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Top Considerations for Asset Management in Facilities Management

The right asset management in facilities management strategy can help your organization target capital spend and enhance productivity in tandem. However, Facilities Managers with limited experience in asset management may not know where to start. To avoid this problem, let’s take a closer look at the issues affecting asset management, its solution, and how to get started with a successful program.

Lack of Visibility Diminishes Asset Management in Facilities Management

As explained by Carl Terrantroy of Oracle, lackluster visibility is responsible for the primary challenges affecting asset management in facilities management. Depending on facility type, such as a hospital, asset management can literally mean the difference between life and death. A lack of visibility could increase the risk of contamination, adversely affecting patients. In retail and food service, the same lack of visibility could spread foodborne illness or result in poor shopping experiences.

Robust Asset Management Requires Comprehensive Facilities Management Strategies

A recent Facility Executive Webinar denoted the importance of repetition and comprehensive asset management in successful portfolio management. All aspects of facilities management follow a sequential pattern that includes asset management. Failure to manage assets will result in higher employee turnover, poor guest experiences, and further issues with subsequent activities. As a result, asset management must evolve to consider all sides of the equation, improving processes along the way.

Key Considerations in Successful Asset Management Programs

Before implementing an asset management program, it helps to know some of the key characteristics and considerations that enhance its success. For instance, using manufacturers with newer types of assets, like AGMA Quality Class 0 Geareducer® to reduce the time necessary to replace HVAC components, reports FacilitiesNet.

Some of the top considerations for asset management in facilities management include:

  1. Track asset life cycles by focusing on the highest-value facility assets, eliminating deferred maintenance, and centralizing storage of item-level details for all assets. This also helps to consolidate OEM information and to track repairs and preventative maintenance tasks for assets.
  2. Include service level agreement (SLA) specific information with asset management documentation. SLA information may be required to ensure compliance with local, regional, state, and federal laws governing the repair of equipment using hazardous materials, such as aging building materials and maintaining HVAC system coolant levels.
  3. Increase warranty compliance, including outsourcing of warranty work order processing, management, and replacement, if necessary. Also, review warranty information for assets.
  4. Conduct a repair vs replacement analysis. Use artificial intelligence and big data to understand asset longevity, function, and cost.
  5. Implement a proactive asset replacement program. It will be necessary to replace assets as they age, so planning for replacement through the creation of trigger-points and timelines will reduce delays in addressing critical equipment failures. Also, this improves budgeting for maintenance too.
  6. Develop a critical logistics program. This goes back to following the money from procurement of asset components and management field service technicians to ensure all needs are met in a timely manner.
  7. Keep everyone informed. Collaboration is the cornerstone of all considerations in asset management. Using a new, computerized maintenance management system (CMMS) can help improve collaboration while increasing accountability too.

Enhance Asset Management in Facilities Management With the Right CMMS Partner Today

Successful asset management in facilities management hinges on following the right considerations and developing a comprehensive set of resources to streamline decision making. Part of this endeavor includes selecting an advanced CMMS.