ENTOUCH Smart Building Solutions

The Internet of Things (IoT) to Manage Facilities Spend Through Risk Mitigation

Slips, trips, falls, sprains and strains are a significant risk for businesses, and the burden of preventing these issues rests on the shoulders of all team and Facilities Managers. According to FacilitiesNet, the average cost of these injuries rose $2 billion between 1998 and 2010 for businesses. Businesses spend more than $11 billion per year to deal with these injuries. Although not all injuries are preventable, Facilities Managers can use the Internet of Things (IoT) to manage facilities spend by reducing fall risks.

Risk Mitigation Is Extremely Complex

Facilities Managers have more information today than any previous generation. Devices, systems, and customer-facing portals provide an endless stream of data, but using this data to make informed decisions and predict potential risks is still in infancy. Moreover, accessing information is difficult at best, with only 10 percent of Facilities Managers capable of obtaining data within 10 minutes, reports Carl Terrantroy of Aconex. Multi-site portfolios add to the mountain of data. Multiple sites mean compounded risks, making meaningful use of data troublesome. Thinking about risks that affect facilities spend, Facilities Managers may not know how to connect this data to real-world solutions to mitigate everyday risks. However, it is possible.

Managing Facilities Spend Through Risk Reductions is the Answer

In fact, Facilities managers are heavily engaged in investing in new IoT-enabled sensors and smart building solutions.  For example, decreasing the risk of fires through smart building solutions effectively reduces the risk to occupants and merchandise. Since systems are connected to the IoT, additional savings compound through energy reductions and optimized controls.

How to Use the Internet of Things (IoT) to Reduce Risks

As explained by Leroy Walkden via HPAC Engineering,

  • Improved physical security by keeping customers in customer-appropriate areas. IoT-uses might include door alarms, motion sensors, keypad-secured regions, and more. Of course, this has significant implications for preventing shrink associated with theft or damaged merchandise.
  • Better cybersecurity, reducing the risk of data breaches and loss of trust, diminishing brand value, as noted by Security Sales and Integration.
  • Fewer maintenance issues. For example, dripping water from an AC vent could lead to a fall, but identifying this issue with sensors to detect unexplained increases in humidity could reduce risk.
  • Improved guest experiences.
  • Great productivity and holding team members accountable for their duties, like cleaning spills and maintaining adhesive-backed mats.

Gain Control Over Facilities Spend and Risk With an Internet of Things (IoT) Retrofit Now

The best-laid plans for managing facilities spend will fail without proper risk mitigation strategies. The IoT is the most significant innovation to come to the field of risk management for its use in reducing costs and improving asset life expectancy. Fundamentally, successful risk mitigation has evolved to include a host of connected systems, devices, and sensors, and Facilities Managers must turn to the IoT to gain better insights and stay on top of facilities spend. Find out how you can start using the Internet of Things (IoT) to proactively manage facilities spend in your organization by calling ENTOUCH at 1-800-820-3511 or visiting us online today.