Innovation – Property Management
What is Innovation?
Innovation is defined simply as a new idea or method.
It can also be summed as Unconventional, Change, Alteration, revolution, transformation, reorganization, restructuring, rearrangement, recasting, remodeling, renovation, variation and more.
Innovation is about creating value for stakeholders by implementing new ideas.
Why is Innovation Important?
There is nothing as permanent as change and hence it is extremely important for organizations to keep deriving new ideas or methods to survive in the changing environment. Organizations cannot sustain market share or its profit margins over a long period of time unless it is innovative. Failure to innovate will eventually affect prices, declining margins.
What is Innovation in Facility Management?
Innovation in facilities management is the introduction of a new product or process, which delivers tangible and measurable benefits in terms of operational cost reductions, increased efficiency and optimizing building usage and performance. It is not merely process improvements.
Key areas for implementing innovative ideas in Facility Management are:
– Health, Safety & Environment (HSE)
– Maintenance, Testing & Inspection
– Operational Management
– Business Continuity Planning
– Leasing & Optimum utilization of space
It is extremely important that organizations allow competent facility management companies to bring in new ideas, give them operational freedom and monitor progress to achieve the desired goals.