Case Study: Asset Management Financial Institution

Overview

Client is one of the ten largest domestic banks with over 1000 locations across multiple markets in the United States. Client was using spreadsheets to collect and manage information regarding equipment and fixed assets at all its retail branches. They desired to be able to establish an enterprise wide asset management program. Wanted a partner who could help establish a technology roadmap to emphasize best practices and provide superior guidance for decision-making processes. They partnered with Geospatial because of the team’s extensive asset management track record, agile but simple technology solutions, and strong project team credentials.

Utilizing spreadsheets to gather information on equipment was proving unwieldy, so this major financial company worked with Geospatial Analytics to upgrade to a state of the art mobile platform that enabled them to establish a best in class asset management solution.

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Challenges

  • Utilizing spreadsheets to collect and manage data was difficult to manage
  • Unclear knowledge of current inventory and condition of equipment
  • Impaired data creating subjective decision making
  • Needed Asset Management at the Enterprise Level

Solution #1:

Mobile Inspection Form

To address the unwieldy use of spreadsheets to capture data, Geospatial Analytics® helped the company implement a mobile inspection form that treated a consistent and efficient method of
data collection.

Geospatial Analytics® configured the inspection template to specific items that the client required. The client could make immediate changes to the template as new requirements were identified.

Geospatial Analytics® quickly and easily deployed the mobile inspection form, without the need for significant training or support.

Benefits

  • A custom template with embedded business intelligence that guides the user through a set of questions that are unique to any given asset that is being inspected.
  • The team replaced subjective opinions of condition with objective criteria and standards, enabling fact- based decision making on needed investments.
  • Electronic real time aggregation of data resulted in over 50% reduction in the time spent accomplishing inspections in the legacy paper based environment.
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Solution #2:

Equipment Inventory

The team deemed that aggregating data obtained from inspections was critical to the success of the effort. Management needed the ability to easily obtain information on specific pieces of equipment but also create portfolio views.

The information obtained was also needed to update the bank’s computerized maintenance management system (CMMS).

Geospatial Analytics ® helped the company implement a web-based portal — integrated with the CMMS — where inspection results were automatically stored.

Benefits

  • Provided a complete equipment inventory including related conditions.
  • Allowed management to have an accurate view of all equipment for improved planning and management of related Facility Management efforts.
  • The ability to have an accurate equipment list loaded within the CMMS made it possible to improve accuracy of financial forecast for Preventative and Corrective Maintenance activities by over 15%.

Solution #3:

Asset Management Program

Geospatial Analytics ® supplied a robust set of capabilities for an enterprise-level asset management program, including analytics and scenario modeling.

Use of various levels of uniformat codes and a facility condition index in the tool created a fact–based, objective decision support environment.

The asset management program could consistently and objectively track assets’ original value, condition, and life expectancy to properly manage risk and create accurate financial forecasts.

Benefits

  • The client was able to formalize the program and establish a five-year capital plan and associated budgets and required actions.
  • Decisions regarding proactive replacement of end of the life equipment could now be performed with view to the entire portfolio and the related condition, improving the decision making and prioritization which decreased overall risks.
  • Having a reliable asset management program allowed the client to accurately forecast future actions, thus allowing them to aggregate their sourcing for purchases of replacement equipment as well as related services, conservatively saving over $5M annually.
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