Lack of Visibility and Understanding Contributes to Higher Total Cost of Ownership
Poor visibility into facility assets remains a crucial problem to improve the total costs of ownership of facility assets. Remember, the total cost of ownership of your facility includes every asset and activity, as well as a resource used in its lifecycle. While reducing the total ownership costs for your entire facility is great, it begins with meaningful improvement at the asset level. Reducing total ownership costs relies on determining the costs of buying, maintaining, and using an asset and making improvements that lower these associated costs. Failure to deploy the right technologies and capabilities to track data and understand your facility assets’ exact fees and influences will make it impossible to track your facility’s total cost of ownership.
Integrated Facilities Management Brings Data Coherence
Achieving actual reductions in the total cost of ownership through integrated facilities management requires comprehensive lifecycle management. Lifecycle management is about more than just the need to replace an asset and its replacement costs, it involves facility managers taking a holistic approach to maintenance, operating costs, replacement, ongoing maintenance, and effects derived from its optimum use.
Consider the total cost of ownership for an HVAC unit. Facility managers incur the fee of purchasing the equipment, installing it, and maintaining it. It may need to be replaced at the end of its lifecycle, but the actual total cost of ownership can be obscured through everyday operations. For example, did the HVAC unit’s malfunction contribute to an abandoned purchase on behalf of the customer who felt uncomfortable in your facility? Therefore, the only way to truly understand the total cost of ownership is to consider every possibility that could increase the charges to your organization for a single asset.
Additional Ways Integration Lowers Total Cost of Ownership
Merely knowing your current costs for an asset is only one solution: integrated facilities management lowers the total cost of ownership. Others include:
- Integrating systems to let third parties handle vital processes, such as work order management, frees your time to manage other tasks.
- Increasing access to field service vendors.
- Integrating enables data-driven decision-making.
- Decreasing energy use leads to direct savings.
- Reducing the risk of future complete malfunction derives from handling minor needs in advance.
- Preventing maintenance keeps maintenance under control.
- Lowering the maintenance backlog alludes to more money for use in new ventures in future cycles.
- Integrating prevents data silos from negating the effects of integration.
Implement Integrated Services to Reduce Your Total Cost of Ownership
Integrated facilities management means bringing together energy, asset, and resource management with a platform that considers internal and external data to make informed decisions. Facility managers need to deploy a next-generation CMMS now and put the power of integrated services to work to reduce the total cost of ownership. Connect with ENTOUCH today to learn how to drive your total ownership costs down.