Facilities Management Budget Planning Tips

Facilities Management Budget Planning Tips

By Maintenance Management

Ask most facility managers what their greatest challenges are on the job and we can bet that almost all of them will mention budgeting. That leads to the obvious question: Why is budgeting so tricky for facility managers? Although facility management budgeting can often seem like an insurmountable task, it doesn’t have to be. Here are a few of our best facilities management budget planning tips: 1. Visibility is Key Do you really understand what your major costs are? Creating a budget that works is almost impossible without understanding the various categories of costs that tend to have the most…

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What Are The Hardest Things In Maintaining A Residential Building

What Are The Hardest Things In Maintaining A Residential Building?

By Maintenance Management

Every building needs regular maintenance to keep it in the best condition – residential buildings included. Although there are so many different types of residential buildings; from the smaller single-family homes to the multi-family luxury apartment buildings, there are some common challenges that residential building managers can relate to. Here’s a look at some of the hardest things in maintaining residential buildings. Round-the-clock Attention Your tenants use the property 24/7. Therefore, any time of day that they have a problem, as the owner or manager, you have a problem as well. Solving maintenance issues well outside business operating hours is…

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What Are The Hardest Things In Maintaining A Commercial Building

What Are The Hardest Things In Maintaining A Commercial Building?

By Maintenance Management

Whether it’s a shopping mall or an office complex, an entertainment center, or department store, commercial buildings are about business and money transactions. These structures also have the potential for long-term profit for their owners. But maintaining a commercial building requires a certain level of skill and professionalism. Let’s look at some of the hardest things in maintaining commercial buildings. Rapid wear and tear These buildings are very busy. Different kinds of people go in and out all day; from the moment they open their doors till when they close. The potential for rapid wear and tear is huge. Because…

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Common Facilities Maintenance Problem List

Common Facilities Maintenance Problem List

By Maintenance Management

Experienced facility managers will tell you that no 2 days are ever exactly alike in a modern and busy facility. It’s not uncommon for them to have their hands full daily while working to keep all the systems and processes in their facilities running efficiently. But whether large or small, commercial, industrial, or residential, there are some common facilities maintenance problems that FMs need to identify. By doing so, they will be in the best position to proactively resolve them. We’ll highlight some of the major problems below: Facilities Maintenance Cost Containment The problem of cost control is a constant…

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Contract Lifecycle Management Best Practices

Contract Lifecycle Management Best Practices

By Contract Lifecycle Management

The financial consequences of participating in poorly managed contracts can ruin your business for good. To mitigate this risk, it’s essential that you understand what you are getting involved in at every stage of the contracting process. But, contract execution and fulfillment can be overwhelming when you consider the many different factors that could go wrong. Added to that, the situation worsens when an organization tries to manage key contracts manually or via Excel spreadsheets. These are common challenges that business owners encounter regardless of their industry or business niche. Thus, gaining better contract visibility and overcoming these challenges has…

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3 Sample Contract Lifecycle Management Use Cases

3 Sample Contract Lifecycle Management Use Cases

By Contract Lifecycle Management

By eliminating most of the tediousness, oversights, and loopholes that often plague legal agreements, contract lifecycle management (CLM) has the potential to significantly improve your company’s bottom line, protect brand reputation, and boost overall synergy between your organization and the other companies that you frequently do business with. Even better, the benefits and usefulness of CLM are not limited to any industry – every industry needs it. However, as a business owner, maybe you are still hesitant, or you’re not yet convinced about what CLM can do for your kind of business. 3 Sample Contract Lifecycle Management Use Cases Below…

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5 Stages of Contract Management - All You Need To Know

5 Stages of Contract Management – All You Need To Know

By Contract Lifecycle Management

Explained in the simplest terms, a “contract” is a legally binding agreement between two or more parties involving the exchange of money, goods, services, or promises. As organizations aim to get their business done faster while delivering the best services to their clients, contracts will continue to play a vital role in every industry imaginable. In the past, contracting used to be a simple and relatively straightforward process; a contract started with an agreement to exchange and concluded when that exchange was fulfilled. But with some contract figures now running into millions of dollars and multiple parties across different continents…

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4 Main Contract Lifecycle Management Benefits

4 Main Contract Lifecycle Management Benefits

By Contract Lifecycle Management

These days, it is a common business practice for organizations to regularly rely on legal agreements to get important business tasks done. From vendor-related processes to supply chain and procurement, from staff recruitment and employment to facility management and real estate matters, etc., contracts play a pivotal role in how we get work done. However, successful contracts don’t happen based on set-and-forget principles. Rather, it is necessary to manage and track every stage of a contract’s lifecycle to achieve the best performance and compliance. Traditionally, this process was managed through manual paper systems that left too much room for errors….

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5 Reasons Why You Need A Central Contract Repository

5 Reasons Why You Need A Central Contract Repository

By Contract Lifecycle Management

If your business has been in operation for a number of years, the chances are high that you must have participated in a number of contracts over the years. But if you were asked to provide some contract information from a couple of years back, how long would it take to find that information? Can you pinpoint for sure your best and worst performing contracts? On closer scrutiny is the  answer you just gave accurate? Have you made more profits or losses from contracts so far? As more years roll by and your business continues to sign even more contracts,…

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When Should a Business Get an IWMS

When Should a Business Get an IWMS?

By Property Management

As the owner or manager of a considerable real estate holding, you are often in a position where you are actively seeking innovative and viable solutions to optimize your business operations. A leading solution that you will no doubt come across during your search will include integrated workplace management systems (IWMS). But let’s assume that you’re not fully convinced yet about the need for an IWMS. After all, this is a major step for any business that will also require full commitment on your part. In view of that, here are just a few telltale signs that show that your…

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