The Facilities Management (FM) and Property Management (PM) sectors are poised for a significant transformation in 2024, driven by the adoption of cutting-edge technology. Three key trends are set to redefine the industry: the integration of artificial intelligence (AI), data-driven insights, and the digitization of everyday operations. These trends promise to enhance efficiency, sustainability, and the well-being of the workforce in the property sector.
Data integration for enhanced service delivery
In 2024, the consolidation of property data is expected to accelerate. Organizations are recognizing the value of integrating diverse data sources, including footfall analysis, IoT sensors, and energy monitoring, into their operations seamlessly. This integration aims not only to collect data but to leverage it effectively to improve service delivery.
The impetus behind this trend also stems from new building safety regulations that emphasize the maintenance of a digital ‘Golden Thread.’ This comprehensive digital record of high-rise buildings with residential units provides valuable insights for smart decision-making. It’s clear that data integration is becoming a cornerstone of efficient property management.
AI: A game-changer in FM and PM
Building on the progress made in 2023, AI is emerging as a crucial component in FM and PM operations. However, the effectiveness of AI applications depends on the quality of the data they process. In 2024, FM and PM teams must prioritize the organization, accuracy, consistency, and cleanliness of their databases to unlock AI’s full potential.
AI’s strategic implementation will extend to areas like energy management, footfall optimization, and intelligent chatbots, enhancing tenant interactions and issue resolution. Moreover, AI can play a pivotal role in extracting valuable business intelligence from the vast volumes of data contained within the ‘Golden Thread.’
Sustainability driving change
Environmental sustainability is set to take center stage in 2024, as more organizations recognize energy consumption as a top business risk and prioritize sustainability. This shift will drive FM and PM teams to collaborate closely and adopt AI-driven energy management tools.
These tools won’t just measure and monitor energy usage; they will provide actionable insights to identify and rectify inefficiencies. Early adopters of advanced energy management technologies have already demonstrated that AI-enabled solutions could increase energy efficiency by up to 30%, aligning with the broader trend toward sustainability while achieving internal green objectives cost-effectively.
Addressing stress and overwork
Despite the transformative potential of technology, the property sector must address the pressing issue of stress and overwork among its workforce. A 2023 survey of 750 European facility management professionals revealed that nearly 40% identified mental health as their most significant challenge, with excessive workloads and increased job demands as contributing factors.
However, technology also offers a solution to this problem. Digital tools, powered by data, will help alleviate stress by optimizing scheduling, task allocation, and overall efficiency. Predictive maintenance procedures, driven by digital insights, will enable facility managers to streamline operations, ensuring that onsite tasks align with actual needs rather than historical schedules.
As we embark on the journey of 2024, the property sector is undergoing an unprecedented technological transformation. Embracing AI, data-driven insights, and digital innovation holds the promise of efficiency, sustainability, and improved well-being for the workforce. The year ahead is not just about change but about excellence, innovation, and a commitment to a smarter, more sustainable built environment. These trends are set to redefine the FM and PM landscape, ushering in a new era of property management driven by technology and data integration.