Accurate reporting isn’t just a box to check—it’s a game-changer for capital planning! Having precise data at your fingertips can make all the difference in decision-making. Imagine being able to present your achievements and future goals, engaging your audience with compelling stories backed by solid data. In this blog, we’ll dive into three surprising benefits of accurate reporting that can elevate your capital planning strategy.
3 Surprising Benefits of Accurate Reporting Guaranteed to Improve Capital Planning
Accurate data is essential in facilities management and capital planning reporting, and the way managers present this data is even more critical.
Let’s explore how implementing K-12 Capital Planning Software can improve productivity, secure project funding, and future-proof your operations with intelligent data analytics. Buckle up—your path to more intelligent capital planning starts here!
What is Accurate Reporting?
While the future is uncertain, a comprehensive capital investment plan will help alleviate some of that uncertainty. Now is the time to utilize powerful digital tools to ensure your organization is prepared to leverage Intellis' solutions to maximize the use and performance of all capital resources.
When producing a report is not enough to present the information, engaging your audience and telling a compelling story about what has been achieved and what your team plans to achieve is essential.
Accurate reporting also helps define the next and necessary steps to achieve them. This is especially important when the next steps involve procuring financial, programmatic, and staff resources.
Read our guide to mobile technology for facility managers.
As a facility manager, you use various tools and systems daily, including physical equipment, to perform manual repairs and data systems essential to the operation of your facilities and physical assets. Managing a facility involves using the right tools at the right time to achieve optimal results.
However, your reporting system is the most critical tool for your organization's success. Data collection, management, and storage are integral to the facility management industry. Here, we discuss the top three benefits of accurate reporting.
1. Maximize Productivity and Efficiency
The facility team's main balancing act is maximizing the operational output of their facilities and physical assets while minimizing operating and capital costs. To achieve this, a facility management system that incorporates real-time reporting and offers data visualization is highly beneficial.
To understand the efficiency of your maintenance practices, you can measure your team's completed work orders against the total number of work orders filed. This simple data set will illuminate whether your maintenance operations are adequate or whether your team is stalled with a large backlog.
Learn how to improve your preventive maintenance program.
It can also reveal how quickly these repairs are being carried out, which is an easy way to manage downtime and improve productivity. Data collected using facilities management software is key to swiftly identifying potential operational weaknesses and fixing them before they become problematic.
2. Get Your Projects Funded
Facility managers depend on building administrators and finance departments to determine operations budgets or future capital expenditures. Thus, every facility manager should become an expert at extracting functional operations data and using it to demonstrate efficiency.
Establishing the right metrics and explaining your capital projects using the correct financial analysis terms is critical to ensuring their funding and approval. Without the right economic models, it can be difficult to accurately explain why specific projects need to be funded to financial stakeholders.
Learn more about asset management and capital planning with Intellis.
To successfully sell your capital improvement project, you must present a compelling business case backed by intelligent data. Facility managers must also understand the financial underpinnings of operations, not just the hands-on aspects.
A facility management system with robust data collection capabilities will help you demonstrate your facility's return on investment, assets, and equity, all affected by how you run your building.
With a facilities management system like FOUNDATION, it is easy to convert your vision into operational objectives and link your capital project plan to individual performance and strategic planning while highlighting the outcomes for ongoing improvement.
3. Future-Proof With Data Analytics
Buildings and infrastructure begin to deteriorate as soon as they come into use. As buildings age, they go through a process of deterioration, which can be categorized into five life-cycle stages that correlate to asset renewal:
- Prenatal: less than 1 year
- Childhood: 1–16 years
- Adolescence: 17–29 years
- Adulthood: 30–49 years
- Old Age: 50-plus years
Facility managers must know when more extensive repair and maintenance issues will begin in each phase. Collecting data on equipment life cycles and repair schedules against industry standards and benchmarks can significantly improve capital planning.
All these factors can influence when you need to save money for a significant renovation or replacement. This will simplify the planning process and help your department stay on schedule.
Data is key in helping facility managers determine the best approach to motivating supervisors and technicians to stay on track with a high-functioning preventative maintenance program.
One of FOUNDATION's best features is its cloud-based data collection system, which can update physical asset information in real-time or on the go.
Mobile data-collection technology empowers facility managers in many ways, including managing work process flows, tracking physical assets, and supervising building facilities. It also helps them communicate, collaborate, and manage workloads more efficiently.
Ready to learn more? Schedule a Demo with our team to learn how we can help.
Intellis can help you prioritize investments, plan your next project, and drive meaningful outcomes for the community you serve.
From unlocking actionable insights in facility condition assessment data to capital planning, FOUNDATION by Intellis has proven functionality and capabilities to ensure that all campus facilities are prepared to deliver on your school's mission: education.
Intelligent: Implement innovative, automated software that you can rely on.
Predictive: Identify issues before they arise to create action plans sooner.
Innovative: Share reports quickly and efficiently to gain buy-in from key stakeholders.
The less time you and your facility management team spend on tedious administration, excel, and data entry, the more time you can focus on delivering an empowering student experience. Find out how we can help your institution optimize its assets and plan for the future.
