InnoMaint handpicked as a major vendor in Global Facility Management Market

InnoMaint handpicked as a major vendor in Global Facility Management Market

Market Forecast for 2021 – 2026 by world’s largest revenue impact company

Facility management(FM) is a set of functions that can enhance the value of specific organizational processes. Markets and Markets, a research firm providing quantified B2B research headquartered in Pune, India, and having an office in the USA currently holding 80% of global Fortune 1000 companies, as clients, has published the results of its laborious forecast. It reveals a promising upcoming silent revolution in the global facility management market. According to the survey, the Facility Management(FM) Market presently valued at 42.2 US$ is projected to grow at a CAGR of 1.6% to reach 76.3 US $ in 2026.

InnoMaint adjudged to be a major vendor in the market

In the painstaking process, Markets & Markets arrived at the profiles of key players cutting across geographic boundaries comprehensively by scrutinizing their features, market rankings, core competencies, global presence, etc. The revenue figures were sourced from annual reports of companies. It had access to the latest financial information of key vendors in the context of FM until 2020-21. It adjudged InnoMaint as a major vendor in both Facility Management Software 2021 and Enterprise Asset Maintenance Software 2021 categories.

Tap into the booming Facility Management market by subscribing to Innomaint which is a one-stop CAFM solution for all your Facility Management needs including

  • A practicable alternative to traditional approaches paving for effective communication on work orders
  • Quicker and easier audits on maintenance to identify areas of improvement and training requirements
  • Meticulous & customizable instant reports for quick meetings & well-informed decisions
  • Ability to catch up with maintenance teams while on the move 24×7 and assign tickets based on the current workload of technicians & quicker dispatch of technicians based on Geo-Fencing
  • Greater visibility into operations for better technician engagement
  • Deeper cost-cutting on capital expenditure, utility & service expenditure, etc and much more…
Facility Management Market Forecast – The efforts behind

The need for a Facility Management System is more pronounced over time. The entire globe suffered a 4% decrease in GDP, on average. The effect of the pandemic spillover is felt in countries not hard hit by the pandemic as well. The world economy is expected to recover steadily by the end of 2021 but the process will take longer for U.S, Germany, Italy, England & Russia.

Markets & Markets have defined, described, and forecasted the trend in the Facility Management market by component, size of the organization, industry vertical, deployment mode & region. It analyzed opportunities in the market and outlined the competitive landscape for key stakeholders and market leaders.

The B2B software review firm considered five regions across the globe where the FM market was ruling. They were North America, Asia Pacific, Middle East, Europe, Africa & Latin America. It also took into account the marked impact of the pandemic on the FM market. These regions consist of developed countries with well-established infrastructure, which generates huge demand for facility management solutions.

Markets & Markets perceived growth in trend of outsourcing facility management operations. On the Demand front, it interviewed Chief Executive Officers, Chief Operating Officers of MNC’s etc. On the Supply-side, it interviewed Chief Executive Officers and Co-founders of Key Companies. The research organization consulted FM associations such as

  • Facility Management Association of Australia
  • Japan Facility Management Association
  • Facility Management Association of India (FMAI)
Revolution in Facility Management

The growth of the facility management market can be attributed to several revolutionary technologies and concepts such as cognitive computing, augmented reality, virtual reality, IoT and analytics, robots, etc into facility management solutions.

The proliferation of technology along with intelligent software solutions in businesses is a major driving force to the growth of the facility management market. The fact that IT spending has increased considerably in the last 5 years stands as a testimony to this statement. The future demand in the IT and Telecom vertical would be due to demographic and economic factors.

Digital Solution to Facility Management

A Facility Manager automates and simplifies routine planned preventive maintenance to avert any unexpected failure. He also automates predictive maintenance to keep a check on service expenses and frequency of services. In the event of a breakdown, he rises up to the occasion for coordinating the team efforts to make the communication clear and effective driving and tracking the work orders till completion.

He aligns the workforce for constant knowledge sharing and keeps them up-to-date with technological advancements. He streamlines maintenance by keeping your equipment status and maintenance records in an easy-to-use system.

The more consistent an organization’s day-to-day operations are, then the easier it will be to maximize efficiency and productivity. In turn, these changes can lead to improved customer satisfaction, lower costs, and less waste.

