Public and private entities with significant real estate portfolios are faced with managing and maintaining thousands of individual assets, such as HVAC equipment, electrical power systems, building infrastructure, as well as building interior spaces such as conference rooms and workspaces.
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 enterprise’s entire annual budget.
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 capital forecasts, suboptimal decision making on asset investments and increased risks of costly business disruptions. Facility managers need a strategic approach to capital planning at an enterprise level.
Analytics are the key to effective enterprise asset management. Analytics, for example, enable you to balance replacement costs with maintenance and repair costs to optimize total cost of ownership. Analytics provide an opportunity for facility managers to view portfolios of assets in a standardized structure to provide a more strategic financial perspective.
Benefits of Geospatial Analytics Asset InSite ™ include:
Geospatial Analytics Asset InSite™ enables asset owners and managers to:
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