Transforming Facility Management: How Should You Budget for FM Tech in FY 24-25?

Welcome to the future of Facility Management! As we embark on the fiscal year 24-25, it's imperative to set up a budget that not only meets the current needs but also paves the way for future growth. In this blog, we'll discuss how to allocate resources for Facility Management Technology, with a focus on Artificial Intelligence, ONE mobile application, and an AI Command Centre, while omitting IoT and Sensors.

1. Assessing Current Infrastructure: Before diving into budget planning, it's crucial to assess the current state of your facility management technology. Evaluate the existing software, hardware, and systems in place. Identify areas that need improvement and those that are functioning well.
2. Budget Allocation:

ONE Mobile Application Implementation: Instead of multiple mobile applications, streamline your approach with ONE, comprehensive mobile application. This app should integrate various facility management functions, such as work order management, asset tracking, and communication tools. Budget for the development, implementation, and maintenance of this app.

Artificial Intelligence (AI): AI is a game-changer in Facility Management. Allocate a significant portion of your budget to AI implementation. This could include AI-powered predictive maintenance, energy optimization, and space utilization solutions. Consider partnering with AI technology providers or investing in AI development teams.

AI Command Centre: Establishing an AI Command Centre will centralize data analytics, AI algorithms, and decision-making processes. This will require investments in AI infrastructure, data management systems, and AI experts.

The Command Centre will enable real-time monitoring, analysis, and optimization of facility operations.

1. Omitting IoT and Sensors: While IoT and Sensors have their benefits, they can be complex and costly to implement. For this budget cycle, focus on AI-driven solutions that can deliver immediate and tangible results. You can revisit IoT and Sensor technologies in future budget cycles once the AI foundation is established.
2. Training and Skill Development: Allocate a portion of your budget to train existing staff and hire new talent with expertise in AI, mobile application development, and data analytics. This will ensure that your team is equipped to leverage the new technologies effectively.
3. Contingency Planning: Set aside a contingency fund for unforeseen expenses or adjustments in the budget. This will provide flexibility in case of unexpected challenges or opportunities.
4. Monitoring and Evaluation: Establish metrics to measure the success of your budget allocation. Regularly monitor key performance indicators (KPIs) related to AI adoption, mobile application usage, and overall facility management efficiency. Use this data to refine your budget strategy for future fiscal years.

Conclusion: As you set up your budget for FY 24-25, remember that technology is a powerful tool that can transform facility management. By allocating resources to AI, ONE mobile application, and an AI Command Centre, you're laying the groundwork for a more efficient, data-driven, and sustainable future. Keep evaluating and adapting your budget strategy to stay ahead in the rapidly evolving landscape of facility management technology.

About Diksha Deo ????

Diksha Deo ???? is a highly acclaimed figure in the Indian business landscape, known for her pioneering work in AI-driven Facility Management. She conceptualized India's first Contactless Attendance Machine and has been a key contributor to the nation's self-reliance narrative for over severn years. Diksha Deo hosts the podcast "??????? with Diksha Deo," exploring the intersection of AI and human resources. Featured in prestigious media outlets, she is recognized globally for her groundbreaking work. Diksha, a polymath, is also an author and columnist, contributing to publications like Financial Express. As the Founder of DIKSHA ONE : ????? FM Tech? , she combines AI and business acumen to address Facility Management challenges, solidifying her position as a trailblazing Indian business personality in AI.