The ray of hope in the long-term outlook for Facility Management

Facility management has been evolving as a thriving business that continues to grow across verticals pushing aside the economic setbacks triggered by the pandemic. Enterprises have started realizing that FM can no more be looked down upon as a set of back-office activities. They are of the notion that their organization can achieve success and steady growth only through the efficient and effective management of complex operational business processes in their facilities.

With the growing receptivity to technological advancements, it is no wonder that Facility Management Solutions are in a high demand in the I.T, Telecom & Health Care Sectors to meet regulatory requirements and sustain critical projects and life saving procedures. Facility Management, these days, has extended its scope to cover numerous business functions and processes and hence the complexity. But the sophistication should come with simplicity to end-users. InnoMaint has modeled its CAFM solution around this core concept to evolve and update itself to meet the challenges of today and tomorrow !

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Economic Recession-How CMMS Comes To Your Rescue

Economic Recession-How CMMS Comes To Your Rescue

Impact of Maintenance on Balance Sheet

In an alarming report, the UN’s trade and development body had provided a hint of the possibility of a global recession in 2020. The people, worldwide, feel the heat now with a decline in industrial production, per capita investment & consumption. In such a global scenario, a CMMS is a valuable tool that can demonstrate the degree of impact of maintenance activities on a company’s balance sheet.

Maintenance and post-recession growth

A mere survival during the recession is not praiseworthy. Rather it is high time that businesses rethink pursuing their traditional maintenance management approaches. Companies must be well-positioned to bounce back when the economy recovers and expedite production as soon as possible to shine as before.

Eminent consulting & research firms assert that the companies which combat recession and strike form in a short span are those which spend for out of the box approaches that serve as an alternative to conventional practices. For this strategy to be successful, maintenance has to be a part & parcel of it. Investing in maintenance ensures the production cycle is ready without any hidden delays & potential failures. Better planning is possible only when the health of assets and facilities are well maintained in a good shape. Planning is very essential for any company to make their way out of recession.

Productivity during recession

When the sales drives fail to bring in expected profits companies must turn to minimizing operational costs. For maximum cost efficiency the management must have great insights on the overall maintenance activities. The data on maintenance must be easily traceable and available at the click of a mouse. The best maintenance strategy is automation of work orders and the industries are steadily shifting towards digital transformation of maintenance realm of their businesses.

Apart from productivity concerns during recession, you’ll also be required to maintain your reputation and uphold the safety of workforce. With a good CMMS, in place, it will automate the preventive maintenance schedules. The schedules can, in turn, be broken down into tasks and checklists. These checklists appear right in front of the concerned people while discharging tasks that need special caution and protection.

A capable CMMS will also shield you against any potential legal risks that may arise due to non-compliance of government standards by establishing an effective procedure for work orders and schedules with reminders & escalations so that you never miss out anything you need to pay attention to, on time!

 

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5 Reasons Why to Invest in a CMMS during Economic Downturn?

5 Reasons Why to Invest in a CMMS during Economic Downturn?

5 Reasons Why to Invest in a CMMS during Economic Downturn?

A CMMS software is used by an organization for planning, tracking, measuring and optimizing stuff for better maintenance practices proving the value of maintenance. Let us have a look at some of the reasons for investing in a CMMS software.

1. Keep track of what’s happening in your business

Think of a place where you can pull up a specific asset and know all the information you need to know. That’s exactly the reality of today’s maintenance and asset management software.

You need not waste your time sifting through file cabinets or scouring through clipboards. The CMMS also help when the customer’s preventive maintenance procedures are under objections during a lawsuit filed by a guest. With all the detailed records, you can protect your business from serious matters as and when they arise.

2. Increased productivity

Just like a good billing software streamlines your business, having a good CMMS software like Innomaint will not only help you with preventive maintenance but also allows you to see instructions for a specific job, and whether you have the parts on hand to complete the job.

It also shows information such as service histories, warranties, etc. needed for your business. Some packages also come with additional features to manage reports and key performance indicators for presentation purposes. The cloud based CMMS solution Innomaint also allows you to connect to the cloud for faster and easier sharing for enhanced flexibility.

3. Foster teamwork and collaboration

Teamwork is often one of the most efficient ways to get things done in a company. When individuals work in a team, they can bounce ideas off each other and come up with a better solution. Innomaint helps promote behaviors that lead to better teamwork by providing a central location for users to collaborate.

For instance, a junior tech looking for a solution can use the CMMS to see how team members solved similar issues in the past. They can also take help from a senior technician to get suggestions for their task.

