Public and private entities with significant real estate portfolios are faced with managing and maintaining tens of thousands of individual assets, such as HVAC equipment, electrical power systems, and building infrastructure.
Facility managers need to understand the maintenance needs of these assets, determine their remaining useful life and create accurate capital replacement plans. The second largest expense after personnel, real estate and related facility costs can represent more than 20% of an organizations’ cost structure.
Despite the critical nature of these assets and advances in facility management technologies, a recent study revealed that most facility managers have not implemented an enterprise asset management program. Instead, many facility managers still rely on manual, paper-based or spreadsheet processes that are inherently inefficient, inflexible, error prone, and cumbersome.
Because the data is not aggregated in a single repository, facility managers are unable to leverage the power of predictive analytics. These processes often lead to inaccurate results, suboptimal decision making on asset investments, and increased risks of costly business disruptions, health/safety incidents, and regulatory violations. Facility managers need a strategic approach to asset management at an enterprise level.
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