Five Key Benefits of a Facility Management Partnership
An array of benefits for medical device companies
Under pressure to deliver innovative new products to the market more quickly than ever, medical device companies are transforming their business models to become more agile. For example, your company may have outsourced functions like clinical trials and manufacturing to shed costs and improve efficiencies. Now, more companies are re-thinking how to handle the day-to-day management of their real estate and facilities to optimize results, resources, and dollars.
Partnering with a real estate service provider can help companies achieve significantly improved facility quality, organizational agility, and productivity, while reducing costs. Experienced facility management (FM) service providers bring a wealth of knowledge concerning efficient processes, regulatory compliance, new building, and facility management technologies. And, a leading provider will offer best-in-class practices and cost-saving initiatives that have delivered results for other organizations.
An outsourcing partnership can deliver benefits in five key ways.
1. New Career Opportunities for FM Employees
Many medical device organizations have highly experienced, knowledgeable in-house facilities teams critical for successful operations. Yet, it’s common to assume a facility management service provider will replace the in-house facilities team with its own people.
The reality is an integrated facility management partnership can deliver the best of both worlds. Ideally, the relationship will combine the knowledge of the firm’s familiar team with the new technologies, techniques, and cross-industry expertise of the service provider.
To provide continuity and a high level of service to the company’s facilities, the FM partner will seek to transition as many of the firm’s FM team members as possible. And, the staff will find many reasons to consider transitioning. Since real estate is the core competency of the FM service provider, onboarded employees will enjoy new professional growth and career opportunities. They may also find their earning potential increases.
Furthermore, joining a professional real estate services firm will give transitioned employees access to a deep pool of resources and professional growth opportunities a medical device company couldn’t otherwise offer. FM providers are continuously investing in the latest technologies, professional training, and specialized expertise on FM issues to help clients succeed.
2. Leading Practices to Advance Corporate Sustainability Goals
Sustainability initiatives are increasingly critical for many organizations, both for the cost savings and for reputational strategy. An organization may be fielding more questions from current and potential employees, investors, and other stakeholders about environmental impact. A skilled FM provider will draw from its experience with its diverse client base to identify green initiatives that will make the biggest impact on reducing an organization’s carbon footprint.
One of the biggest “energy zappers,” for instance, is inefficient or improperly working machinery and equipment that can eat up roughly one-third of a building’s energy usage. An FM service provider will use next-generation maintenance practices to address potential problems, prevent equipment failure, and ensure facility systems are in good working order.
An FM service provider can also help an organization leverage advanced technologies, like artificial intelligence and the Internet of Things, to improve facility performance. For example, computerized “smart” systems can remotely monitor and gather intelligence on building operations, generating insights about performance and energy use.
3. Tools and Proven Processes for Mitigating Risks
In all likelihood, a company occupies a range of different facilities, including offices, laboratories, and production. A qualified FM outsourcing partner will be well- versed in managing a variety of settings and ensuring smooth building operations. They’ll bring deep knowledge of federal and state regulatory compliance issues, including hazardous waste management and safety standards, as well as proven processes and technologies for mitigating compliance risks.
4. Guaranteed Win-Win Outcomes
An FM service provider will collaborate with its customer to establish shared goals for the partnership, ensuring the device manufacturer retains control over outcomes. For example, key performance indicators (KPIs) are a standard part of every FM outsourcing agreement. Also, performance guarantees can be structured in a variety of ways, including incentive compensation for achieving stated goals. Financial KPIs are common, but nonfinancial goals, such as retaining transitioned employees for a specific period, can also be included. If a company is undertaking mergers or acquisitions, KPIs related to streamlining the real estate and facilities portfolio following a transaction can be established.
5. Advanced Real Estate Strategies to Improve Efficiency and Agility
A leading FM provider won’t simply stick to a checklist of the basics. Rather, they will continuously identify new ways to save an organization time and money. For example, are some facilities underutilized? Could a more engaging workplace be created while reducing occupancy costs? Can FM expenses be reduced through centralized volume purchasing?
To help extract the most value from the outsourcing partnership, the FM provider will seek to align its activities with the firm’s business goals as operations evolve. A leading FM partner will offer tools and expertise to bring data-driven decision making to real estate management, enabling a company to quickly pivot to a new strategy as needs evolve.
Consider this scenario: Talent retention is a focus to reduce staff turnover. The FM partner can use data and actionable insights to understand where employees do—or don’t—want to be in the company’s office, and where they are dissatisfied with the physical environment. They’ll transform those insights into strategies for creating a more engaging workplace, such as bringing in more natural light or re-designing the layout to better support collaboration. While real estate can’t solve every workplace problem, substantial research shows the physical environment has a big influence on employee satisfaction.
Add Top-Line Value Through Real Estate and Facilities
A qualified FM partner will free an organization to focus on its core business, while becoming more agile and better equipped to respond to future challenges. They’ll enable the use of data and analytics to drive better-informed real estate decisions, and optimize the use of real estate and facilities. When thoughtfully structured, an FM outsourcing partnership can help transform real estate and facilities from a cost center into a strategic investment that adds long-term value to an enterprise.