The COVID-19 pandemic radically changed the context in which facility managers view capital planning fundamentals and how to execute them. Aligning facility capital investments with the organization's overall Strategic Facility Capital Planning enables your institution to have a more significant impact now and in the future. A cloud-based mobile enterprise software platform like FOUNDATION can help you do that!
Smart Ways to Align Facility Capital Investments with Company Mission
This blog discusses three innovative ways to align facility condition assessment for capital planning with your company's mission. These strategies are designed to be relevant now, as the COVID-19 pandemic continues to evolve, and in the future, as all organizations adjust to the new normal after the COVID-19 pandemic.
Top Benefits of The FOUNDATION Solution:
- Develop multi-year capital plans with projects explicitly targeted 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 real-time building data so that your facilities team can effectively align with the institutional mission and optimize funding for the future!
1. Assess the Current Situation
Understanding the current situation is the first step toward making a capital investment plan for your facility. Facility managers and directors should work with key decision-makers to conduct a thorough evaluation (Facility Condition Assessment) of all physical assets across the company's building portfolio. This will ensure the organization has the correct 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, performance characteristics, and the risks and impact of failures.
Schedule a demo to learn how Intellis software can improve the efficiency of your following facility condition assessment for capital planning.
A facility condition assessment strategy incorporating 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 an Inventory of All Projects
Once the data is collected during the facility condition assessment, you can develop a comprehensive project inventory. Think of it as a database filled with all current and future capital projects your organization must carry out 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 an integrated and supportable single living document within the institution. Developing a project inventory allows decision-makers to understand the particular investment demands of individual facility segments being managed.
Schedule a demo to discover how Intellis software can help you develop a comprehensive project inventory.
Implementing technology like the FOUNDATION platform will help your team develop this project inventory efficiently. FOUNDATION features a comprehensive Life Cycle Costing tool that accurately estimates operating and maintenance budgets over extended periods. Having this data develops and validates reliable budgets and assesses long-term financial needs.
3. Connect Funding to Projects
Each project must be defined within the project inventory with specific criteria, such as 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 managing individual facility segments.
One of the most profound benefits of implementing technology like FOUNDATION is our platform's built-in ability to automatically prioritize capital spending projects based on your institution's specific mission-related needs.
Interested in learning more? Contact us to request a demo. Our experts will contact you within 24 business hours to discuss how Intellis software can improve facility condition assessment for capital planning.
