Week 42: Asset Management for FM

Welcome to Week 42 of FM Connect: Asset Management for Facilities Management is a broad subject. This week, we shall look into, essential practices and strategies for optimising asset performance and maximising efficiency within facilities.

Defining Assets

When we typically think of assets - we define an asset as anything of value or a resource that is owned by an individual, organisation, or entity, which can provide future economic benefits.

Typically defining Assets can be classified into different categories, including:

1. Tangible Assets: Physical items such as buildings, machinery, equipment, and inventory.
2. Intangible Assets: Non-physical items such as patents, trademarks, copyrights, and brand reputation.
3. Financial Assets: Investments, stocks, bonds, and cash equivalents.
4. Fixed Assets: Long-term assets used in operations, like property, plant, and equipment.
5. Current Assets: Short-term assets that are expected to be converted into cash within a year, such as accounts receivable, inventory, and cash.

Assets for FM

However, in the context of Facilities Management (FM), assets typically refer to the physical components and infrastructure of a facility, including HVAC systems, electrical systems, plumbing, furniture, building structures and in some cases IT equipment along with fleet.

Asset management has a great impact on financial reports for your facilities in terms of your operational and capital expenditure budgets.

Effective asset management involves maintaining, optimising, and strategically planning for these assets to ensure they provide maximum value and support the overall goals of the organisation.

What is Asset Management ?

Asset management is the systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner.

It aims to maximise the value and performance of assets throughout their lifecycle while aligning with the overall goals of the organisation. Key aspects of asset management include:

1. Asset Inventory and Tracking: Maintaining a detailed record of all assets, including their location, condition, and lifecycle status.
2. Preventive and Predictive Maintenance: Implementing maintenance strategies to prevent breakdowns and predict potential issues before they become critical.
3. Lifecycle Management: Planning and managing assets from acquisition to disposal, ensuring they provide the highest value throughout their useful life.
4. Performance Monitoring: Regularly assessing the performance of assets to ensure they meet required standards and operational goals.
5. Risk Management: Identifying and mitigating risks associated with asset failure, including safety hazards and financial losses.
6. Cost Management: Controlling and optimising costs related to the acquisition, operation, and maintenance of assets.
7. Strategic Planning: Aligning asset management practices with organisational goals and long-term strategies.

In Facilities Management (FM), asset management focuses on the physical components of buildings and infrastructure, such as HVAC systems, electrical systems, plumbing, furniture, and building structures.

Effective asset management in FM involves not only maintaining and repairing assets but also making informed decisions about upgrades, replacements, and investments to maximise their value and effectiveness.

A holistic approach ensures that facilities operate smoothly, resources are used efficiently, and assets contribute to the overall goals of the organisation, thereby enhancing the performance and longevity of assets and supporting sustainable and strategic facility operations.

Creating an asset management plan is crucial for several reasons:

1. Maximise Asset Value: An asset management plan helps ensure that assets are used efficiently and maintained properly, maximising their value and extending their lifespan.
2. Cost Efficiency: By planning for preventive and predictive maintenance, organisations can avoid costly emergency repairs and reduce the total cost of ownership.
3. Risk Management: An asset management plan identifies potential risks associated with asset failure and outlines strategies to mitigate these risks, ensuring safety and compliance with regulations.
4. Improved Decision-Making: With comprehensive data on assets, organisations can make informed decisions about maintenance, upgrades, and replacements, optimising resource allocation.
5. Regulatory Compliance: An asset management plan helps ensure compliance with legal and regulatory requirements related to asset management, avoiding penalties and legal issues.
6. Enhanced Performance and Reliability: Regular monitoring and maintenance as outlined in an asset management plan improve the performance and reliability of assets, supporting consistent and effective operations.
7. Strategic Planning: An asset management plan aligns asset management practices with the organisation's strategic goals, ensuring that assets support long-term objectives and business growth.
8. Sustainability: Proper asset management can contribute to sustainability efforts by reducing waste, promoting efficient use of resources, and minimising the environmental impact of operations.
9. Transparency and Accountability: An asset management plan provides a clear framework for managing assets, promoting transparency and accountability within the organisation.

