4 Ways To Win The Maintenance Budget You Need For 2024
In our last article we explored why only 12% Of Maintenance/ FM Departments believe they are adequately resourced. Now we are looking at 4 ways to win the maintenance budget you need for 2024 and exploring how a CAFM system can help.
Last year was a tough year for facility/ maintenance teams due to rising costs from rent, energy prices, labour, materials and more. There are more pressures than ever to get your budget right, but as importantly make sure you are not under resourced and setting an unrealistic target.
Precision in Budget Forecasting through Historical Data:
CAFM systems leverage historical maintenance data to offer a precise forecast of budgetary needs. This capability ensures that maintenance teams can plan budgets accurately, minimising unexpected costs and enabling a proactive approach to maintenance in the coming year.
Customisable Reporting for Informed Budget Discussions:
The reporting capabilities of CAFM systems extend to being customisable for diverse budget discussions. These tailored reports provide stakeholders with an overall view of maintenance performance and allow you to breakdown your budgets further if required by resource, job type or planned vs reactive spend for example. This allows you to segment your historical costs which can be used to identify potential savings, offering a comprehensive justification for the maintenance budget.
Performance-Based Budget Justification:
With a CAFM system, you can generate comprehensive reports showcasing maintenance performance metrics for historical budget incentives. Highlighting achievements, efficiency gains, and cost savings demonstrates the tangible returns on maintenance investments, reinforcing the justification for the budget required in 2024.
Tracking & Managing Budgets:
CAFM systems allow you to set, track and monitor budgets so you know exactly where you stand in real time. This allows for more informed decisions day to day by considering spend to date vs budgets, but also against asset themselves. Schedule automated reports to be sent to you weekly, monthly, quarterly, or even annually. You can even take into consideration committed spend to make sure you are on track to meet your budget requirements. Schedule these, and why not have them automatically sent to the finance or senior team so they have full visibility as well.
In conclusion, navigating the intricacies of securing a robust maintenance budget for 2024 demands a strategic approach, and a Computer-Aided Facility Management (CAFM) can help. As highlighted, the precision afforded by leveraging historical maintenance data ensures that budgets are not just estimates but informed projections, reducing the likelihood of unexpected costs. The customisability of reporting not only provides an overall view of maintenance performance but empowers facility managers to break down budgets to justify spend.
Moreover, the performance-based budget justification becomes a persuasive tool, demonstrating the tangible returns on maintenance investments through efficiency gains and cost savings. The ability of CAFM systems to track and manage budgets in real time adds a layer of transparency and accountability, allowing for proactive decision-making and ensuring that budgetary goals are on track.
As demands on facility and maintenance teams are escalating, adopting a CAFM system is not just an operational enhancement; it’s strategically imperative. It transforms budget discussions from abstract figures to data-driven insights, fostering a culture of informed decision-making and ensuring that the maintenance budget for 2024 aligns seamlessly with organisational goals and operational realities.
Author
Charlie Bown
Ex Facility Manager, I feel your pain!
