Today’s Facilities Managers have a mountain of responsibilities, and it can feel like every day brings some new best practice or standard. The use of environmental, social, and governance data is one of these changes to the foundation of traditional facilities management. Although imposing, the application of such data can help Facilities Managers make informed decisions and reduce the costs and stresses associated with investing in sustainability. Facilities Managers need to understand the challenge in managing the data and how to best apply this data.
The Biggest Challenge with ESG Data
The biggest problem with applying environmental, social, and governance data in your facilities derived from a misunderstanding of what the data really is. Environmental social and governance data refers to the information collected that reveals a business’s essential ability to maintain sustainability, connect with consumers, and adhere to all applicable regulations. Unfortunately, today’s Facilities Managers may lack the resources necessary to track data in the first place. Moreover, a lack of standardization within the application of ESG data stands out as the most significant problem reports Environmental Leader.
Standardized Environmental, Social, and Governance Data Empowers Facilities Managers
Facilities Managers must standardize how data is aggregated, analyzed, and applied to apply environmental data correctly. In other words, it is not enough to make improvements and claim such improvements achieve cost avoidance and boost sustainability. However, creating specific processes to collect and manage facilities through data-driven workflows empowers Facilities Managers. Essentially, standardized procedures enable data-driven investment decisions, says CNBC.
Best Practices for Applying Environmental Data in Facilities management
Facilities Managers that wish to apply environmental data and facilities management should follow these best practices:
- Track Everything. Although the use of environmental social and governance data generally refers to sustainability and energy use, it is crucial to track every activity and resource in the facility. This includes wastewater, water, gas, electricity, occupant health, and much more.
- Retrofit Your Facilities with “Smart” Wireless Sensors. Since tracking all these data points can be frustrating, especially with manual processes, Facilities Managers should retrofit the facility with wireless sensors to automate the process.
- Use Big Data Analytics to Unlock Insights. Big data analytics help Facilities Managers unlock insights by analyzing data for correlations and identifying patterns that can be changed to drive savings.
- Focus on Use Versus Sustainability. By definition, sustainable goals must consider the use of assets versus their energy efficiency and sustainability. Key performance indicators (KPIs) and metrics used should focus on this basic principle.
- Be Transparent. Considering the social aspect of ESG, the company should be transparent within their organization and consumers, showing what they are and are not doing to improve sustainability.
- Connect with Customers. Speaking of sustainability, businesses must also connect with consumers, soliciting their feedback, and continuously improving operations.
- Apply Cost Avoidance Savings to Improve Continuously. Savings achieved through cost avoidance should be used for reinvesting within the organization to improve efficiency.
- Measure Performance Again. Any improvements should continue to be measured to reveal their actual cost of implementation versus benefits.
Collect and Apply Environmental, Social, and Governance Data in All Facilities Management Decisions
Applying environmental, social, and governance data in facilities management decisions will help organizations take advantage of the latest technologies, such as smart building solutions and big data analytics. Most importantly, reducing the carbon footprint through applied to data and investment decisions is the easiest way to increase profitability without sacrificing the quality of guest experiences. Find out what your organization needs to do to get started by contacting ENTOUCH today.