Six areas that will shape property asset management planning by 2029
It'll come as no surprise to you that technological advancements are shaping the way assets are managed and maintained. From predictive analytics to streamlined operations, the impact of technology is undeniable. Looking ahead, it's evident that the next few years will be marked by current and emerging trends that redefine property asset management.
There are six core areas that we focus on:
Let's take a closer look at the six areas we've identified as the most likely to impact asset management planning (as defined by ISO 55000) for larger scale property portfolios, and how our six key areas of focus - how we build lifecycle connections - will serve as the compass guiding organisations towards sustainable, efficient, and future-ready asset management practices.
1. Assess - mastering field data insights
Technology like the Internet of Things (IoT), machine learning, and artificial intelligence are set to have a significant impact on data collection and analysis. While IoT devices provide real-time data on building environments and equipment performance, the human element remains crucial in assessing building conditions accurately.
Combining IoT insights with real-time observations from field personnel using mobile inspection apps offers a comprehensive understanding of building performance. These in-field observations, coupled with data from IoT sensors and Building Management Systems (BMS), help asset managers to make informed decisions.
Consider the example of workplace management: by analysing occupancy rates, employee feedback, and physical inspections of workplace amenities, asset managers can optimise space utilisation and enhance employee satisfaction. However, effective utilisation of this data requires robust tools and analytical frameworks to harness its full potential.
2: Analyse - the power of data-driven decisions in the future
The ability to swiftly access actionable insights is going to play a major role for asset management, especially when considering the comprehensive view provided by lifecycle analysis. As businesses delve deeper into their operations, they recognise the critical role of data analytics tools in driving informed decisions.
The adage "you can't fix what you don't measure" gains even more significance with the integration of lifecycle analysis. Data analytics tools become indispensable assets, addressing challenges and optimising processes, from project testing to cost management. By applying deterioration models and criticality assessments to asset-level data, organisations gain insights into potential risks both now and in the future.
Not only that, but leveraging data analytics improves communication among stakeholders, facilitating agile decision-making and driving business growth. Prioritising data quality excellence sets the stage for a future where data-driven decision-making is the norm, streamlining operations and maximising asset management strategies' efficacy.
3: Plan - redefining project planning with the rise of proptech
Proptech, short for property technology, is the combination of traditional property management and cutting-edge technologies like IoT, AI, and blockchain. It’s going to have a significant impact on asset management by digitising physical infrastructure. This indicates a major leap forward in planning and execution strategies.
Looking ahead, proptech is set to redefine project planning by providing sophisticated tools that enable organisations to navigate complex challenges. Planned projects will leverage component-level analysis to inform decision-making processes, ensuring resources are allocated efficiently. By analysing asset data, organisations can prioritise immediate needs while deferring non-urgent tasks, optimising project timelines and resource allocation.
Proptech's impact looks set to extend beyond operational efficiency, encompassing the holistic experience of building occupants. With a heightened focus on occupant well-being, smart buildings are integrating health-centric features, leveraging sensor technology to monitor air quality and space utilisation, and mitigating health risks.
Integrating these wellness-focused technologies will not be without their challenges, necessitating the development of tailored smart building management platforms. By embracing proptech and leveraging its capabilities, organisations can achieve next-level project planning mastery.
4. Operate - smarter integration of operational technologies
As we look ahead, a paradigm shift is underway for operational technology (OT) within buildings. Traditionally, OT systems have been instrumental in managing and controlling various building operations, operating as closed systems focused on tasks such as temperature regulation and airflow management. However, with the emergence of IoT, we're witnessing a convergence of OT and Information Technology (IT), giving rise to a new era of OT/IT integration.
Unlike traditional OT systems that prioritise control and safety, IT systems are geared towards storing, processing, and delivering information. This convergence of OT and IT, driven by the integration of operational technologies into smart buildings, represents a new era of building management.
The challenge lies in orchestrating the myriad of technologies to ensure interoperability and efficient management. Integration platforms such as Building Operating Platforms (BOPs) or Building Operating Systems (BOS) will take centre stage, providing the framework for integrating diverse technologies and simplifying the management process.
In the years ahead, the convergence of OT and IT will not only revolutionise building operations but also pave the way for a new era of efficiency, sustainability, and innovation in asset management.
5. Maintain - a blueprint for asset longevity
In the coming years, resilience will emerge as a cornerstone of organisational strategies, particularly in the realm of asset management. At its core, resilience is focused on ensuring the uninterrupted continuity of business operations, even in the face of unforeseen disruptions. For asset management, this means implementing proactive measures to safeguard assets, mitigate risks, and strengthen the organisation's ability to thrive even during unpredictable and extreme events.
Central to building resilience is the concept of sustainable asset health preservation. By adopting a proactive approach to maintenance, organisations can extend the longevity of their assets, ensuring they remain robust and operational over the long term. This proactive care not only enhances asset performance but also minimises the risk of damage and downtime.
Pioneering maintenance excellence is set to play a central role in strengthening organisational resilience. By embracing innovative maintenance strategies and leveraging advanced technologies that build connections to people, organisations can adopt a forward-thinking approach to maintenance.
6. Sustain - environmental wisdom for lasting impact
If COVID-19 has taught us anything, it's this: there's no tolerance for unpreparedness. This is especially true of sustainability, as we confront the escalating impact of climate change and its toll on global infrastructure. Asset managers face an increasingly significant environmental burden - carbon emissions and energy waste. Recognising this responsibility, the coming years will see organisations adopting Environmental, Social, and Governance (ESG) planning to address climate change and demonstrate societal responsibility. This trend will only intensify, driving demand for sustainable buildings and services that prioritise environmental and social dimensions.
It's important to note that sustainability isn't just ethical — it's also good for business. Organisations with robust ESG practices often outperform their competitors, enjoying greater longevity and resilience. As sustainability becomes a focal point for investors and regulators, compliance frameworks will evolve to encompass ESG-related legislation, further incentivising sustainable practices.
Looking ahead, the future of asset management will be all about adopting green practices, integrating sustainable technologies, and driving responsible stewardship of resources.
Conclusion - a rapidly evolving landscape
Asset management is highly dynamic, driven by technological advancements and a growing emphasis on sustainability and connecting more with people that use and occupy buildings. As we look ahead to 2029 and beyond, the six key areas of focus outlined here can act as a compass for industry professionals. By investing in innovation, leveraging data-driven insights, and prioritising sustainability, organisations can meet future challenges with confidence.
With a commitment to these six key areas and a close eye on emerging trends, SPM Assets and Planon can help ensure smarter property lifecycle asset management.
If you'd like to see our future-proofed asset management solution in action, book a demo now.