According to recent studies, businesses spend an average of $274 billion in 2022 alone on regulatory compliance, and noncompliance can result in hefty fines, lawsuits, and damage to your company’s reputation.
But what if there was a solution that could make compliance easier and more efficient?
Thankfully, facilities maintenance apps have emerged as a game-changer for businesses looking to meet compliance standards.
These powerful tools can help you stay on top of regulatory requirements by automating tasks, tracking data, and generating reports in real-time. From HVAC systems to fire safety, facilities maintenance apps can streamline your compliance efforts and provide peace of mind.
In this article, we’ll dive into the benefits of using facilities maintenance apps for compliance management. So, read on to learn how these apps can help you stay ahead of the compliance curve.
Regulatory Compliance: Understanding the Importance for Business Success
In today’s highly competitive business environment, facility management and manufacturing industries face numerous challenges in ensuring they comply with regulatory standards. Non-compliance with these standards can result in fines, lawsuits, and even imprisonment in extreme cases.
According to a recent survey by KPMG, the cost of regulatory compliance for businesses has increased by 50% in the last decade. Failure to comply with regulatory standards has resulted in penalties ranging from $100,000 to $10 million for some businesses. Many challenges like these has resulted in a growing concern among facility management and manufacturing industries regarding regulatory compliance.
In light of these challenges, it is crucial for businesses to prioritize compliance with regulatory standards. By the end of this article, you will have a better understanding of the steps you can take to ensure compliance with regulatory standards.
4 Key Ways To Enhance Regulatory Compliance with Facilities Maintenance Apps
Reliable Field service CRM software and apps have transformed the way businesses manage their facilities by streamlining operations, reducing costs, and enhancing efficiency. In addition, these apps play a crucial role in helping businesses meet regulatory compliance standards and eliminate several below mentioned challenges.
Below are the ways how facilities maintenance apps can help businesses meet regulatory compliance standards.
1. Simplifying Compliance Documentation
One of the biggest challenges for businesses is to keep track of compliance documentation. Businesses must maintain a vast array of documentation, including inspection reports, compliance reports, and audit reports, among others. Manually managing this documentation can be time-consuming and cumbersome, increasing the risk of errors and non-compliance. Facilities maintenance apps simplify this process by providing a centralized platform for managing compliance documentation. Businesses can easily access and track documentation, ensuring that they are always up-to-date and compliant.
According to a report by Compliance Week, “70% of organizations expect their regulatory change activity to increase in the next year, and 49% expect the volume of their compliance documentation to increase.”
This indicates that compliance documentation management is becoming more complex and challenging for businesses. Facilities maintenance apps can help businesses stay ahead of the curve by providing a comprehensive solution for managing compliance documentation.
2. Enhancing Preventive Maintenance
Preventive maintenance is a critical aspect of facility management that involves regular inspections, maintenance, and repairs to prevent equipment failure and ensure compliance. However, managing preventive maintenance manually can be challenging, especially for businesses with multiple facilities. Facilities maintenance apps can automate preventive maintenance tasks, reducing the risk of human error and ensuring compliance.
A study by Aberdeen Group found that “Best-in-Class companies are 64% more likely than their peers to have automated preventive maintenance tasks.” This highlights the importance of preventive maintenance automation in achieving regulatory compliance. Facilities maintenance apps can help businesses achieve Best-in-Class status by automating preventive maintenance tasks and ensuring compliance.
3. Improving Asset Management
Asset management is another crucial aspect of facility management that involves tracking and maintaining assets to ensure compliance. Businesses must keep track of all assets, including equipment, machinery, and facilities, to ensure they are compliant with regulations. Manual asset management can be challenging, especially for businesses with large facilities. Facilities maintenance apps can simplify asset management by providing a centralized platform for tracking assets and ensuring compliance.
According to a study by IBM, “Asset management applications can reduce inventory carrying costs by 30% while improving availability and uptime by 20%.” This highlights the significant impact of asset management on cost reduction and efficiency. Facilities maintenance apps can help businesses achieve these benefits by streamlining asset management and ensuring compliance.
4. Streamlining Communication
Effective communication is critical to ensuring regulatory compliance in facility management. Communication is necessary between facility managers, maintenance teams, and stakeholders to ensure compliance with regulations. However, communication can be challenging, especially for businesses with multiple facilities. Facilities maintenance apps can streamline communication by providing a centralized platform for communication and collaboration.
According to a study by McKinsey & Company, “Productivity improves by 20-25% in organizations with connected employees.” This highlights the importance of connected employees in achieving productivity and efficiency. Facilities maintenance apps can help businesses achieve connected employees by streamlining communication and collaboration, enhancing productivity, and ensuring compliance.
The Bottom Line
Regulatory compliance is essential for businesses to operate smoothly and maintain their reputation. The importance of compliance is magnified in the facility management industry, where non-compliance can result in severe consequences.
That’s why it’s crucial for businesses to use a renowned facility maintenance app to ensure compliance with regulations. With the help of these apps, businesses can streamline operations, reduce costs, and enhance efficiency, while simultaneously ensuring regulatory compliance. However, it’s not just about using the app but understanding its importance and taking a proactive approach to compliance management. By doing so, businesses can thrive in the competitive world of facility management.