Putting an asset management plan in place is a vital tool for optimising the asset performance, value, and lifecycle of assets.

Typical Lifecycle of FM Assets

Understanding the lifecycle of FM assets is essential for effective planning, budgeting, and maintenance. Here is a detailed list of common FM assets along with their typical lifecycle:

HVAC Systems

1. Air Handlers: 15-25 years

2. Chillers: 20-25 years

3. Boilers: 20-30 years

4. Ductwork: 30-50 years

5. Thermostats and Control Systems: 10-15 years

6. Heat Pumps: 15-20 years

Electrical Systems

1. Transformers: 25-35 years

2. Switchgear: 30-40 years

3. Circuit Breakers: 20-30 years

4. Electrical Panels: 30-40 years

5. Wiring and Cables: 30-50 years

6. Lighting Fixtures: 15-20 years

7. Backup Generators: 20-25 years

Plumbing Systems

1. Pipes (Water, Sewer, Gas): 30-50 years

2. Pumps (Water, Sump, Booster): 15-20 years

3. Valves: 20-30 years

4. Water Heaters: 15-20 years

5. Fixtures (Sinks, Toilets, Showers): 15-20 years

6. Drainage Systems: 30-50 years

Building Structures

1. Walls (Interior and Exterior): 50-100 years

2. Roofs: 20-30 years

3. Floors: 30-50 years

4. Foundations: 100+ years

5. Windows: 20-30 years

6. Doors: 20-30 years

7. Structural Beams: 100+ years

Fire Safety Systems

1. Fire Alarms: 15-20 years

2. Sprinkler Systems: 25-30 years

3. Smoke Detectors: 10-15 years

4. Fire Extinguishers: 10-15 years

5. Emergency Lighting: 10-15 years

Security Systems

1. CCTV Cameras: 7-10 years

2. Access Control Systems: 10-15 years

3. Alarm Systems: 15-20 years

4. Intercoms: 15-20 years

Elevators and Escalators

1. Elevator Cars: 25-30 years

2. Elevator Motors and Control Panels: 20-25 years

3. Escalators: 25-30 years

IT Infrastructure

1. Servers: 5-7 years

2. Network Cabling: 15-20 years

3. Routers and Switches: 7-10 years

4. Data Centers: 15-20 years

Furniture and Fixtures

1. Desks: 10-15 years

2. Chairs: 10-15 years

3. Tables: 10-15 years

4. Shelving Units: 15-20 years

5. Cabinetry: 15-20 years

Exterior and Grounds

1. Landscaping: 10-15 years

2. Parking Lots: 15-20 years

3. Exterior Lighting: 7-10 years

4. Signage: 10-15 years

5. Fencing: 15-20 years

Cleaning and Waste Management

1. Cleaning Equipment (Vacuums, Floor Polishers): 7-10 years

2. Waste Bins: 7-10 years

3. Recycling Containers: 7-10 years

4. Janitorial Supplies: 3-5 years

Energy Management Systems

1. Smart Meters: 7-10 years

2. Building Automation Systems (BAS): 15-20 years

3. Energy Monitoring Software: 5-7 years

By understanding these typical lifecycles, facility managers can better plan for maintenance, upgrades, and replacements, ensuring the longevity and optimal performance of their assets.

Where to begin with an asset management plan for older buildings ?

If you are looking after older buildings, creating an asset management plan requires a thorough and structured approach to address the unique challenges these buildings may present.

To get started:

1. Initial Assessment and Inventory:

• Conduct a Comprehensive Audit: Inspect the building to assess its overall condition. Identify all assets, including structural components, mechanical systems, electrical systems, plumbing, HVAC, and other critical infrastructure.
• Create an Asset Register: Document each asset’s location, age, condition, maintenance history, and remaining useful life.

