All Facilities Managers are under increasing pressure to reduce total cost of ownership and lower the facilities management budget. Identifying the best way to reduce maintenance spend life in tracking facility asset data can have a considerable impact on the budget and affect future investment opportunities. Facilities Managers need to ensure improvements prove merit, and the only way to achieve this feat lies in tracking facility asset data. Facilities Managers need to understand why tracking asset data can mean the difference between increased and decreased facilities maintenance spend.
TCO Depends on Asset Maintenance and Monitoring
The simplest way to reduce total cost of ownership of facilities assets lies in increasing the use of data collection for asset maintenance and monitoring. More information is tantamount to making better decisions regarding the maintenance backlog and addressing unforeseen issues before they precipitate a disruption. Asset maintenance and monitoring, which may increase initial investment costs, give Facilities Managers the ability to connect with their assets and know when certain conditions may result in a failure. Preventing failures from occurring has the overarching effect of lowering facilities total cost of ownership, and as a result, Facilities Managers can use asset maintenance and monitoring through technology as a bargaining chip in investing in new technologies.
Tracking Facility Asset Data Increases TCO Accuracy
Facilities Managers seeking to use facility asset data to improve accuracy in determining total cost of ownership should follow a few best practices, including:
- Consider conflicting views.
- Evaluate environmental impact.
- Mitigate injury risks.
- Enhance regulatory compliance.
- Prioritize maintenance needs.
- Decrease downtime.
How to Reduce TCO With Granular Data
Understanding and reducing TCO with granular, read "specific," data can help make a case for purchasing products and facilities management solutions with a higher initial cost, says Bruce Wesner of FacilitiesNet. Facilities Managers should also follow a few best practices to leverage data in the best possible way:
- Make TCO management part of your strategy.
- Use metrics to track performance.
- Benchmark performance.
- Focus on the details.
- Increase training on using smart systems.
Remember space utilization. According to Buildings.com, space management capabilities can decrease TCO by effectively increasing profitability. Since employees and consumers are more likely to make purchases, the per-asset TCO comparison to profitability decreases. This can make it easier to justify energy-efficiency upgrades and investment into an energy management or computerized maintenance management system.
Connect Your Assets Now
Facilities Managers must begin the process of using data to reduce facility total cost of ownership through complete baseline assessment and connecting existing resources and assets to a facilities management platform. Tracking facility asset data is the best way to reduce immediate facilities spend. Learn more about the ways to connect your assets by contacting QSI Facilities at 1-888-328-2454 or completing the online contact form today.