Bricks and Mortar: Optimise Every Layer Of Your Asset Portfolio
How to optimise your asset portfolio
Managing operating costs, reducing energy expenditure and enhancing occupant experience are the key priorities of asset management. Still, you are faced with the reality that you may be unclear on the current state of your assets. Can you be sure that you are getting the most out of your maintenance processes against rising resource costs?
You want to get a clear picture of your reactive expenses and make sure it’s money well spent, but you and your team must face the difficulties of disparate data sets and inefficient paper-based documentation. Does this sound familiar?
The need for longer-term clarity on capital expenditure is crucial to avoid surprise expenses. Still, many are prevented from modelling and predicting the lifecycle of their assets and underlying infrastructure beyond an approximate short-term estimate.
As the famous quote says, ‘failing to plan is planning to fail’. Understanding the current state, setting up a clear plan and ensuring you have the right systems and tools allows you to have an executable methodology to manage your assets to your objectives.
I want to explain to you why these issues and restrictive practices can be solved starting today and to detail how you can examine, understand and optimise your assets in the age of the ‘Smart Building’ concept.
You do not need to be a large enterprise, have already implemented digital practices or possess an extensive understanding of the process to start proactively managing and optimising your assets. Understanding your baseline and executing the plan isn’t onerous. It is a tailored process completed in steps to suit your needs.
Tenanted environments have to ensure operational efficiency whilst at the same time keeping occupant experience above a satisfactory standard.
The risks posed by greater inefficiencies and the inaccuracies they create are becoming a key focus in the case of asset management.
A recent publication by Government News found that key issues within Asset Management lie within the ability to manage budgetary expenditure, stressing the importance of strong governance and control across ‘the operating model and supporting processes’ to maximise efficiency and safety of the built-form.
Having established these premises, we need to turn our focus to systematically approaching our unique assets and establishing a plan – measured against business and operational objectives.
Therefore, the ability to effectively oversee and maintain our assets is key to keeping a safe working environment for all inhabitants, maximising efficiency and promoting growth, productivity, and profitability, as stated in a PwC’s recent ‘Global Digital Operations Study 2018’.
Get to know your assets:
The logical first step is to understand the current across a building or a portfolio of assets.
You will need to ask yourself:
- Do you have up to date records of quantities, locations and the current condition of your assets?
- Do you have the required visibility of and control over asset performance and expenditure in line with your KPIs?
- Have you faced any unexpected CAPEX and/or OPEX spend due to a sudden failure of assets?
A built-form advisory firm such as Hendry is a useful ally in evaluating and understanding the current state of your assets and providing analysis into capital expenditure.
Understanding your goals and the needs of your occupants
This should be run in tandem with traditional lifecycle planning methods, particularly CAPEX (Capital Expenditure) modelling, and extend to a review of the maintenance scope of subcontractors to ensure that all works performed on-site work towards your core objectives.
These roles will need to be supported by systems and tools which govern maintenance framework and contribute to the regular reviews of performance through asset management team meetings and records generated by Computerised Maintenance Management Systems (CMMS), to name a few.
In essence, your priorities are to define your objectives, compare targets against current figures and establish achievable growth targets within a defined time frame. Then, scale your model according to your current position and account for key stages in future growth.
Examine your infrastructure: Is everything as it should be?
Take a closer look at the current systems infrastructure underpinning your assets. Have they been correctly implemented to a high working standard and maintained in keeping with the prescribed maintenance schedule or governing regulations?
You will need to review the implementation of on-site building management systems, spanning systems tuning to understand the impact on energy and resource consumption.
Knowing how these utilities support your assets’ functions will highlight where inefficiencies and wastage occur, assisting in the establishment of your asset optimisation strategy and implementation plan.
Embrace new technologies to maximise asset optimisation
Would you like the ability to virtually walk through your portfolios to assess your assets or showcase them to key stakeholders?
We are now presented with examining how our building or portfolio performs down to the smallest detail, whether remotely or at your desk. Interestingly you may already be using this technology or have perhaps heard of it, but if this is the case, you will likely not be using these new platforms to their maximum potential.
Tools such as 360-Degree Imagery and 3D scanning can generate an unprecedented level of detail across a given environment and work to serve several purposes. This would provide key stakeholders with a shared view, where additional suppliers such as contractors and facilities managers could input their data into the same environment.
Analytics and cloud-based visualisations allow aggregating the data from multiple systems across multiple buildings across portfolios to allow clear and simple insights and performance tracking. You can find out how everything is operating at a push of a button. In most cases, the data already readily exists. It just needs the right approach to analyse and configure the tools to get meaningful and useful outcomes.
Investment in technology such as this is not big and can be staged and the benefits in terms of visibility, insights and peace of mind are hard to ignore.
These ideals are certainly sound in principle, but in terms of action, you need the backing and direction of an organisation with proven experience in Asset Optimisation.
Hendry has worked at the forefront of Asset Optimisation across the Built-Form, utilising pioneering technologies and deep sector expertise to deliver maximum efficiency and help meet our clients’ targets and expectations.