2. Condition Assessment:

• Perform Detailed Inspections: Engage professionals to carry out detailed inspections of key assets, identifying any signs of wear, damage, or potential failure.
• Prioritise Critical Assets: Determine which assets are most critical to the building’s operation and prioritise them for detailed analysis and maintenance.

3. Risk Assessment:

• Identify Risks: Assess the risks associated with asset failure, including safety hazards, operational disruptions, and financial implications.
• Evaluate Vulnerabilities: Pay special attention to areas prone to issues in older buildings, such as outdated electrical systems, roofing, and plumbing.

4. Maintenance Strategy:

• Develop Maintenance Schedules: Create preventive and predictive maintenance schedules based on the condition and criticality of assets. Ensure regular inspections and servicing are planned.
• Implement Quick Wins: Identify and address any immediate maintenance needs that could prevent larger issues down the line.

5. Budgeting and Financial Planning:

• Estimate Costs: Calculate the costs associated with maintenance, repairs, and potential replacements. Include emergency funds for unforeseen issues.
• Secure Funding: Ensure the necessary financial resources are allocated for both immediate and long-term asset management activities.

6. Compliance and Regulatory Requirements:

• Review Regulations: Ensure that all assets and maintenance practices comply with local building codes, safety standards, and environmental regulations.
• Document Compliance: Keep thorough records of inspections, maintenance activities, and compliance with regulations.

7. Technology and Tools:

• Use Asset Management Software: Implement software tools to manage the asset register, maintenance schedules, and performance tracking efficiently.
• Leverage Data Analytics: Use data analytics to monitor asset performance and predict future maintenance needs.

8. Training and Communication:

• Train Staff: Ensure that maintenance staff and facility managers are trained in asset management best practices and the specific needs of older buildings.
• Communicate with Stakeholders: Keep building occupants, management, and other stakeholders informed about the asset management plan and any significant maintenance activities.

9. Review and Continuous Improvement:

• Monitor and Review: Regularly review the asset management plan’s effectiveness, incorporating feedback and lessons learned.
• Adjust Strategies: Continuously improve the plan based on new insights, technological advancements, and changing building conditions.

When creating an asset management plan tailor it to the unique needs of older buildings, ensuring their longevity, safety, and efficiency.

Where to begin with an asset management plan for new builds ?

An asset management plan for new builds has certainly become easier over the decades. Create a proactive and structured approach to ensure that assets are well-managed from the outset. Be sure to include; Building product warranty periods into your plan.

1. Initial Planning and Integration:

• Engage Early: Involve asset management professionals early in the design and construction phases to ensure that asset management considerations are integrated into the building's development.
• Develop Asset Specifications: Define the specifications for all assets to be included in the new build, ensuring they meet desired standards and performance criteria.

2. Asset Inventory and Documentation:

• Create an Asset Register: Document all assets included in the new build, including detailed information such as manufacturer, model, installation date, and warranty details.
• Include Asset Tags: Use asset tags or barcodes to uniquely identify and track each asset.

3. Condition Monitoring and Baseline Data:

• Establish Baseline Data: Record the initial condition and performance metrics of all assets upon installation to create a baseline for future comparisons.
• Implement Monitoring Systems: Set up systems to monitor the condition and performance of assets in real-time.

4. Maintenance Strategy:

• Develop Maintenance Schedules: Create preventive and predictive maintenance schedules based on manufacturer recommendations and best practices.
• Set Up Maintenance Protocols: Establish protocols for routine inspections, servicing, and emergency repairs.

5. Lifecycle Planning:

• Plan for Asset Lifecycles: Define the expected lifecycle of each asset and plan for future replacements or upgrades as needed.
• Budget for Lifecycle Costs: Allocate budget for the entire lifecycle of assets, including maintenance, repairs, and eventual replacement.

