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A new way of thinking for the FM industry
It is fair to say that the Facilities Management industry has taken somewhat of a battering in recent times. The stunted economic climate has done little to deliver opportunities for industry growth due to organisations being forced to scrutinise their outgoings, regularly resulting in cut-backs and consolidation on services and suppliers.
Despite the 2010 predictions of 12% growth (in a forecast period up to 2015), gleaned from a study conducted by the Market and Business Development (MBD), the reality has unfortunately been very different. In 2011 market growth remained very restricted due to the still fragile nature of the economic recovery. Despite this rather depressing news, it is important to point out that the future for the FM industry is not all doom and gloom. Yes the business area is still going to be tough, but the opportunity to develop and grow business, despite – and in cases, because of - the numerous obstacles that are appearing, is a tantalising prospect.
Providing as many ups as it does downs, the findings of the MBD’s study predict that FM companies with bundled services and integrated solutions will experience the strongest growth potential, even if the increased price competition, and the clients adopting an attitude of demanding more for less, are likely (according to the MBD) to restrict a stronger value development.
The reality is that spending cuts policies and the scrapping of programmes such as BSF (Building Schools for the Future), is expected to exert a strong downward pressure on the FM market in the public sector. However, looking once again to the brighter side, the MBD study sees opportunities for FM providers
to actually benefit from the government spending cuts. Local authorities for instance are likely to choose bundled services and outsourcing contracts, to try to reduce the number of suppliers and cut their costs. This would mean growth opportunities for large FM companies, which have the internal capabilities to offer multi-service and cost effective solutions… now is most certainly the time to get organised.
In light of these findings it is clear and without doubt, that the most beneficial strategy for FM companies to take would involve the investment of time and thought into embracing industry best practices to set themselves up as a provider of customised services. It is indeed essential to ensure the greatest value is delivered not only to the clients but (as the new strategic direction the FM industry has taken shows), to all parties involved. It is for this very purpose that the science of FMnomics - the study into the world of FM and its evolution, has been conceived.
For those that are unfamiliar with the term, FMnomics is an umbrella term for the impact of innovative Facilities Management on users of facilities. FMnomics refers broadly to the study and supply of economics and demographic influence in the Facilities Management practices.
A new way of thinking for the FM industry, FMnomics and the science around it, urges service providers and service receivers alike to view Facilities Management as a tangible business development tool that can be used to generate income and growth. Through investment into elements such as new technology to enable services to be consolidated,
savings on time to promote more effective ROI, a workforce that is more effective through becoming more efficient - to simply promote innovation throughout a business - is the key to the FMnomics understanding.
A distinct additive usage describes FMnomics as a methodology and governance for the deliveries of Facilities Management ensuring that the greatest value is delivered to all stakeholders. What marks the birth of the FMnomics concept is the change in the definition of the greatest value which has evolved from a purely financial output to an output based on the client’s satisfaction related to individual and innovative values of all parties involved.
In times where the going is most certainly tough, a fresh way of perceiving the value that innovation can add to a business could prove to be the catalyst needed for the FM industry to get tough and get going again.
To join the FMnomics debate and to find out what other FM professionals think about this new concept, please go to the FMnomics Group on Linked-In.
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