This is the last article in our three series articles on FM growth strategy. In our companion articles we considered the questions ‘Does your Facilities Management (FM) business have growth clarity?’ and ‘How do you stand out in the FM market in 2018-19 and beyond?’, using Baachu’s 3Ps framework parameters Perception and Position.
Now we test if your company is built to succeed using Baachu’s 3Ps Potential parameter.
Is your FM Company built to succeed in this changing environment?
To answer this question, we will turn to the 3rd P of the Baachu framework – Potential
- How are you planning to grow your business?
- How have you aligned your different kinds of services?
- How can you move from low to high profitability?
- Are you keeping pace with new technologies and innovation in the market?
As technology advances, new opportunities are constantly opening up for making your FM business simpler and more efficient, saving time and cutting costs. New technologies are revolutionizing FM management in areas such as IT and Communications, Transport, Training and Education and in the hardware itself.
Here are some of the current and upcoming technologies you need to be thinking about for your company to stay competitive:
When interacting with the wider community, your business needs to stay on top of the latest developments, especially when exploiting social media. An FM company needs to stay in constant communication with its customers and the market, as well as the wider industry as a whole. As the world at large rushes to adopt social media channels such as Facebook, Twitter and YouTube, it is important to present your company well on these platforms.
Internally, whilst companies have long relied on simple email for internal communication, there are now many new apps and programs that can be used to make company communications easier and better organised. These will make communications across geographic and national boundaries free and easy, whether on desktop or on mobile devices.
As an FM company it is important for you to have an efficient, searchable interface to a database containing promising business opportunities. A great example of this is Baachu’s new RAIN database.
Another popular upcoming technology is the use of chatbots, aimed at customer relations. This is becoming especially popular on platforms such as Facebook, where the community wants to interact with a company’s Facebook page. A chatbot can answer customer questions automatically if the answer is known, and the capabilities of these chatbots are expanding and becoming more useful as artificial intelligence (AI) improves.
In terms of hardware, there are a number of promising developments that aim to shake things up in the world of facilities management. Drones, in recent years are transforming the area of hard to reach inspection, cleaning and repair. Instead of sending a person into a difficult or dangerous location, for example in a nuclear reactor, a drone equipped with sensors can be sent to scan a problem, reporting back vital information. Some drones can even be used for basic cleaning and repair, as well as crop spraying. Autonomous vacuum cleaners and lawnmowers are already widely available.
Sometimes there are situations where it is would be very inconvenient or even hazardous to be constantly checking a smartphone. This is where innovations of “information at a glance” are finding the most success. Workers on a construction site, factory floor or in law enforcement are making use of smartwatches and augmented reality hardware which gives information and updates with minimal inconvenience and distractions.
As AI advances, the transport industry is poised to change quickly, and the world is waiting for fully autonomous vehicles to take over the roads. As well as being much cheaper than hiring a tucker, they will have been proven to be statistically safer than a human driver by the time they become ubiquitous. Instead of an FM company owning trucks, we might see a move to transport as a service model. Imagine an app (like Uber) which allows you to call an autonomous truck, plot the route to your destination, and then continue to serve another customer. This will revolutionise transport services as AI will eventually drive trucks with cargo completely autonomously, saving huge costs for your company and benefiting your clients.
We are building our businesses in a time when the world is changing at a pace faster than ever before. As the whole world comes online and boundaries fade away, you need to think about how the future technology can help you and your industry.
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If you need advice on assessing your FM Company’s potential, make sure you email email@example.com today.