Having precise data in facilities management and capital plan reporting is crucial. But equally important is how facility managers present this information.
As a facility manager, you use various tools and systems daily, including physical equipment, to perform manual repairs and data systems essential to operating your facilities and physical assets. Effectively managing a facility requires utilizing the appropriate tools at the right time to achieve the best possible outcomes.
Accurate reporting helps to define the subsequent steps and the necessary steps to achieve them. This is especially important when the next steps involve procuring financial, programmatic, and staff resources.
Nevertheless, your reporting system is the most essential tool for your organization's success. Data collection, management, and storage are integral to the Capital Planning process. Here we discuss why accurate reporting is so essential.
Maximizing the operational output of your facilities and physical assets while simultaneously minimizing operating and capital costs is the primary balancing act for the facility team. To achieve this, a facility management system that incorporates real-time reporting and offers data visualization is highly beneficial.
To understand how efficient your maintenance practices are, you can measure your team's completed work orders against the total number of work orders filed. This simple data set will help you determine whether your maintenance operations are effective or if your team needs to address more backlog.
It can also reveal how quickly these repairs are being carried out. This is an easy way to manage downtime and improve productivity. Data collected using facilities management software is crucial for rapidly identifying potential operational weaknesses and addressing them before they become problematic.
Facility managers rely on building administrators and finance departments to determine operational budgets and future capital expenditures. This means that every facility manager should become an expert at extracting functional operations data and using it to demonstrate efficiency.
Establishing the right metrics and explaining your capital projects using the correct financial analysis terms is critical to ensuring your projects get funded and approved. With suitable economic models, it can be easier to accurately explain why specific tasks need to be financed to financial stakeholders.
To successfully sell your capital improvement project, it is essential to present a compelling business case backed by intelligent data. Additionally, facility managers must understand both the hands-on aspects of operations and the financial underpinnings.
A facility management system with robust data collection capabilities will help you demonstrate your facility's return on investment (ROI), physical assets, and equity, all of which are influenced by how you manage your building.
With a facilities management system like FOUNDATION. It is easy to convert your vision into operational objectives and link your capital project plan to individual performance and strategic planning while highlighting the outcomes for ongoing improvement.
Buildings and infrastructure begin to deteriorate as soon as they come into use. As buildings age, they go through a process of deterioration, which can be categorized into five life-cycle stages that correlate to asset renewal:
Facility managers must be aware of when more extensive repair and maintenance issues will arise during each phase. It is possible to significantly improve the efficacy of your capital planning by collecting data on equipment life cycle and repair schedules against industry standards and benchmarks.
All these factors can influence when you need to save money for a significant renovation or replacement. This will make the planning process much smoother and help your department keep to a schedule.
Data is crucial in helping facility managers determine the most effective approach to motivating supervisors and technicians to stay on track with a high-functioning preventive maintenance program.
One of the best features of FOUNDATION is that it is a cloud-based data collection system that can update physical asset information in real-time or even on the go.
Mobile data-collection technology empowers facility managers in various ways, including managing workflow processes, tracking physical assets, and overseeing building facilities. Additionally, mobile technology helps facilities managers communicate, collaborate, and manage workloads more efficiently.
Schedule a demo to learn how Intellis software improves facility capital planning today!
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