Portfolio Management
Portfolio management in Field Service Management (FSM) is the process of managing the company’s physical space. It includes tracking and maintaining the space and occupancy details (that is, how much space a company has and how it is being used), and forecasting the real estate requirement in the future. Modern portfolio management and territory management are not just limited to optimizing space utilization but also focuses on virtually controlling real-time facility operations with the help of interactive building plans.
Portfolio section is a multi-level procedure that comprises data collection, analysis, weather forecasting, and strategizing. Primarily, it focuses on creating a space management system that defines the floor layouts and occupants throughout an organization. Whereas, the Territory section refers to the process of organizing and dividing geographical areas or territories for efficient deployment and management of field service resources such as agents.
Mostly, workplaces have large chunks of space that are unused or underutilized. Upon analysis, an efficient space management system can ease out identifying such areas, enabling organizations to scale for effective resource planning through portfolio. The sites in the portfolio can be associated with the territory. The territory section is essential for facilities that provide field services or maintenance, as it helps optimize resource allocation, enhance service delivery, and improve customer satisfaction. By defining territories, companies can ensure that field agents are assigned to specific regions, reducing the time it takes for them to reach customer locations. This can lead to faster response times for service requests, which is crucial for meeting customer expectations and maintaining satisfaction.
Every organization must have a better space and territory management system in place to manage its locations and resource allocation. Many companies realize the added value of investing in facility management software as they look for new and innovative ways to expand their businesses while also cutting costs. It is the responsibility of the respective facility managers to adopt an appropriate CMMS solution that aligns with the goals and objectives of the organization to track and report on their facility service requests and real estate information. Adopting such technical innovations offer a better understanding of business practices and help realizing the scope of optimization.