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 !

Automate To Simplify Facility Management Process

Embrace Digital transformation

3 Major advantages of automation in preventive maintenance

3 Major advantages of automation in preventive maintenance

Preventive Maintenance

3 Major Advantages of Automation in Preventive Maintenance

As an entrepreneur or a person in top management, you may wonder why preventive maintenance is necessary or important. There is a common saying in English “prevention is better than cure”. It is better to prevent problems than to handle it. There will be a lot of concerns in your mind regarding automation and preventive maintenance. With today’s advancement in technology, things are possible.

Is automation costly

No! Not at all! Automation is not at all costly, you need not pay the entire software development charges, whereas you can pay only the subscription charges. It is as easy like recharge your Mobile bill.

Why should I go for automation

Automation is important for the speedy and accurate process. Human error can be avoided and it plays a major role in productivity and enhances profit.

My process is secured

With a cloud-based Management system, your process and other details are secured. There is atmost Security in preventative Maintenance software.

It is tedious to implement

With advanced technology, within a span of hours automation will be done. It is not an old tedious process where it will take several days.

There are a lot of advantages in preventive maintenance where your industry can be equipped well. Let us discuss three major advantages in preventive maintenance.

1. Reduction of higher maintenance cost

It enables organizations to plan an effective and efficient way of handling tasks. It increases on-time work completion rate, thereby the cost spends on failures is minimized. Efficiency and on-time delivery of products will improve profitability. Proactive and preventive maintenance has proven to lower costs by catching small service issues before they blossom into a giant repair headache. Equipment that is serviced regularly does not have to be “turned over” as frequently. This lowers your equipment failure can have catastrophic consequences. Properly maintaining your equipment will improve operator safety, as well as those that work around your equipment.

2. Asset Management

The equipments are being regularly checked, they are at less risk to break down without notice, therefore creating a safer working environment for employees. Since it follows a preventive maintenance schedule, you are able to keep to a budget while maintaining your equipment. Also, you will be able to keep track of all your equipment and pinpoint times when you will need to replace your equipment/asset. When equipment is being checked and maintain, it will be kept in its best shape, therefore extending its lifetime.

To automate your asset/equipment maintenance use Innomaint CMMS to import all your existing asset details, maintenance records and schedules from CSV or Excel to easily migrate from manual maintenance process to computerized maintenance management system.

Define the asset details and store in one place to improve efficiency, uptime, and safety by providing Engineers/Operators quick access to asset specifications, manuals, and other key product information. Maintain manufacturer related information, like equipment specifications, serial numbers, spare parts, insurance, warranty, preventive maintenance schedules that include PTW, LOTO, PPE, Safety checks, Inspection, Monitoring, Calibration with customizing workflow and approval process.

Asset details can be viewed from mobile application of maintenance supervisor, machine owner, equipment users and service engineers

3. Increased productivity

Better work planning and scheduling maximize efficiency. Productivity increases to 10% to 20% using Innomaint preventive maintenance software. Productivity enhances in various ways.

  • Schedule configuration Management – Approval, inspection, and calibration can be handled in a scheduled way. It is customized and systematic workflow management.
  • It is mainly helpful in breakdown management, spares management and works order management.
  • Reminder, SLA, Escalation – It will ensure that the task will be executed in the right time in the right way. It will remind the respective person to do the job at the right time. In case if the job is not done or if it delays it will be escalated to the next level authority.

Thus preventive maintenance will result in

  • Doing the right work
  • Doing the work right
  • Focusing on continuous improvement
  • Creating an environment for success
  • Thinking holistically

To Automate Your Preventive Maintenance Process

Try Innomaint Equipment Maintenance
Management System for Free

8 Major Benefits of using Cloud CMMS

8 Major Benefits of using Cloud CMMS

8 Major Benefits of using Cloud CMMS

The importance of Cloud CMMS features is different for every company that should be Flexible, Adaptable, User Friendly and Cost Effective.

Enhance productivity of the machinery and streamline workflow by improving MTBF and reducing breakdowns(reactive).

Reduced Down time

Reduce unknown incidents and imporve equipment reliability with proactive & preventive maintenance processes.

Extended Equipment Life

Improve operational reliability with proper managed and monitored maintenance activities.

Organization Visibility

Overall Performance benchmarking with KPI of assets, personnel, processes & maintenance management.

Measure Performance

Monitor by measures including workforce productivity, PM compliance, downtime, overdue tickets & SLA violations.

Establish Standards Service

Manage all the contracts, compliance, safety procedures and other operations standards for workforce, worksite and sub-contractors.

Improve Maintenance Planning

Scheduled & managed activities increases efficiency and eliminates idle time wastage.

Faster Service

Expedite overall activities closure while improving accuracy with seamless automated processes.

Multi location

Manage operations in parallel with ease, enabling better utilization of resources.

To Reduce Downtime and Improve ROI

Try Innomaint Equipment Maintenance
Management System for Free

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