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The Ultimate Guide to Physical Asset Management and Optimization

No one wants to be left in the dark. Especially when managing, maintaining, and improving the facility's physical assets, buildings, and infrastructure. Make better facility and business decisions with The FOUNDATION Solution. A cloud-based, easy-to-use platform that integrates ALL data and insights for physical assets, condition assessment, building inspections, capital improvement projects, and truly justifiable capital planning. 

The Ultimate Guide to Physical Asset Management and Optimization

Don't be left in the dark about when and how essential physical assets must be repaired and updated. Get 360 visibility into the useful life of all physical assets, gain visibility into labor and repair costs, budget capital improvement expenses, and manage preventive maintenance projects. The FOUNDATION Solution by Intellis is a mobile-friendly, cloud-based enterprise platform that will make your job easier!

It is critical to use a systematic approach to manage building operations successfully. Facility Physical Asset Management and Optimization is a method that monitors, maintains, and plans for buildings and infrastructure. 

This guide will help you develop a truly strategic physical asset management and optimization plan. 

Track and Trace Physical Assets

This begins with a formal inventory of all physical assets. Assets that must be regularly maintained, regularly replaced, and updated. Included in this record are the timing of maintenance and the costs attached.

Traditionally, this record has been painstakingly entered into an Excel spreadsheet. But it's 2021, and now is the time for facility managers to level up their technology integration. Use facility condition assessment software to make this process foolproof and effortless!

Physical Asset Data Collection

Collecting and maintaining physical asset data is essential. This includes physical asset name, category, model number, etc. Do you want to maintain this list in a spreadsheet?

Implement our FOUNDATION.Conditions software so that all this data is easily accessible in one place. This will make it a breeze to evaluate it, manage deferred maintenance, and prevent backlog, which improves consistency and reduces costs over time.

With FOUNDATION.Conditions: you can collect and manage this data on-site with a mobile device that syncs across multiple device types and various teams. Plus, maintain, identify, and document deficiencies with digital checklists.

And the best part? It's easy to send executives and key stakeholders regular updates with real-time reports that increase transparency.

Maintain Physical Assets

Now that the inventory list is created, it is time to define maintenance and replacement schedules for all these assets. This is part of the everyday job for facility managers, and it can be a real headache if you're working across spreadsheets with multiple tabs, pivot tables, and columns.

Easily integrate physical asset data with FOUNDATION.Needs software. This is a living repository of all needs for all physical assets. It makes it easy to analyze data and usage patterns to make strategic decisions to mitigate risk and automatically maintain compliance with health and safety regulations and building codes.

Predict asset lifecycle and recognize usage patterns by extrapolating needs from older condition assessment reports to ensure the best use of your resources. Plus, it is associated with component and equipment repairs versus replacements. You can also benchmark against peers and competitors with proven unit cost libraries.

Be Strategic about Physical Asset Projects

It is essential to create a schedule for maintenance and repairs of physical assets with FOUNDATION.Projects, it is possible to easily manage complex projects and regularly evaluate them based on your company's changing priorities. Forecast future needs and manages projects for strategic improvements so you can optimize your time and budget.

FOUNDATION.Projects allow you to automatically scope, estimate, and schedule projects. Configuring rules based on your needs and considering facility priority, component priority, and the urgency of individual actions within each project is possible. Further, it applies phase duration and cost rules to generate cash flow requirements for each potential project.

Accurate and Transparent Capital Improvement Planning

Having total transparency around capital planning is critical. With FOUNDATION.Plans software, you can develop genuinely accurate, justifiable, and fully transparent long-term capital improvement plans that will ensure your buildings, physical assets, and infrastructure are set up for success in the future!.

Implementing capital planning software will make it much easier to prioritize and monitor planning progress while addressing deficiencies so you can maintain a healthy built environment and preserve critical assets for the future.

It will empower you to generate repair and renewal plans quickly. Further, our software easily integrates with enterprise financial systems to work seamlessly across business units. Plus, you can generate documentation that provides plans and traceability at various levels of detail to keep stakeholders informed.

Get the Intellis difference with The FOUNDATION Solution

  • Improve Facility Operational Efficiency
    • All data about physical assets, buildings, and infrastructure in one place is synced across multiple devices and teams.
  • Easily Control Compliance
    • Facility condition software, like Intellis' FOUNDATION Solution, tracks and reports compliance issues and prioritizes projects based on health and safety risks.
  • Peace of Mind for All
    • As the COVID-19 pandemic disrupted normal building operations, preventive maintenance and capital improvement plans must ensure that all buildings are safe, healthy, and regularly maintained.
  • Streamline the Inspection Process
    • Gain complete visibility into inspection data, create configurable rules, track maintenance progress, and quickly share reports with key stakeholders across departments and teams.

Would you be ready to learn more about improving facility physical asset management and optimization? Schedule a quick discovery call with our team today!

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If you're a facility manager looking for a comprehensive solution to manage and optimize all your physical assets, buildings, and infrastructure, look no further than The FOUNDATION Solution. This cloud-based platform integrates all data and insights for physical assets, condition assessment, building inspections, capital improvement projects, and truly justifiable capital planning.

With FOUNDATION.Conditions, FOUNDATION.Needs, FOUNDATION.Projects, and FOUNDATION.Plans, you can track and trace physical assets, collect and maintain physical asset data, maintain physical assets, and be strategic about physical asset projects. Plus, with real-time reporting and transparent capital planning, you can ensure your buildings and infrastructure are set up for success in the future.

Don't be left in the dark about your physical assets - try The FOUNDATION Solution today!