Technology can provide facility managers with prescriptive data and insights by combining data integration, advanced analytics, and AI-driven recommendations. The collection of comprehensive data from various sources within the facility portfolio would include IoT sensors, building management systems, maintenance records, occupancy data, energy consumption data, and more, says Ellis.

And while preventive maintenance continues to dominate as a strategy among facilities managers concerned about scaling back on costs in asset management, “predictive” technology is the new buzzword, experts and practitioners say, capturing information about assets that will help drive down costs.

The use of IoT sensors and devices to monitor vibration, temperature, pressure and flow have been on the scene for quite a while now, but the introduction of AI means “we can gather even more usable data,” Ellis said.

“Machine learning algorithms analyse data from sensors and historical maintenance records to predict when maintenance is needed. AI can identify patterns of equipment behaviour that precede failures,” he said. “Those algorithms are chewing away at the data in the background and will tell you, ‘Hey you need to do something now, we noticed some trends through the sensors, we think now’s the right time’.”

And into the future, developments in technology will empower facilities managers with a more integrated approach. Savings in one area could be re-allocated to another at the swipe of a screen. Data from various sources will be able to communicate with other datasets.

“I’m definitely looking for data to work harder and technology to work harder than it did before,” says Ellis.