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What are the best practices for benchmarking FM performance in a PM context?

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Benchmarking is a process of comparing the performance of your facility management (FM) services and practices against industry standards or best practices. It can help you identify gaps, improve efficiency, reduce costs, and enhance customer satisfaction in your property management (PM) context. But how can you implement benchmarking effectively and consistently? Here are some best practices to follow.

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Rasool Mydeen

Tender and Contract Management

1 Define your goals and scope

Before you start benchmarking, you need to have a clear idea of what you want to achieve and what aspects of your FM performance you want to measure. For example, you may want to benchmark your energy consumption, maintenance costs, space utilization, or tenant satisfaction. You also need to decide whether you want to benchmark internally (within your own portfolio or organization) or externally (against other PM firms or industry benchmarks).

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Rasool Mydeen

Tender and Contract Management
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1. Define Objectives: Clearly define benchmarking goals. 2. Relevant Metrics: Select key performance indicators (KPIs). 3. Industry Comparison: Benchmark against industry standards. 4. Regular Data Collection: Consistently collect up-to-date data. 5. Continuous Improvement: Identify areas for improvement and act. 6. Best Practices: Benchmark against recognized best practices. 7. Collaboration: Foster cross-functional collaboration. 8. Technology Use: Leverage technology for efficiency. 9. Feedback Mechanism: Establish a feedback mechanism. 10. Documentation: Document processes and results.

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Jatinder Nayyar Realtor ?

Founder @ THE BRANDSPACES ~ Leading Brands Leasing & Franchise Development in F&B | Retail | Cinemas | Hotels and more across High Streets / Malls / and Highway Retail Shopping Destinations
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Best Practices for Benchmarking FM performance in a PM context is a strategic process that requires precision, relevance, and a commitment to continuous improvement. These best practices provide a framework for organizations to effectively benchmark their FM performance, gain valuable insights, and ensure alignment with industry standards. Regular benchmarking is essential for adapting to evolving industry trends and maintaining optimal facility management practices.

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2 Choose your metrics and sources

Once you have defined your goals and scope, you need to select the appropriate metrics and sources to collect and analyze your data. Metrics are the quantitative or qualitative indicators that reflect your FM performance. Sources are the methods or tools that provide the data for your metrics. For example, you may use utility bills, work orders, surveys, or audits as sources for your metrics. You should choose metrics and sources that are relevant, reliable, consistent, and comparable.

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Winky Bester

Travorium Network Director @ Exceptional Travel Experiences
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Benchmarking FM (Facility Management) performance in a project management context involves comparing your facility's performance against industry benchmarks and best practices. Organizations such as IFMA (International Facility Management Association) and BOMA (Building Owners and Managers Association) provide industry standards and benchmarks that can be used for comparison.

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3 Collect and analyze your data

The next step is to collect and analyze your data according to your metrics and sources. You should follow a systematic and standardized procedure to ensure the validity and accuracy of your data. You should also use appropriate tools and techniques to process and visualize your data, such as spreadsheets, charts, or dashboards. You should look for patterns, trends, gaps, and opportunities in your data and compare them with your benchmarks.

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4 Implement and monitor your actions

Based on your data analysis, you should identify and prioritize the areas where you need to improve your FM performance and develop an action plan to address them. Your action plan should include specific, measurable, achievable, realistic, and time-bound (SMART) goals and actions, as well as the resources and responsibilities required to implement them. You should also monitor and evaluate your progress and results regularly and adjust your plan as needed.

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5 Communicate and share your results

The final step is to communicate and share your results with your stakeholders, such as your tenants, staff, management, or clients. You should report your findings, achievements, challenges, and lessons learned in a clear and concise manner, using visual aids and stories to illustrate your points. You should also solicit feedback and suggestions from your stakeholders and acknowledge their contributions and support. You should celebrate your successes and recognize your team members for their efforts.

Benchmarking is not a one-time activity, but a continuous process of learning and improvement. By following these best practices, you can enhance your FM performance and add value to your PM context.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Luis Herce Meléndrez

Commercial Real Estate Adviser
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Entendiendo por FM gestión de las instalaciones de un inmueble y por PM gestión del inmueble, 1. realizar inspecciones regulares, 2. tener un plan de mantenimiento preventivo, 3. establecer indicadores de rendimiento, 4. realizar auditorías energéticas, 5. contar con un sistema de gestión de activos, 6. fomentar la participación del personal, 7. realizar encuestas de satisfacción y 8. mantener un registro documentado.

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What are the best practices for benchmarking FM performance in a PM context?

1

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3

4

5

6

1 Define your goals and scope

2 Choose your metrics and sources

3 Collect and analyze your data

4 Implement and monitor your actions

5 Communicate and share your results

6 Here’s what else to consider

Property Management

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What are the best practices for benchmarking FM performance in a PM context?

1

2

3

4

5

6

1 Define your goals and scope

2 Choose your metrics and sources

3 Collect and analyze your data

4 Implement and monitor your actions

5 Communicate and share your results

6 Here’s what else to consider

Property Management

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