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Cost Benefit Analysis: Asset Inspection Solution

How to Perform a Cost-Benefit Analysis
for Geospatial Analytics Inspection InSite™

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Estimating Net Benefits from an Automated Inspection Process

Geospatial Analytics Inspection InSite™ is a mobile application that enables you to efficiently create and maintain an inventory of the condition of the assets in your properties. gathered data resides in the Geospatial Analytics Info InSite™ database for subsequent analysis using Geospatial Analytics Asset InSite™ (or using your existing in-house capabilities).

In the absence of an efficient tool such as Geospatial Analytics Inspection InSite™, the legacy manual inspection process is cumbersome and time-consuming. Data gathered on paper forms must be keyed into a database or spreadsheet manually, and photos need to be relabeled and uploaded. These manual processes are prone to data entry error and inconsistent evaluations by various inspectors across the organization due to a lack of standardization of equipment condition.

Geospatial Analytics Inspection InSiteTM can reduce
the time your in-house or contract inspectors spend
in various ways described below. A cost-benefit
analysis for this solution includes:

  • Estimating in-house annual labor savings in these
    various ways (scaled across all of your inspectors
    and facilities), using assumed loaded labor rates
    (which can be a blend of inspection, administrative
    and management rates, as appropriate).
  • Subtracting the solution's license costs to determine
    the net savings.
  • Estimating savings in the future years and applying
    a discount rate to determine the net present value
    of the savings.
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Reduce
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Fully Integrated

Real Time Access to Inventory

  • Fully integrated with Geospatial Analytics Inspection InSite™ to provide real time access to inventory and condition information
  • Robust Configuration and Customization Capability
  • Ease of Implementation
  • Industry Compliant System Security



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Following are ways you can reduce inspection costs using this powerful solution:

Elimination of clipboards and cameras.

Using a smartphone/tablet-based mobile application, stand-alone cameras are not needed, and paper-based data collection processes (e.g., post-inspection management of hard-copy inspections) can be eliminated.

Avoiding Manual Data Entry and Photo Uploading.

Enabling the automated entry of data, photos, and photo labels into a centralized database avoids the intermediate step of manually entering this data after it is collected. To estimate these savings, you can estimate the percentage reduction in the time needed to gather/input the data and photos, compared to the total time spent
per inspection.

Avoided Data Entry Errors.

Direct entry of data and photos also eliminates data entry errors. To estimate these savings, you can estimate the percentage reduction in time needed to correct these errors, compared to the total time spent per inspection.

More Objective Data.

Geospatial Analytics Inspection InSiteTM provides objective, standardized criteria for a broad range of asset and condition types, enabling consistent input of asset condition across inspectors and facilities. To estimate savings due to this, you can treat subjective data as a form of data entry errors, and hence increase the percentage reduction in time needed to correct these errors, compared to the total time spent per inspection.

More Complete Inspection Inventory.

By prompting facility technicians to inspect a broad range of asset types and common problems with any given asset type, Geospatial Analytics Inspection InSiteTM ensures a more complete inspection inventory than is likely during unprompted, manual processes. To estimate this benefit, you can estimate the time spent identifying assets not inspected, identifying asset problems not sufficiently specified, and re-inspecting the inventory, compared to the total time spent per inspection. You can then extrapolate these four types of savings across the number of inspections, number of inspectors, and number of facilities. Note that if the percentage reductions of these efficiencies sum to only 10 percent, the savings for a company with a large number of inspectors and facilities can be quite large.

For a more detailed analysis, you can categorize major, intermediate, and minor inspections, and assign various hours/inspection and costs to each type to enhance the granularity of the analysis. At an aggregate level, you can also incorporate a fifth type of cost savings. This involves adding total estimated cost savings due to efficient and easy integration of Geospatial Analytics Inspection InSiteTM into a wide range of existing computerized maintenance management systems, compared to systems without this seamless integration.

Automated Inspections and Value Creation:

More and more companies are discovering the value of using mobile applications to automate their inspection processes. By the creation of a strategic approach to collecting critical information, facility managers are able to find cost reductions while improving the quality of the information.

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