The COVID-19 pandemic has radically changed the context in which facility managers view capital planning fundamentals and how to execute on them.
Aligning facility capital investments with the overall strategic plan for the organization will enable your institution to be more impactful now and in the future. A cloud-based mobile enterprise software platform like FOUNDATION can help you do exactly that!
These are the top 3 benefits of implementing the 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!
To help facility managers better understand the environment in which we all now operate, we are discussing 3 smart 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, as well as in the future as all organizations adjust to the new normal after the COVID-19 pandemic.
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 (Facility Condition Assessment) of all physical assets across all facilities in the company's building portfolio. 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, performance characteristics, as well as 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 an inventory of all projects
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 will need 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 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 needs as it relates to its mission.
Interested in learning more? Contact us to request a demo and our experts will contact you within 24 business hours to discuss how Intellis software can improve facility condition assessment for capital planning.