It also helps the organizations that work in rotational shifts to stay connected by transferring knowledge through Innomaint. It also makes sure that there are maximum transparency and alignment by offering the team better visibility of the activities of each member of the team.

4. Less downtime

Whenever a system breaks down, the downtime occurs while the machine is waiting to be fixed. It can be even longer if all the parts needed to fix the system are not available on hand. If you use Innomaint, you will be alerted when you need to order parts before a machine breaks down so as to reduce the downtime.

You can easily schedule and plan the maintenance to make it simple for the maintenance team. With achieving lesser downtime and increased productivity, Innomaint can be a great investment for organizations to become more cost-efficient.

5. Asset location

Do you often forget where a certain system or item is located? Large companies often fight with this issue constantly. Having a large business is great, but it’s difficult when you start forgetting where things are kept. Using Innomaint can be helpful in finding your assets effectively. The assets may comprise your machines, computers, products, employees as well as all the items needed to effectively do your business.

Bottom line

The CMMS software offers a helping hand for your business that you have needed for long. From taking care of the maintenance part to improving your productivity and keeping your employees trained, these systems come packed with many other benefits. And the best part about Innomaint is that it can be implemented with just a little tech knowledge.

 

To Automate Your Preventive Maintenance Process

Try Innomaint Equipment Maintenance
Management System for Free

Become smart in preventive maintenance management through CMMS

Become smart in preventive maintenance management through CMMS

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Become smart in preventive maintenance management through CMMS

What’s preventive maintenance(PM) about?

Preventive maintenance is a sort of maintenance activity that is performed on a regular basis on an equipment or a facility to reduce the likelihood of failure of the same. It is synonymous with the term ‘Preventative maintenance’. Facility may refer to any building, land or factory intended to provide a service. Say for example manufacturing unit is a facility. It is performed proactively while the equipment is still in running or operating condition. In most cases, being reactive to failures, known also as run-to-failure maintenance wouldn’t prove to be a wise approach.

The Evolution of Preventive maintenance

The act of Preventive Maintenance is nothing new to industries, though the term may seem so superficially. In fact, Herbert William Heinrich who first advocated the theory of Accident Triangle or Bird’s triangle as early as 1931 established a relationship between severe accidents, trivial accidents and just misses and proposes that if the count of trivial accidents is minimized then there will be a corresponding decline in the number of severe accidents.

The theory was updated and enlarged upon by other writers. It is notable that Herbert worked as an assistant superintendent for an insurance company and pursued a detailed study of more than 75,000 accident reports from the office files, on hand, as well as records held by individual industry sites before putting forth the theory.

The theory is no rocket science and hence can be easily perceived by our senses but when put to use the theory yields great benefits. Prevention is always better than cure, isn’t it?

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Types of preventive maintenance

Preventive maintenance can be scheduled, in advance, based on time, usage or a meter reading. Alerts can be made to trigger based on the above criteria. Let’s illustrate through an example for each criteria.

Time-based preventive maintenance

A classic example of this preventive maintenance is a routine inspection on an air conditioning unit. Running a split A.C atleast once in a month and performing routine service atleast once a year is vital(even when the unit is used very infrequently)to ensure smooth running of various components inside.

Usage-based preventive maintenance

It depends on the production cycles and manuals or instruction guide of the equipment manufacturer. It may be specified as hours, distance indicated by odometers. A well-known example of this trigger is a company car which whose engine air filter is recommended to be replaced for every 20,000 kms of run.

Preventive maintenance is best recommended in the following cases:

  •  The health of the asset has a substantial impact on productivity.
  •  Assets whose probability of failure is closely related to the hours of operation.
  •  Assets whose probability of failure exponentially increases with the passage of time though it is not frequently used in production cycles.

When preventative maintenance will not be an advisable option?

PM will not be an advisable option to go for where random failures of assets do not have a measurable impact on overall production. When the use of a similar asset can replace the usage of the failed asset or when employees can go ahead with their work even in the absence of an asset for few days. Let’s cite the example of a USB mouse intended to be used along with a laptop. A system or hardware administrator can attend to these failures conveniently after few days. A pre-planned strategy, on hand, to replace or repair an asset as swift as possible upon failure in such a case is quite unnecessary. The same can be applied to cases where the procurement of asset is within reach and doesn’t involve formalities.

