It is among the oldest questions in facilities management: “Is it better to simply abandon this building than to address its aging assets and integrity?”
Answering that question is much simpler as modern technology enables immediate visibility and projections of facility asset costs. Facilities retrofitting does not require advanced IT skills, nor does it need a high-quality wired connection. A modern retrofit uses the Internet of Things (IoT), low-energy Bluetooth connections, and your existing assets to pin down real insights and answers to your top questions. Retrofitting is the answer, but Facilities Managers considering a retrofit need to know a few things about it.
1. A Retrofit May Identify Needed Asset Upgrades
Upfront investment costs are among the top concerns when the facilities manager is considering retrofitting facilities assets with sensors and innovative technologies. While initial implementation and retrofitting costs may be minimal, it is imperative Facilities Managers understand data-feedback from connected systems may require additional capital investment to upgrade assets that are on the verge of malfunction or complete failure. Although this seems dark, it is one of the only high-cost effects deriving from a retrofit of facilities assets.
2. Upgraded Systems Require Less Maintenance
Upgraded facility assets, equipment, and infrastructure as part of a facilities retrofit typically require less reactive maintenance. This is possible as new, advanced systems can identify potential equipment failure by using Shareable data and analyzing it to identify correlations between equipment function and typical problems. As a result, facilities and spend for maintenance tends to decrease the further it gets away from the implementation of new systems, software, sensors, or other devices as part of a retrofit.
3. A Retrofit Boosts Sales and Productivity
A facility retrofit can also involve much more than just HVAC systems and high-energy systems, and it can apply to the lighting system. Better lighting and use of systems translates directly into increased productivity among the sales force and can boost sales by providing ample light, encouraging consumers and employees to work together to complete a transaction.
4. It Enables Sustainable Business Practices and Use of Limited Resources
A facility retrofit is essential in migrating to sustainable business practices and ensuring optimum, efficient use of limited resources. While some resources may have the guise of being unlimited, like electricity, light, water, and even sewage disposal, these resources do have a monetary cost to the business. The need to use limited proactively is echoed by Naomi Millan of FacilitiesNet, especially in areas affected by drought. Therefore, the successful management of resources and reductions associated with them through a facility retrofit can effectively lower operating costs and help encourage productivity across an organization.
5. A Retrofit May Open Doors to Tax Incentives
Depending on applicable local, state, and federal laws, or even international laws and depending on location, a facility retrofit, using new, energy-efficient systems, devices, sensors, and other connected assets may be necessary for eligibility for tax incentives or kickbacks from local governments. While these may not necessarily be true kickbacks, they do serve the purpose of encouraging continued growth and investment from a given company in an area, affecting the local economy, bringing money to the region, and ensuring adherence with sustainable, green business practices.
6. Improved Indoor Air Quality Enhances Guest Experiences
The benefits resulting from a facility retrofit, like enhancing indoor air quality, can have a positive impact on customer experiences as well. For instance, better indoor air quality may help customers breathe easier, which means they may be more likely to spend more money in a facility. The impacts of better indoor air quality also have the effect of net cost savings due to improved employee health. Better air means better bodily function, so employees are less likely to be using employer-paid benefits for respiratory issues. It is a win-win for consumers, employees, and businesses.
7. A Retrofit Is Key to Developing a Data-Based Preventative Maintenance Program
Facilities are turning to preventative maintenance programs to reduce the endless firefighting nature of deferred maintenance. Deferred maintenance is associated with the squared cost of the original repair, so a $4 repair would be multiplied in on itself to result in a $16 repair if left unchecked. However, a preventative maintenance program means Facilities Managers must look at everything in a facility, not just underperforming assets or problems that have developed. Since manual review of all system functions in-person is both impractical and expensive, the use of modern systems, including systems connected to the Internet of things (IoT), is essential to creating a data-based preventative maintenance program. This allows for prioritization of maintenance needs and the elimination of uncertainty when designing a facilities management budget.
Act Now to Guarantee Results With a Facilities Retrofit
Facilities retrofitting is simpler, faster, and easier to handle than ever before. Stop fearing the unknown details of retrofitting and take advantage of the ease of modern retrofitting to get more value from your assets, decrease TCO, and enhance facilities management objectives now. To get started, contact QSI Facilities online, or call 1 (877) 281-8177 today.