{"id":4647,"date":"2022-02-15T09:11:34","date_gmt":"2022-02-15T03:41:34","guid":{"rendered":"https:\/\/factech.co.in\/blog\/?page_id=4647"},"modified":"2022-02-15T11:02:38","modified_gmt":"2022-02-15T05:32:38","slug":"measure-roi-in-facility-management-digital-transformation","status":"publish","type":"page","link":"https:\/\/factech.ai\/blog\/measure-roi-in-facility-management-digital-transformation\/","title":{"rendered":"Measure ROI in Facility Management Digital Transformation"},"content":{"rendered":"

What is the ROI of CMMS\/ CAFM?\u00a0<\/em><\/p>\n

How can I convince my finance team regarding digital transformation?<\/em><\/p>\n

Will I get 2X or more returns by spending X amount on digitizing through FM platform?\u00a0<\/em><\/p>\n

If you are in business development or get involved in strategic business decisions, you would have gone through ROI-related questions.<\/p>\n

Return on Investment ( ROI) is important in any business decision. Any technology investment or digital transformation of business will fail if it will not bring benefits more than the cost. CFO (Chief Finance Officer) wants concrete data to justify any technology investment decisions.<\/p>\n

For technology advancement success – we can start with the objective of Digital Transformation in mind. Goals will help you to create a framework for what a successful transformation will look like. You will be able to evaluate whether the technological advancement project is on track.<\/p>\n

\"best<\/a><\/p>\n

Technology Investment Objectives<\/h2>\n

Understanding your objective, in the beginning, will enable you to remain focused. For example – improving customer or employee experience, eliminating manual processes or optimizing operations can be objectives for technology advancement.<\/p>\n

There is a wide range of metrics for digital transformation. Gartner recommends selecting 5-9<\/a> key performance indicators<\/a> to track, report, and act on – that provide insights into the impact of your technological advancement.<\/p>\n

Best KPI or metrics are those which impact your business directly. Rather than following the herd, define your metrics that are easily understandable to non-technical team members. For instance, if your objective for Asset (Equipment) Management is to improve useful life, actionable metrics can be schedule compliance, Mean Time Between Failures (MTBF).<\/p>\n

Digital Transformation Success<\/h2>\n

As per Mckinsey’s research,<\/a> Organizations with successful transformations have leaders who are digital-savvy. Developing talent and skills throughout the organization for digital transformation is one of the most important factors for success in a digital change effort.<\/p>\n

The environment that motivates your team to get the most from technology investments is to be cultivated for technology advancement.<\/p>\n

FM KPIs by Factech provide guidance<\/a> for change and your organization should respond and act for improvement. Rather than discarding the change after the first instance, we need to hustle and find out the reasons and try a different way of improvement. For example, if you have an AI-powered chatbot to elevate the customer experience, but your metrics reveal that customers are more annoyed and complaining about this. The next step is not to abandon the effort, but instead, investigate what’s behind the failure- something that needs to be changed. Then you can reboot the changes in place to solve the problem.<\/p>\n

Culture is the key to digital transformation success.<\/em><\/h3>\n

\"facility<\/a><\/p>\n

Historical Evidence of FM Technology Transformations Benefits<\/h2>\n

Save 3 to 9 times by moving from Reactive to Preventive Maintenance<\/h3>\n

Digital solutions help you to achieve the Benefits of Preventive Maintenance<\/a> which includes 30% less cost than reactive maintenance.<\/p>\n

Boost Customer Satisfaction<\/h3>\n

Ensuring equipment is always up and running efficiently boosts customer experience which translates to a strong brand image and attracts the best employees to be part of your team. With digital service\/complaint management, your staff becomes more accountable which boosts customer experience.<\/p>\n

Save Energy Consumption by 6 -10 %<\/h3>\n

For example, properly maintained HVAC units can better maintain the air at a set temperature and disperse it evenly throughout the space. This can save energy to 6-10% annually<\/a>.<\/p>\n

20-40% Increased Efficiency<\/h3>\n

With digital FM solutions like Kaizen CAFM, your team gets insights in real-time that improve team productivity. You can take better decisions based on intelligent information. Depending on your team size, you can save 20- 50 man-hours monthly<\/a>.<\/p>\n

Click here to Contact Now for Digital Transformation<\/span><\/a><\/h3>\n

Factech Case Studies<\/h2>\n

How Residencies like DLF, Jaypee, manage their Condomoniums?<\/a><\/p><\/blockquote>\n