Tech Trends Reshaping Facilities and Property Management in 2024

Digitally driven practices are creating new business efficiencies in a challenging economy, enabling more effective maintenance cycles, more environmentally sustainable building operations, and healthier workloads for staff. We are now seeing predictive, smart FM and PM practices that draw on data-driven, AI-based technologies to enable better, more proactive approaches.

Unlocking Efficiency Through Data Integration

2024 will witness an accelerated consolidation of property data. Organisations, driven by the need to derive value from diverse data sources such as footfall analysis, IoT sensors, and energy monitoring, will focus on integrating this information seamlessly. The goal is not merely amassing data but leveraging it to enhance service delivery.

This trend is further propelled by new building safety regulations, emphasising the importance of maintaining a digital ‘Golden Thread’ that provides comprehensive information on the conditions of high-rise buildings with residential units with an audit trail – data that also provides valuable business insights that can help support smart decision-making.

AI: A Catalyst for Change

Building on the strides made in 2023, AI is emerging as a linchpin in FM and PM operations. The efficiency of AI applications hinges on the quality of the data they process. In 2024, FM and PM teams will need to prioritise the organisation, accuracy, consistency, and cleanliness of their databases to harness the full potential of AI.

This year will witness a strategic implementation of AI in areas such as energy management, footfall optimisation, and intelligent chatbots that promise to enhance tenant interactions and issue resolution. AI can also play a critical role in unlocking business intelligence from the enormous volumes of data comprising the Golden Thread.

Sustainability as a Driving Force

Environmental sustainability is emerging as a dominant trend in the coming year, with a growing number of organisations recognising energy consumption as a top business risk and sustainability as a key priority. The push for sustainability will prompt FM and PM teams to collaborate closely and adopt AI-driven energy management tools.

These tools will not only measure and monitor energy usage but also provide actionable insights to identify and address inefficiencies. Work MRI has done with early adopters of sophisticated energy management technologies demonstrates that AI-enabled solutions could boost energy efficiency by as much as 30%, helping organisations align with the broader business trend toward sustainability while cost-effectively meeting internal green objectives.

Addressing the Human Element: Stress and Overwork

While technology promises transformative changes in terms of business processes and the strategic use of data, companies also need to find ways of addressing the pressing issue of stress and overwork in the property sector. An MRI Software survey of 750 European facility management professionals late in 2023 showed that close to 40% identified mental health as the biggest challenge they faced, with excessive workloads and increased job demands emerging as a contributing factor. 

The silver lining lies in technology offering a lifeline. Digital tools, informed by data, are set to alleviate stress by improving scheduling, task allocation, and efficiency. Predictive maintenance procedures, empowered by digital insights, will arm facility managers to streamline operations, ensuring onsite tasks are aligned with actual needs rather than historical schedules.

In conclusion, as we embark on the journey of 2024, the property sector is seeing unprecedented technological transformation. Embracing AI, data-driven insights, and digital innovation holds the promise of efficiency, sustainability, and improved well-being for the workforce. The year ahead is not just about embracing change but excellence, innovation, and a commitment to a smarter, more sustainable built environment.