Where does a CMMS enter the scene?

Conventional methods of planning and implementing preventive maintenance make for a set of daunting and complicated tasks. Several formalities may be associated with which are difficult to be exercised by a common employee in the organization. Business leaders working in the capacities of C.E.O, Maintenance or Infrastructure Managers are always very well aware of the pain points and delays involved in the traditional processes. Paper work or storing the list of preventive maintenance tasks in an excel sheet of a computer manually is an old fashion now. If you’re dealing with many pieces of critical equipment it is strongly recommended to switch over to the usage of CMMS.

A condition based monitoring can be scheduled via CMMS with reminders & escalations at varied time intervals for the purpose of alerting service technicians and get business managers to know the violations in Service Level Agreement. The SLAs can be defined on the basis of location of customers, tasks etc. Such CMMS provide valuable insights on the Key Performance Indicators of service technician and failure pattern of assets. Appropriate actions(incentives, warnings, training) can be initiated based on these valuable data.

It is possible to quantify the improvement in productivity using a feature rich CMMS. Unplanned maintenance is known to cost three to nine times more than planned preventive maintenance(PPM). Equipments can be subjected to maintenance to align with production downtime. CMMS also promotes safety at work site as a factory maintenance software by ensuring the normal behaviour of the asset. It also offers the facility owners the immunity from law suites.

A CMMS well positioned in the market should be modernized with cutting edge technologies such as GEO location tracking, QR & Bar code scanning to align with Industrial revolution 4.0 standard which emphasizes that all information on assets, facilities be digitized on a holistic basis. Depending on the user who scans the QR code(Admin/Service Engineer/Customer) the functionality would vary. A business leader will get the entire history of an asset by just a mobile scan and need not rely on others. By making it mandatory for service engineers to scan the code on the asset, the engineer attends to, Admin has a solid evidence on the physical visit of the technician to the premises.

To conclude, Cutting across industry verticals, a proactive and predictive approach is preferred by preventive maintenance managers these days owing to the following benefits it offers:

  •  Eliminates higher costs associated with reactive maintenance.
  • Extends life expectancy & performance of assets
  • Minimizes production errors
  •  Greatly reduces physical injuries at work site.
  •  Reduces equipment downtime
  •  Saves from running into overtime Labor Costs

Innomaint, a cloud CMMS well positioned in the maintenance management software market, provides a calendar whereby Admin can readily access and have a glance at the preventive maintenance schedules planned for current month and in the months to come.

 

To Automate Your Preventive Maintenance Process

Try Innomaint Equipment Maintenance
Management System for Free

How Modern CMMS Automates Maintenance Management In Your Facility

How Modern CMMS Automates Maintenance Management In Your Facility

 

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How Modern CMMS Automates Maintenance Management In Your Facility

We are Vijay Global Services, a software development company in India. We’ve helped scores of customers across the globe in improving the operational efficiency and capabilities of their businesses via our reliable processes. Since 2006, we have been in the business of providing cutting edge, innovative & intuitive solutions via our cloud-based equipment maintenance management system and continue to surpass our client’s expectations. We understand the need for interdepartmental collaboration while maintaining equipments.

Large organizations have complex corporate ecosystems that comprise of diverse teams right down to the grass-roots level. It is highly recommendable to have an established rock solid interdepartmental communication system.

Industrial revolution 4.0 standards

Well developed nations like U.S.A were forerunners of the trend as businesses there have turned to Industrial revolution 4.0 and this move was proven to yield significant returns on investment. That’s why developing nations are emulating the trend to modernize the businesses and make the maintenance management convenient, effective, smart and maximize productivity.

The standards laid down for the latest industrial revolution call for digitization of every business data. Team collaboration is a broader term which cannot just be limited to mere “cooperation” with other teams in your organization. Indecisive communication and disorganization are ruled out by full fledged digitization. A CMMS fosters interdepartmental communication.

Such standards emphasize on the blend of Big Data and Artificial Intelligence with Human Expertise and mandate the association of each asset or equipment with sensors. As business leaders may know, Big data refers to enormously large data sets that is intended to be analyzed computationally to bring out trends, patterns and associations, in regards to human behaviour and interactions. Big data is also known as ‘predictive analytics’. In brief, such data is so huge and complex that it calls for specialized data management tools for storage, processing and providing useful & insightful report based on which maintenance management decisions can be taken at various levels.

