ENTOUCH Smart Building Solutions

Artificial Intelligence & Its Impact on Facilities Capital Planning

The opportunities for improvement through artificial intelligence in predictive maintenance have captured the attention of numerous companies of all sizes, reports Henry Canaday of MRO-Network.com. Although artificial intelligence has major implications for Facilities Managers seeking to leverage digital assistants and make informed decisions, the biggest impact may be made in the area of capital planning. Artificial intelligence can effectively move the stressful process of planning the annual or quarterly budget away from Facilities Managers, using data to support the reasons for budget changes and ensuring an accurate forecast for budget needs. As a result, Facilities Managers need to understand how facilities planning benefits from the use of artificial intelligence.

What’s Holding Facilities Managers Back From Using Artificial Intelligence

Misunderstanding of data and applications of Big Data is the most prominent antagonist in the fight to do more with less through artificial intelligence, reports Rita Tatum of FacilitiesNet. Facilities Managers may assume deploying artificial intelligence tools will require vast resources, and shareholders may not have previously reviewed the cost associated with implementing artificial intelligence tools and capabilities. However, artificial intelligence is much more than most realize.

Artificial Intelligence Boosts Facilities Capital Planning

Efficiency gains through artificial intelligence can boost facilities capital planning. According to Buildings.com, artificial intelligence enables new capabilities to drive informed decision-making, such as whether to repair or replace an asset, submit an invoice, pay an invoice, update system controls, refine the maintenance schedule and more. Eliminating much of the manual processes associated with repairing the facilities management budget also serves to reinforce the value of modern technology in the realm of facilities management. When presenting stakeholders with projections for facilities capital planning for the next quarter or year, Facilities Managers can point to data, not assumption. Therefore, stakeholders are more likely to approve a budget, including those that may require a short-term, higher investment to achieve long-term success and improvements in efficiency, reducing costs, along the way.

How to Use Artificial Intelligence to Improve Capital Planning Decisions

Using artificial intelligence and capital planning decisions can be a difficult topic to approach in facilities management. On the broad level, artificial intelligence includes all systems that have some intuitive capability, including smartphones, digital assistants, analytics, and more. Instead of getting lost in the hive, Facilities Managers need to keep an eye on the prize and focus on data and automation. In order to make the best use of artificial intelligence in capital planning, asserts Buildings.com, Facilities Managers should:

  1. Know what type of smart devices are necessary to collect data.
  2. Implement a smart building solution to effectively track and manage facilities management data.
  3. Collect granular data from relevant sources.
  4. Determine the best course of action based on actionable data.
  5. Automate the process, including facilities management controls.

Put the Power of Artificial Intelligence to Work in Your Budgeting Processes Now

Artificial intelligence can work wonders for your facilities management, budgeting processes, and it will enable continuous improvement through the facility-wide deployment of advanced, smart building solutions. It is time for your organization to leverage the resources of modern technology, including artificial intelligence, in your facilities management department. Learn more by contacting ENTOUCH online or calling 1-800-820-3511 today.