Strategic asset management within the context of facilities management involves a comprehensive approach to maintaining and enhancing the value and usefulness of business assets over their lifecycle. A proficient facilities management company not only ensures the day-to-day operational efficiency of these assets but also strategically influences their longevity and performance. This article delves into how facilities management is crucial in asset management, highlighting key strategies employed to extend the lifespan and optimize the performance of business assets.
Understanding Asset Management in Facilities Management
Defining Asset Management
Asset management in facilities management refers to the systematic process of developing, operating, maintaining, upgrading, and disposing of assets cost-effectively. It encompasses both physical assets like buildings and equipment and intangible assets such as software and intellectual property.
Role of Facilities Management
Facilities management plays a pivotal role in this process, ensuring that every asset performs as efficiently as possible throughout its expected lifespan. This involves regular maintenance, timely upgrades, and eventually, strategic replacement or disposal.
Key Strategies for Effective Asset Management
Lifecycle Planning
Assessing Asset Lifecycle
A critical aspect of strategic asset management is understanding and planning for the lifecycle of each asset. Facilities managers assess the expected lifespan of assets based on manufacturer data, usage patterns, and historical performance data to plan for their maintenance, refurbishment, and replacement.
Implementation of Lifecycle Cost Analysis
Lifecycle cost analysis is utilized to determine the total cost of owning and operating an asset over its entire life. This analysis helps in making informed decisions about maintaining, upgrading, or replacing assets and in budgeting for future expenditures.
Preventive and Predictive Maintenance
Regular Maintenance Schedules
Implementing regular maintenance schedules is essential to prevent breakdowns and extend the lifespan of assets. Facilities management ensures that all assets receive the necessary maintenance, from HVAC systems to elevators and roofing, according to the manufacturer’s recommendations and industry best practices.
Utilizing Predictive Maintenance Techniques
With advancements in technology, facilities management companies are increasingly using predictive maintenance techniques. These involve monitoring the condition of equipment during operation to predict when maintenance should be performed. This approach promises considerable cost savings over routine or time-based preventive maintenance because tasks are performed only when warranted.
Utilizing Technology in Asset Management
Integration of Building Management Systems (BMS)
Modern facilities management frequently employs Building Management Systems (BMS) to monitor and control the building’s mechanical and electrical equipment such as ventilation, lighting, power systems, fire systems, and security systems. A BMS can help in managing energy consumption and maintaining system performance, contributing to the overall health of building assets.
Advancements in IoT and AI
The Internet of Things (IoT) and Artificial Intelligence (AI) are transforming asset management by providing detailed insights into asset usage and performance. IoT devices can track real-time data from assets, while AI can analyze this data to identify trends and predict failures before they occur, enabling preemptive maintenance interventions.
Financial Management and Cost Control
Budgeting and Financial Planning
Effective asset management requires meticulous financial planning and control. Facilities managers work to optimize the allocation of maintenance budgets, balance capital expenditures and operational expenditures, and ensure that funds are available for critical interventions that prolong asset life and enhance functionality.
Cost-Benefit Analysis
Facilities management performs cost-benefit analyses to justify or reject expenditures based on their expected impact on asset performance and lifespan. This analytical approach ensures that investments are made in a way that maximizes value for the organization.
Sustainability and Compliance
Promoting Sustainability
Sustainability is increasingly at the forefront of strategic asset management. Facilities management promotes the use of sustainable, energy-efficient technologies and practices that reduce environmental impact and operating costs. This might involve retrofitting buildings with energy-efficient systems or implementing green procurement policies.
Ensuring Compliance
Facilities management ensures that all asset management activities comply with relevant laws, standards, and regulations. This compliance is crucial not only for legal and operational reasons but also for maintaining the integrity and safety of the asset portfolio.
Conclusion
Strategic asset management is a critical function of facilities management, central to extending the lifespan and enhancing the performance of assets. By adopting lifecycle planning, utilizing advanced technologies for maintenance, managing finances prudently, and focusing on sustainability and compliance, facilities management companies can ensure that assets continue to deliver value throughout their operational life. In an increasingly complex business environment, these strategic approaches not only protect but also maximize the investments made in business assets.
