LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global building maintenance services market is expected to grow at a CAGR more than 5% over the next five years as buyers are looking for third-party service providers for effective building maintenance solutions to improve buildings' operational lifespan and reduce the overall complexities associated.
The research report titled ‘Global Building Maintenance Services: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Improvements in economic conditions have driven commercial activities worldwide and triggered the construction of new commercial buildings such as office spaces, industrial facilities, and business centers,” says lead Technavio procurement expert, Angad Singh for category spend intelligence. “To maintain these newly-constructed premises from inside out, organizations increasingly depend on building maintenance service providers,” adds Angad.
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Cost saving opportunities in the building maintenance services market
The adoption of various cost-optimization levers helps buyers of building maintenance services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the building maintenance services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of Technology Saving Aspects
Technologies such as building automation tools, BIM, and CMMS can all minimize building maintenance services costs, sometimes up to 8% of the total category spend.
Integration of IoT and app-based technology with wearables and mobile devices increases workers' mobility and flexibility and facilitates better incident reporting and communication, while analytics tools enable analysis of supplier effectiveness leading to better decision-making.
Optimization of Procurement Practices Saving Aspects
Buyers prefer to engage with suppliers that adhere to strict schedules for discharging some maintenance services (such as cleaning and janitorial services) due to the time-bound nature of these services.
Additionally, service providers should also follow a preventive maintenance schedule to inspect various equipment including electrical installations, plumbing systems, and wooden fittings and fixtures to avoid possible emergency costs incurred by faulty repair work.
Bundling of Services Saving Aspects
Buyers prefer to align and integrate suppliers' maintenance management tools (such as CMMS and BIM) with existing IT systems to centralize information related to building equipment and installations and achieve better visibility on parameters such as lifespan and performance of existing equipment, installations, and replaced parts and fixtures.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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