facilio Inc. which offers cloud software solutions to manage the built environment. Headquartered in New York City with offices in Dubai, London, Chennai, Australia & Singapore, Facilio is a global company backed by leading investors including Accel Partners, Tiger Global Management, Dragoneer Investment, and Brookfield.

Prabhu’s career spans over 18 years of product, business, and customer experience focused on enterprise-scale software for IoT-based connected services, sustainable building solutions, and telecom network management.

Define the Need Before Software Installation

Defining the real need for new software and staying focused is tricky. There are so many variables along the way to a good software implementation that falling off the track is easy. There has to be a central theme to guide the decisions that will be made during the process. Simple steps early in the project keep decisions simple when times get tough.

CMMS Software - Selecting the Right CMMS

Good Computerized Maintenance Management Software (CMMS) that schedules preventive maintenance work orders on your equipment is an integral component of any efficient maintenance department. Preventive and scheduled maintenance, efficiently scheduled, will not only reduce your maintenance costs, but will minimize emergency repairs and downtime, resulting in an increase in overall profitability.

CMMS: Integrating Real-Time Information for Condition-Based Maintenance

Industry pacesetters use real-time equipment data to prioritize and optimize their maintenance resources. The process is straightforward in concept: use real-time data to determine the equipment health, but only inform the Computerized Maintenance Management System (CMMS) when maintenance is actually necessary. From there, the CMMS automatically produces the work order and uses the workflow that is already familiar to all maintenance personnel.

An Integrated Process for System Maintenance, Fault Diagnosis and Support

This paper presents an overview of an integrated process for system maintenance, fault diagnosis and support. The solution is based on Qualtech System, Inc.’s (QSI’s) TEAMS toolset for integrated diagnostics and involves several key innovations. As a showcase of the integrated solution, QSI, along with Antech Systems and Carnegie Mellon University (CMU), have recently completed a research project for the Information Technology Branch at the Naval Air Warfare Center–Aircraft Division (NAWC-AD) in St. Inigoes, MD. The entire system, termed ADAPTS (Adaptive Diagnostic And Personalized Technical Support), provides a comprehensive solution to integrated maintenance and training.

Maintenance Software Implementation

Much has been written in the past about the implementation of maintenance software (CMMS systems). This article takes a slightly different approach in that it attempts to explain some of the pitfalls associated with first time implementation in SME's. It suggests a "try before you buy" approach, which stages the maintenance software implementation to reduce both risk and cost. Tales of failed implementations abound and failure rates of 40% to 80% are commonly quoted. Real statistics are hard to come by but the following data is both relevant and current.

Enhancing Overall Equipment Effectiveness Through TPM

In Total Productive Maintenance small group activities are interwoven in each other. Autonomous maintenance is one of the most important pillars of TPM. Autonomous maintenance aims to educate the participants in the concepts and philosophy of autonomous maintenance and to give m opportunity to develop their skills and confidence. Read the learn why implementing TPM to improve OEE was recommended to the plant in question.

Corrective Maintenance Task Generation

Corrective Maintenance Task. Generation is best performed by the. same personnel who perform corrective maintenance. The normal. technician’s time schedule does not. allow the time to document tasks in. detail. Some companies rely on the maintenance supervisor to document. and implement new preventative and corrective maintenance tasks.

Can You Really Justify Reliability Centered Maintenance (RCM)?

Reliability Centered Maintenance is a step-by-step instructional tool for how to analyze a system's failure modes and define how to prevent or find those failures early. RCM become a very detailed study of things we already know, you will often hear the justification "it's to make sure we don't miss anything." If you are considering implementing a reliability centered maintenance program, you. should be aware of the problems you may run into.

Avoid Waste: Lean Maintenance Can Reduce Overall Costs

Why us, why now? In years past, the engineer, manager or superintendent was responsible for improvement ideas. Maintenance people were "hands" hired to do what they were told. Today, organizations are lean and mean; we need the capabilities of all maintainers. The downsizing craze, however, has left everyone in a managerial role with too many tasks and too little time. There's no one left to cut costs!

Using Reliability Importance Measures to Guide Component Improvement Efforts

The component importance measure is an index of how much or how little an individual component contributes to the overall system reliability. It is useful to obtain the reliability importance measure or value of each component in the system prior to investing resources toward improving specific components. This is done to determine where to focus resources in order to achieve the most benefit from the improvement effort.

Engineered Building Maintenance

A team of technical experts will make a thorough review of the building and its operating history. Led by a professional engineer or architect, they will review the original construction plans and specifications, if they are available. Then they will develop a specific reoccurring maintenance program, as well as a cost estimate, for each of the building's systems and load it on their computers.

Design for Maintainability: The Innovation Process in Long Term Engineering Projects

In this paper we are concerned with design and innovation in the context of long-term service driven engineering projects. The cases reveal a number of ways in which new organisational arrangements have emerged from attempts to deal with these difficulties and also some of the mechanisms that have helped companies to identify the design implications of future maintenance requirements.

Communications: The OEM Partnership

When maintenance is allowed to interact with the plant and production Original Equipment Manufacturer (OEM), a prosperous relationship for both parties will often ensue. This OEM partnership results in first-hand information for maintenance to set up its maintenance approach, and valuable operational and design feedback for the OEM. There are seven main circumstances in which maintenance will interact or communicate with an OEM and form an OEM partnership.

You Cannot Maximize Production or Reduce Costs Without the use of an Effective Planned Maintenance System

Planned maintenance is a maintenance concept developed over a span of time, and is made up of numerous functions, all designed to compliment each other. Planned maintenance, then, is a maintenance program designed to improve the effectiveness of maintenance through the use of systematic methods and plans. The primary objective of the maintenance effort is to keep equipment functioning in a safe and efficient manner. This allows production to meet production targets with minimum operating cost.

Property Operations in 2024: Navigating a Transformative Landscape with Integrated Solutions, Automation, and Purposeful Innovation