Reduced Total Cost of Ownership.
Geospatial Analytics Asset InSite™ enables asset owners to optimize asset repair versus replace decisions across asset types, individual facilities, and corporate portfolios. By transforming data into business intelligence on asset condition, sophisticated analytics can facilitate significant process improvements. For instance, preventative maintenance can be reduced for newer assets or can be eliminated for assets with very low operational risk. As a result, the tool helps asset owners minimize the total cost of ownership — including acquisition, operation, maintenance, repair, and disposal — of their assets.
To estimate these savings, you can estimate the percentage of maintenance (by dollars or some other measure) that you can reasonably assume can be optimized, along with the assumed percentage of lifecycle cost savings. You can then apply this percentage to the applicable current dollar spend by equipment type, facility, or enterprise-wide.
More Objective Purchasing Approach.
Geospatial Analytics Asset InSite™ enables asset owners to apply a consistent process and standard for making purchasing decisions, as an alternative to ad hoc decision making based on criteria that may not be quantitatively defendable. Constructed using knowledge of the precise condition of all assets using Geospatial Analytics Asset InSite™ enables objective purchasing decision making based on enterprise-wide standards. This eliminates the replacement of assets that are subjectively selected for replacement but have useful remaining life or low risk if they fail prior to replacement. To calculate these savings, you can estimate the percentage of equipment (by dollars or number of units) that you can reasonably assume will not have to be replaced, along with the assumed percentage of cost reduction. You can then apply this percentage to the applicable current dollar spend by equipment type, facility, or enterprise-wide.