Here are the top 3 best practices that will empower your organization to better align its capital investments in facilities and assets with the institutional mission.
Increasingly, institutions across all industries—from education to healthcare to government—want to align buildings and capital investments with the mission of the organization. This requires focus on different types of outcomes beyond reliability and efficiency. Specifically, aligning the facilities budget and capital investments with the overall strategic plan for the organization. This will enable the institution to be more impactful.
Facilities are one of the most valuable assets for a business or organization. However, developing a long-term facilities investment strategy that the key stakeholders at the institution can depend upon is often a challenge.
For example, redesigning an institution’s budget request form to include strategic importance can ensure that key initiatives are implemented. By developing a network of wide‐ranging support, establishing institutional priorities, and setting evidence‐based metrics, the strategic planning process can also support fundraising campaigns.
Here we discuss 3 tips for better aligning facility investments with the organizational mission.
1. Assess the current situation
The very first step toward making capital investment plan for your facility is to understand the current situation. Facility mangers and directors should work with key decision-makers to conduct a thorough evaluation of all physical assets across all facilities. This will ensure that the entire organization is equipped with the right data to achieve its goals.
Often this begins by collecting building data via a Facility Condition Assessment. The Facility Condition Assessment process involves regular inspections that evaluate an asset’s visual and physical conditions, as well as, performance characteristics and the risks and impact of failures.
A facility condition assessment strategy that incorporates walk-through inspections and mathematical modeling will provide a baseline that allows organizations to monitor and maintain the performance of physical assets, make intelligent capital investment decisions based on data, and secure the necessary funds for reinvestment.
2. Develop a project inventory
Once armed with the data collected during the facility condition assessment, you can develop a comprehensive project inventory. Think of it like a database filled with all current and future capital projects that your organization needs to carry out in order for it to fulfill its mission.
A project inventory combines facility condition information with the significant institutional knowledge available inside the organization from facilities and maintenance personnel. This results in a single living document that is integrated and supportable within the institution. Developing a project inventory allows decision makers to understand the particular investment demands of individual segments of the facility being managed.
Implementing technology like the FOUNDATION platform will help your team to efficiently develop this project inventory. FOUNDATION features a comprehensive Life Cycle Costing tool that accurately estimates operating and maintenance budgets over extended periods of time. Having this data on hand will help in developing and validating reliable budgets and assessing longterm financial needs.
3. Connect funding to projects
Within the project inventory it is important to define each project with specific criteria like mission, function, financial criteria or classification programmatic value, geography, etc. Each project can be further organized by system, priority, or impact. This approach allows decision makers to understand the particular investment demands of individual segments of the facility being managed.
One of the biggest benefits to implementing technology like FOUNDATION is that our platform can automatically prioritize capital spending projects based on your institution's specific needs as it relates to its mission.
Conclusion: Implementing technology for improved efficiency
Here are the top 3 benefits to implementing technology like Intellis's FOUNDATION platform:
- Develop multi-year capital plans, with projects that are targeted specifically to the organization’s needs, like renovations, space relocation or consolidation, or utility infrastructure improvements.
- Gain approval on increased funding for deferred maintenance projects.
- Make strategic decisions based on realtime building data, so that your facilities team can effectively align with institutional mission and optimize funding for the future!
Are you interested in learning how Intellis can help your organization align capital investments with the institutional mission?