Introduction to CMMS

Let’s dive into the world of maintenance management system.

Various departments of each organization work in unison to fulfill the mission of the organization. A systematic and computerized approach leveraging the modern technology is necessary for automation of work order and effective management of maintenance of asset and facilities. CMMS is the acronym for Computerized Maintenance Management System. The term was coined way back in early 1980’s when the PC revolution started and companies commenced computerization of manufacturing and design gradually. Initially the capabilities of CMMS were limited in scope and power. However with the advent of modern technologies, CMMS have become smart in providing various additional and amazing features.

Let’s look at some of the key advantages of having such a system integrated into your production pipeline.

i) Digitizes all equipments, assets & facilities so that it covers all aspects pertaining to maintenance and management of facilities.

ii) Automates entire process leaving no leaf unturned.

iii) Eliminates the hassles associated with remembering the dates, maintenance schedules etc.

iv) Stores data in an centralized and well organized manner with the flexibility to define user permissions. This entails quick and easy access to data and prevents loss of data.

v) The artificial intelligence enables in prevention of future failures or breakdowns based on the knowledge gained from previous scenarios.

vi) Provides work order management. CMMS details comprehensive information on maintenance tasks such as the authorizations, scope of the task, responsibilities and department involved at each stage. No need for an offline follow up. Detailed history is available. They make the process easy and formal for everyone right from maintenance managers to service technicians who are new to the field. The people in the workflow can organize, assign, prioritize, track, and complete routine as well as new tasks. Customers while raising support ticket to the Admin can annex photos/videos depicting the defect in the asset/facility along with the problem statement. Service Technicians can also upload multimedia as an evidence to the fix, in the ticket.

vii) Captures the knowledge and experience of senior technicians in the form of a solution bank which guides the layman or new technicians in troubleshooting or servicing the facilities.

viii)By means of preventive maintenance scheduling, your firm can keep a track of inventory levels by enabling real-time reminder alerts whereby rendering the ordering process more efficient while ensuring best utilization of resources.

ix)Keeps the safety standards of your organization up-to-date.

From the above advantages being offered it is crystal clear that it improves team collaboration, enhances customer service, cuts down on operational costs, eliminates difficulties in manual access of documents speeding up the access, optimizes the usage of resources & improves the overall productivity of the organization.

CMMS enables companies to keep undesirable consequences due to human error, at bay. Work order management and Preventive maintenance are the core features of a CMMS tool. Rest of the features vary based on the CMMS.

CMMS’s nowadays have expanded their boundaries of operations and evolved to the present stage at a steady pace reducing greatly the gap between EAM and CMMS. EAM & CMMS are similar, in may respects.

CMMS stands for Computerized Maintenance Management System. Enterprise Asset Management also pertains to maintenance of assets in a robust way in comparison with its counterpart. EAM covers entire lifecycle of an asset.

However as CMMS’s have evolved over the years, the gap between it and EAM has been bridged subsequently. The choice depends on the requirements of your firm and its size.

Our CMMS is feature rich and well positioned in the maintenance management software market.

The url of the product site is https://www.innomaint.com.

Special Benefits Derived From Innomaint

1. Innomaint has a rich set of features and functionalities which position it in the market with a competitive advantage over competitors.

2. We provide customizations of the CMMS to provide a flavour that is a snug fit to your business.

3. You can create new user roles, Custom Logo, Categories, Fields, Reports & Privileges as well and define the level of privileges. They are provided with the option of availing our services as Software As A Service(SAAS model) or as a perpetual license.

4. Support for multiple locations and multiple currencies for payment involved in business transactions.

5. Our application extends support for GPS Tracking. The current location of the customer and service technician can be tracked. This is especially beneficial when the service technicians are on the move.

6. Can access interactive calendar with schedule details. The application comes as a mobile app, as well, which can be readily downloaded from Google Play & iOS stores.

7. We support barcode/QR code scanning which is in line with the main criteria of industrial revolution 4.0 standards(association of sensors with every tangible asset)

CMMS

Computerized management and maintenance systems have revoltionalized the industry, so get jump start in this technology with InnoMaint.

We help you in making your company stay ahead of the competition. Contact Vijay Global Services for all your computerized management services today and let’s start an exciting new partnership that will last a lifetime!

 

To Automate Your Preventive Maintenance Process

Try Innomaint Equipment Maintenance
Management System for Free

 

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