What's the best way to manage FM asset management and maintenance vendors?

Facility management (FM) involves managing the physical assets and services of an organization to ensure optimal performance, efficiency, and safety. One of the key aspects of FM is asset management and maintenance, which entails planning, implementing, and monitoring the activities related to the upkeep, repair, and replacement of assets such as buildings, equipment, furniture, and vehicles. To achieve this, many FM professionals rely on external vendors who provide specialized skills, tools, and resources for various asset management and maintenance tasks. However, managing these vendors can be challenging, especially when dealing with multiple contracts, service levels, invoices, and quality standards. How can you ensure that your FM asset management and maintenance vendors deliver the best value and results for your organization? Here are some tips to help you manage them effectively.

1 Set clear goals and expectations

Before you engage any vendor, you need to define your goals and expectations for the asset management and maintenance project or service. What are the specific outcomes, deliverables, and deadlines that you want to achieve? What are the quality, safety, and compliance standards that you require? How will you measure and evaluate the vendor's performance and satisfaction? Communicate these clearly to the vendor and document them in a formal contract or agreement. This will help you avoid misunderstandings, disputes, and delays later on.

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Shivani Seunarine

I believe that practice makes perfect so I teach in order to constantly improve my skills. Project Management Practitioner| Facility Manager Practitioner| Agile Practitioner | Trainer |Business Owner
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This all starts with having a clear asset register. We must know every single asset before we engage any vendor for maintenance. A clear maintenance contract must be in place outline roles and scope and payments methods.

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2 Establish regular communication and feedback

Communication is essential for maintaining a good relationship with your vendor and ensuring that they understand your needs and preferences. Establish regular communication channels and methods with your vendor, such as phone calls, emails, meetings, reports, and dashboards. Use these to share information, updates, issues, and feedback on the asset management and maintenance project or service. Be respectful, honest, and constructive in your communication and feedback. Listen to the vendor's concerns, suggestions, and questions and address them promptly and professionally.

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3 Monitor and track the vendor's performance

To ensure that your vendor is delivering the expected quality and results, you need to monitor and track their performance throughout the asset management and maintenance project or service. Use the agreed-upon metrics, indicators, and milestones to measure and evaluate the vendor's progress, efficiency, and effectiveness. Check the vendor's invoices, receipts, and work orders to verify the accuracy and completeness of their charges and services. Conduct regular audits, inspections, and reviews to assess the vendor's compliance with the contract terms and conditions, as well as the relevant laws and regulations.

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4 Provide incentives and recognition

One way to motivate and retain your vendor is to provide incentives and recognition for their outstanding performance and achievements. Incentives can be financial or non-financial, such as bonuses, discounts, referrals, testimonials, or awards. Recognition can be formal or informal, such as certificates, letters, emails, or social media posts. These will help you show your appreciation and gratitude to the vendor and encourage them to continue delivering high-quality asset management and maintenance services.

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5 Manage conflicts and risks

Despite your best efforts, conflicts and risks may arise in your relationship with your vendor. These can be caused by factors such as changes in scope, budget, schedule, or specifications; errors, defects, or failures in the asset management and maintenance services; disputes over payments, warranties, or liabilities; or external events such as natural disasters, accidents, or pandemics. To manage these, you need to have a clear and fair process for resolving them, as well as a contingency plan for mitigating them. Communicate openly and respectfully with your vendor and try to find a mutually acceptable solution. If necessary, involve a third party such as a mediator, arbitrator, or lawyer to help you settle the conflict or risk.

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Shivani Seunarine

I believe that practice makes perfect so I teach in order to constantly improve my skills. Project Management Practitioner| Facility Manager Practitioner| Agile Practitioner | Trainer |Business Owner
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Managing of conflict and risks can be done via the contract. What was the type of contract can determine who absorbs risk? It would also document how you manage force majeure.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What's the best way to manage FM asset management and maintenance vendors?

1

2

3

4

5

6

1 Set clear goals and expectations

2 Establish regular communication and feedback

3 Monitor and track the vendor's performance

4 Provide incentives and recognition

5 Manage conflicts and risks

6 Here’s what else to consider

Facility Management (FM)

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What's the best way to manage FM asset management and maintenance vendors?

1

2

3

4

5

6

1 Set clear goals and expectations

2 Establish regular communication and feedback

3 Monitor and track the vendor's performance

4 Provide incentives and recognition

5 Manage conflicts and risks

6 Here’s what else to consider

Facility Management (FM)

Rate this article

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