No matter the organization, capital budgeting time is a stressful and difficult time for facility teams who too often are relying on outdated data and forced to make educated guesses at upcoming capital needs.
Though tracking and prioritizing these upcoming costs can be overwhelming for some facility teams, it is more important than ever to project these costs accurately. In PwC's May COVID-19 Pulse Survey, 78% of CFO's said they were considering deferring or canceling facilities and general capital expenditures. This will put more pressure on facility teams to juggle budget deficits and understand what upcoming tasks can be deferred.
At AkitaBox, we’ve been hard at work to create solutions that help to alleviate the stress of capital planning. Here’s an inside look at our new software, AkitaBox Capital Management, created to ensure an easier path for capital budgeting now and in the future.
AKITABOX CAPITAL MANAGEMENT: AN INSIDE LOOK
AkitaBox understands how important capital planning and management is for facility teams and leaders in the industry. Without proper planning, organizations risk financial surprises that can hurt their bottom line.
The importance of capital planning inspired us to create AkitaBox Capital Management, a software powered by RSMeans Data from Gordian, allowing facility teams to plan, prioritize and defer major repairs and replacements in their facilities with more confidence.
Our Mission Behind AkitaBox Capital Management
After conducting industry research and interviewing countless customers, AkitaBox identified the need for an application that would empower users to build capital budgets, secure capital funds, and create more accurate 3-5 year capital plans for their facilities.
Our new software will allow facility teams to have access to data and future costs for facility assets, instead of paying for expensive, yearly one-and-done Facility Condition Assessments (FCAs).
“Depending on the size of an organization, it can cost millions of dollars to replace HVAC systems, water chillers, air conditioning units, and other major equipment. AkitaBox Capital Management is designed to empower Facilities, Operations and Portfolio teams to present data-backed reasoning for specific capital budgets needed. Stakeholders can also determine which assets should be replaced now or in the future, based on the risk of failure and severity of impact to business operations.”
Matt Miszewski, Chief Executive Officer, AkitaBo
HOW AKITABOX CAPITAL MANAGEMENT SOFTWARE WORKS
The main goal of AkitaBox Capital Management is to empower facility teams to make more data-driven decisions when it comes to capital budgeting through a single source of truth for facilities and asset conditions. AkitaBox Capital Management features a variety of functionalities to help decision-makers prioritize and defer upcoming capital projects with confidence:
- Integration of RSMeans data from Gordian, which works in combination with AkitaBox asset data for more accurate life cycle projections and automated upcoming suggested maintenance needs
- Dynamic software that enables users to continuously update asset conditions, with the ability to use this data to move up or defer upcoming maintenance
- Visual reporting dashboard providing insight into user's entire building portfolio including Facility Condition Index, 30-year renewal costs and more.
View a complete list of AkitaBox Capital Management software functionalities here.
TAKE THE GUESSWORK OUT OF CAPITAL PLANNING
AkitaBox Capital Management has been designed with the mission of empowering organizations to:
- Eliminate the need for purchasing costly facility condition assessments every year.
- Prioritize and defer upcoming maintenance with more confidence.
- Manage budget deficits more effectively to limit the impact to building conditions and occupant experience.
- Avoid unexpected major expenses and identify potential financial drains.
- Communicate with budget holders the effect of deficits and secure competitive capital dollars.
Click here to read a more in depth view of AkitaBox Capital Management and how facility teams can leverage it to plan for maintenance and repair costs for the future. If you’d rather speak with one of our knowledgeable team members, we’re here and ready to chat at (608) 729-9191.
Stay safe and healthy this week! Let us know how we can help.