The only way to produce an accurate capital budget is to analyze accurate data. The problem is, many facilities don’t have precise facility management metrics to start with.
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Gathering Facility Management Metrics
As we discussed in our previous post, traditional capital planning relies on a combination of sources:
- Generic statistics: Current solutions use ballpark depreciation, maintenance, and facility management metrics based on regional equipment averages. This data is better than nothing but would be much more accurate if it incorporated crucial specifics like maintenance history, current status, recent weather events, preventive maintenance, and current deferred maintenance.
- Siloed data: Facility management metrics are spread across various sources such as physical ledgers, workers’ memories, poorly updated spreadsheets, paperwork orders and Post-it notes, and several different software and management systems.
- Outdated information: Few organizations keep their facility condition assessments truly up to date—which is understandable. Using current methods, it’s a costly and labor-intensive task. The unfortunate result is that there is no one comprehensive, up-to-date source of truth when it’s time for budget planning.
Without a single source of truth, it’s impossible to bring together all of these facility data points to create an accurate master plan.
Using Facility Management Metrics for Capital Planning
Using these inaccurate and outdated facility management metrics puts facility managers in a challenging position. As the feet on the ground, they understand their facility's demands but don’t have the tools they need to accurately present facility needs to the stakeholders who give final sign-off on capital planning decisions. However, by implementing new tools that leverage existing connected technologies, facilities can revolutionize their capital planning process.
Generate Accurate Facility Management Metrics with AkitaBox
AkitaBox is a forward-thinking facility management software solution designed to support capital planning now and in the future. Implementing a robust capital management system provides your facility manager with the data they need to accurately present facility conditions to you and other stakeholders. It’s finally possible to have the detailed information required to make appropriate budget decisions now, while setting the foundational architecture to automate facility data collection and aggregation for the future.
AkitaBox Capital Management helps take the guesswork out of budgetary decision-making and instills confidence in tough judgment calls.
Accurate Facility Management Metrics that Provide the Complete Picture
AkitaBox provides the complete picture with easy-to-understand graphics, reports, and predictive models that answer the questions you and other stakeholders care most about:
- Cost: At a glance, see the total cost of major repairs and replacements each year, and view a line-by-line breakdown of each year’s major costs.
- Risk: Convey why something should be prioritized by linking the condition to the severity of failure. With a clear picture of risk, you can more easily explain, for example, that Elevator Bank B must be prioritized this year because when (not if) it fails, it will be incredibly costly in terms of lost productivity and emergency repairs. Therefore, prioritizing it now will not only save money but prevent bad press or even injury.
- Consequence: Shed some light on those accumulating deferral costs and relay the heavy toll of early asset replacement forced by a lack of proper preventive maintenance.
- Priority: Compare buildings across the entire facility portfolio and view their condition vs. mission criticality, so investment priorities become more apparent. When teams run into situations in which costs exceed capital, budgeters can compare deferrals and choose the lesser of several evils, leaning on their CM for insight into which failures will merely affect comfort and which may lead to catastrophe.
While the day-to-day use of the AkitaBox platform centers around facility maintainers, the compilation of data points offered by AkitaBox forms a comprehensive picture built for the executive decision-maker.
A Foundation for the Future
AkitaBox is focused on creating a platform that simplifies repair and replacement decisions and makes it possible to perfect budgetary projections by providing the most accurate and up-to-date data. Our vision for the future is a fully automated platform that uses real-time data from IoT sensors and autonomous devices to feed a robust AI system. The AI will compile established industry data, condition-specific degradation information, and individual asset work orders to create a complete picture of facility health. Stakeholders can use this information to make accurate and informed decisions on budgets, maintenance needs, and investment opportunities.
Leverage Your Facility Management Metrics
AkitaBox provides the precise facility management metrics and insights required for Facility Directors to communicate needs to stakeholders. Leveraging this information simplifies capital planning by accurately considering a facility’s present condition and future needs. Stakeholders can not only establish accurate capital budget plans but appropriately manage funds on an ongoing basis.
Looking toward the future of preventive maintenance, AkitaBox provides the foundation required to bring together IoT, big data, and AI models. This base architecture is the first step in building and implementing fully automated predictive maintenance and precise ongoing capital management.
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