Understanding your facility critical assets is useless if you do not consider their current condition and perform and follow these proven steps.
Getting the most from your facility’s assets is not a small task, and not knowing the status and condition of your asset can lead to increase costs and poor decisions when it comes time to repair or replace. In a sense, gaining visibility into your facilities requires a comprehensive performance assessment. Of course, conducting the evaluation is not a simple task, so follow these steps to ensure your assessment meets the required outcome.
Rank Facilities Assets Performance
The first thing you need to do when evaluating Facilities assets Performance is to rank assets by their perceived performance. As explained by Buildings.com, this step of evaluation should consider industry standards, benchmarks, and organizational performance criteria.
Furthermore, it is important to use metrics to rank assets. This may include the age of the asset, energy consumption, ability to cool or modify indoor temperatures, costs of preventative maintenance, costs of replacement and more. Next, rank your assets by the ones that have the most significant cost per service or sale. In other words, if your daily operating costs for a given HVAC unit are $100, and you average 50 consumers that make purchases, the daily minimum using the HVAC unit is two dollars.
However, if your newer units use $5 per day to function and cool, you are losing money. The deficit, in this case, $95, can be expressed as a percentage of higher costs. So, the malfunctioning unit is costing 20x more than correctly functioning unit, which may be easier to justify replacing the unit with stakeholders.
Also, facilities managers should consider much more than just a unit’s function and energy use. Each asset should have a comprehensive assessment, considering air flow, humidity levels, temperature, age and more. Being thorough is key to ranking asset performance correctly, says James Piper of FacilitiesNet
Make Improvements Based on Rank
Using the facilities assets performance ranking, replace, repair or conduct maintenance of assets. If an asset is no longer capable of operating efficiently or being repaired, replace the equipment that is most likely to impact guest experiences first. However, all malfunctions do have an impact on both short-term and long-term outlooks, so schedule all necessary replacements when conducting the assessment. This will help you stick to a planned replacement schedule.
Track Performance Factors to Know What Will Happen
It is also important to consider how known events, like increases around holidays or poor weather frequency, may impact performance. For instance, if demand on an HVAC unit is expected to increase due to a heat wave, it is the best time to track performance. If the equipment does not meet or exceed your expectations, it may be necessary replace it, explains Marc Lopez and Rob Forney of Health Facilities Management magazine..
Evaluate Asset Performance Now With Smart Building Systems
Understanding your facilities assets' performance begins with evaluating their current condition. Malfunctioning assets and equipment may be hiding in plain sight, but you will never notice it without an equipment-by-equipment, comprehensive assessment.
Editor's Note: Today's guest blog is from a smart building solutions company, Entouch Controls.