Improve capital planning and strategically maintain and invest in physical assets? That's a mouthful!
Let's break it down with these three clever tips from Intellis, which are guaranteed to improve your facility capital planning process and make it a whole lot easier!
What is Capital Planning?
"Let's start at the very beginning. A very good place to start." as Maria in the Sound of Music explained. What is Capital Planning? It's the process of budgeting resources for the future of an organization’s long-term plans and the projection of future projects and their potential gains versus losses.
For facility managers, capital planning begins with a facility condition assessment. This brings together all the information about physical assets in a building, portfolio of buildings, or infrastructure. It defines and prioritizes all of the facility-related demands. The facility condition assessment brings to light all the challenges and problems that currently exist and require investment.
1. Be Data-Driven
The data your team collects during Facility Condition Assessment is a precious tool for long-range capital planning. The most successful capital plans prioritize needs while factoring in relative financial impacts so leaders can make smarter decisions based on accurate insights. This is the data-driven approach.
An accurate baseline of all buildings and physical assets should include as much existing data as possible and use technology to fill the gaps. Beginning with system-level models will provide a rapid baseline formulation without too much hardcore analysis.
On top of that, you can layer historical maintenance data then compare it against the experiences of the facility managers who maintain the system's day-to-day.
This will give you a holistic baseline that provides a clear roadmap to where capital investments are needed the most.
2. Use Software for Smarter Facility Capital Planning
It's no secret that facility management has been slow to adapt to the digital revolution. However, it is essential to use a software platform that collects data from facility condition assessment and transforms it into actionable insights.
This makes everything easier, from planning a preventive maintenance program to developing justifiable capital plans to executing capital improvement projects.
FOUNDATION is your best option for Facility and Capital Planning software, which fully supports facility condition assessment and facility services programs.
These are the top benefits of The FOUNDATION Solution by Intellis:
- Access to a single source of asset data across all building and systems portfolios.
- Consistent and valuable Facility Condition Assessment data across all asset types, including building and site assets.
- Powerful reporting and analytics allow your team to access real-time KPIs that support benchmarking, decision making, and performance monitoring.
- Easily manage multiple asset portfolios, knowing where best to spend budget for optimal asset performance.
- Develop informed and dynamic capital investment strategies while identifying funding risks and opportunities.
3. Make a Plan for Action
A complete capital plan gives finance and facility leaders the confidence that additional investments will go toward the areas that matter most, not only to the systems in the worst state.
This is when component-level detail is most needed. Component information empowers you to plan specific projects and bundle individual needs together to create a more significant and more impactful project at one time. A detailed facilities condition assessment of these prioritized spaces will provide the knowledge needed to be confident when selecting individual projects to execute.
Strategic Capital Planning with Intellis:
- Save an average of 3+ hours per week by removing the need for data entry.
- Increase budget funding by 60% or more on capital planning projects.
- Cut spending by half on your annual Facility Condition Assessment.
Say goodbye to complicated excel spreadsheets. And hello to the digital age with cloud-based software for more intelligent, more efficient facility condition assessments, and capital planning so that you can focus on the long-term success of your facilities.
Are you ready? Schedule a demo with our team to learn more!