The application of environmental, social and governance data holds significant promise for Facilities Managers, it can help facilities determine what investment decisions are best, and it empowers teams with more information about how to reduce disruption to consumers. The proper use of ESG data lowers operating expenses and provides a boost to profitability and brand image. However, Facilities Managers can quickly feel overwhelmed when approaching an ESG strategy. Instead of getting lost, Facilities Managers should start with the most fundamental principle, the use of actionable data.
Where Do Facilities Managers Go Wrong With ESG Data?
One of the biggest problems with the use of sustainability data is a failure to recognize where its real value lies.
According to Greenbiz, shareholders have one concern concerning sustainability data—return on investment. Any decision affecting the use of data must consider how it will impact return on investment for existing systems and planned improvements. For example, an organization that is considering the implementation of an LED lighting system should think how such investment will translate into energy cost avoidance in the future. This may be through reduced energy consumption, increased time between facility asset maintenance, and more. Unfortunately, the inability to track this data and provide a quantitative value on how the application of actionable ESG data translates into a strong return on investment is the biggest problem facing facilities managers today.
Why Does Actionable Data Make All the Difference?
There are many types of data in the world. Some data reflects what has happened, such as that derived in descriptive analytics, and other data can provide Facilities Managers with a review of all possible outcomes. However, the most valuable data includes that which defines the exact path forward to achieve an optimum result. In a sense, the basic principle of applying ESG in facilities management revolves around the use of predictive analytics. Predictive analytics clearly spell out precisely what a Facilities Manager needs to do to achieve the best possible outcome, and as explained by Office Space Software, leveraging actionable data offers these key advantages:
- Eliminate guesswork.
- Create insightful reports.
- Integrate with existing systems.
It is a simple concept. Actionable data means a Facilities Manager knows exactly what to do and how it will affect the performance of the facility assets, as well as other factors, such as customer experiences, return on investment, and more.
How to Use Actionable Data in Facilities Management
Facilities Managers can apply actionable ESG insights by following a few best practices, including:
- Retrofit facilities with wireless sensors that automatically track and catalog data. Today’s facilities generate a ton of data, and this data – when made actionable – holds the key to success. The only way to make sense of this data is connected to an overarching smart building platform, such as ENTOUCH.One.
- Apply big data analytics to understand and transform raw data into actionable data. Data in its raw form is useless. It is nothing but ones and zeros, so Facilities Managers need to transform this data into something meaningful. For example, how often should an asset run during peak usage hours to reduce actual energy use?
- Generate reports to forecast the expected impact on sustainability and energy use. Even after making improvements, Facilities Managers should continuously measure performance and understand how data chart the course forward for an organization. If the goal is to achieve X in cost avoidance savings, when will that event occur? Ultimately, reports and insights are necessary to fulfill the path from collecting data to realizing the benefits of meaningful, actionable data application.
Apply Actionable ESG Data to See Real ROI
Unlocking the value of actionable data will be overwhelming, and depending on the level of technology within your organization, it may require a significant upfront investment. However, the risk of reduced ESG application in facilities management is too substantial to ignore. Consumers, governments, and shareholders will quickly grow upset when an organization fails to meet essential energy efficiency and carbon’s admissions standards. Put the power of ESG to work in your facility by choosing the right partner. Discover the benefits of actionable ESG data by contacting ENTOUCH online today.