Effective Condition Assessments are essential for informed Capital Planning. Maintaining safe and adequate facilities relies on implementing a comprehensive condition assessment strategy. However, facility condition assessments are more complex than building inspections. Read on to discover the three keys to effective facility condition assessments.
3 Keys to Effective Condition Assessments
Facilities typically encompass multiple buildings across a network of physical sites. These buildings vary by age, design, construction methods, and materials. So, how can facility managers understand the entire system and make informed decisions about where capital investment will have the most impact?
Benefits of Software for Capital Planning and Facility Condition Assessments
Capital Planning is the process of budgeting resources to meet future long-term plans. It might include budgeting for constructing new plants/facilities or replacing an aging fleet, equipment, or infrastructure. This process is also called investment appraisal and capital budgeting.
The Condition Assessment process involves regular inspections that evaluate an asset's visual and physical conditions, performance characteristics, and failure risks and impacts.
Find out why facility condition assessments are so critical.
Why Facility Condition Assessments are Important
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.
Facility management is a complex field that requires a comprehensive understanding of an organization's physical assets, including buildings, equipment, and infrastructure. To ensure that these assets are maintained at optimal levels, implementing a robust condition assessment process is essential to evaluate each asset's condition, performance, and risk of failure. Intellis offers a range of software solutions that can help facility managers streamline the condition assessment process and make informed decisions about capital investments.
Read our Guide to Financial Analysis for Facility Managers.
By leveraging features such as mobile-enabled inspections, mathematical modeling, and data analytics, Intellis software can help FMs identify critical assets, prioritize capital investments, and extend the lifespan of physical assets. One of the key benefits of Intellis software is its ability to provide a baseline for monitoring and maintaining the performance of physical assets.
This baseline allows organizations to track the condition of their assets over time and make data-driven decisions about when to repair or replace them. By doing so, FMs can minimize maintenance costs and extend the lifespan of their physical assets, ultimately saving time and money in the long run.
In addition to streamlining the condition assessment process, Intellis software can also help organizations comply with regulatory and compliance requirements. By providing a centralized database of asset information, including inspection reports and maintenance histories, Intellis software can help organizations demonstrate compliance with relevant regulations and standards.
Overall, Intellis software offers a range of benefits for facility managers looking to optimize their facility management strategies and improve their capital planning process. Whether you're looking to prioritize capital investments, reduce maintenance costs, or extend the lifespan of physical assets, Intellis software has the tools you need to achieve your facility management goals.
Inspection is a physical and visual examination of the asset in question. This process can be challenging regarding time and labor for an organization with multiple buildings and sites with thousands of assets. Many technologies can streamline the inspection process and save time and money.
Discover how Intellis software can help streamline the inspection process.
Assessment is a rating of the asset's condition based on the inspection.
Estimation includes evaluating and prioritizing the investment required to rehabilitate or replace any assets that need repair.
A methodical approach to condition assessments will answer the following essential questions for informed capital planning.
Why? Answering this question will help determine where to devote resources, time, and energy. Regulatory and compliance requirements often answer this question. It can also help the FM team move from a reactive maintenance strategy to a predictive and preventive maintenance strategy.
Here are 3 Tips for Improving Your Preventive Maintenance Program.
Who? It is essential to identify the right people to participate in the project. The most effective project teams are balanced so that the condition assessment will benefit from multiple skill sets and points of view. A diverse team also ensures that no department's objectives carry more weight than another's.
What? Criticality, priority, and risk must be considered when determining which assets will be assessed. This will help the team hone in on the most critical equipment to evaluate.
How? This step involves the formulation of the methodology for the actual assessment project.
Effective Facility Condition Assessment with Intellis
The foundation for prioritized capital planning for repairing or replacing physical assets is a methodological process for assessing the condition of assets. The condition assessment should consider each asset's criticality, usability, risk, performance, and cost. The technology available to help streamline this process in a modern enterprise asset management solution, like mobility, analytics, checklists, and route inspections, can help systematize the condition assessment process and make it more efficient.
Schedule a demo today to learn more about how Intellis can help you achieve your facility management goals.
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Looking for ways to optimize your facility management strategies and improve your capital planning process? Look no further than Intellis! Our comprehensive facility management software solutions are designed to streamline the condition assessment process and provide you with the insights you need to make informed decisions about your physical assets. With features like mobile, which enables inspections, mathematical modeling, and data analytics, Intellis software enables FMs to prioritize capital investments, reduce maintenance costs, and extend the lifespan of physical assets.