6. Risk Management:

• Identify Potential Risks: Assess potential risks associated with asset failure and develop mitigation strategies.
• Create Contingency Plans: Prepare contingency plans for critical assets to minimise operational disruptions.

7. Compliance and Standards:

• Ensure Compliance: Ensure that all assets and maintenance practices comply with relevant local regulations, building codes, and industry standards.
• Document Compliance: Maintain thorough records of compliance-related activities and inspections.

8. Technology and Tools:

• Implement Asset Management Software: Use asset management software to track and manage assets efficiently.
• Leverage IoT and Smart Technologies: Integrate IoT devices and smart technologies to enhance real-time monitoring and predictive maintenance capabilities.

9. Training and Capacity Building:

• Train Staff: Provide training for maintenance staff and facility managers on the new asset management plan and specific asset handling procedures.
• Promote Continuous Learning: Encourage ongoing education and training to keep up with the latest asset management practices and technologies.

10. Review and Continuous Improvement:

• Regular Reviews: Schedule regular reviews of the asset management plan to assess its effectiveness and make necessary adjustments.
• Incorporate Feedback: Gather feedback from maintenance staff, occupants, and other stakeholders to continuously improve the asset management strategy.

Establishing a comprehensive asset management plan for new builds that ensures assets are managed efficiently, optimising their performance and longevity from the very beginning.

Comprehensive Facilities Management (FM) Asset List

Below is a list of some key assets to include in your asset management planning.

1. HVAC Systems

• Air Handlers
• Chillers
• Boilers
• Ductwork
• Thermostats
• Control Systems
• Heat Pumps
• Cooling Towers
• Ventilation Fans
• Dehumidifiers
• Air Filters
• Humidifiers

2. Electrical Systems

• Transformers
• Switchgear
• Circuit Breakers
• Electrical Panels
• Wiring and Cables
• Lighting Fixtures
• Backup Generators
• UPS Systems (Uninterruptible Power Supply)
• Surge Protectors
• Outlets and Switches

3. Plumbing Systems

• Pipes (Water, Sewer, Gas)
• Pumps (Water, Sump, Booster)
• Valves
• Water Heaters
• Fixtures (Sinks, Toilets, Showers)
• Drainage Systems
• Water Softeners
• Filtration Systems
• Irrigation Systems

4. Building Structures

• Walls (Interior and Exterior)
• Roofs
• Floors
• Foundations
• Windows
• Doors
• Structural Beams
• Ceilings
• Staircases

5. Fire Safety Systems

• Fire Alarms
• Sprinkler Systems
• Smoke Detectors
• Fire Extinguishers
• Emergency Lighting
• Fire Doors
• Fire Suppression Systems
• Exit Signs

6. Security Systems

• CCTV Cameras
• Access Control Systems
• Alarm Systems
• Intercoms
• Motion Detectors
• Security Lighting
• Metal Detectors
• Security Barriers

7. Elevators and Escalators

• Elevator Cars
• Elevator Motors and Control Panels
• Escalators
• Safety Mechanisms
• Call Buttons and Displays

8. IT Infrastructure

• Servers
• Network Cabling
• Routers and Switches
• Data Centers
• Wi-Fi Access Points
• Computers and Workstations
• Printers and Copiers
• Telecommunication Systems
• Software Licenses

9. Furniture and Fixtures

• Desks
• Chairs
• Tables
• Shelving Units
• Cabinetry
• Partitions
• Reception Desks
• Storage Units
• Workstations

10. Exterior and Grounds

• Landscaping
• Parking Lots
• Exterior Lighting
• Signage
• Fencing
• Outdoor Furniture
• Playgrounds
• Sports Fields
• Walkways and Driveways
• Drainage Systems

11. Cleaning and Waste Management

• Cleaning Equipment (Vacuums, Floor Polishers)
• Waste Bins
• Recycling Containers
• Janitorial Supplies
• Waste Disposal Systems
• Compact Trash Containers

12. Energy Management Systems

• Smart Meters
• Building Automation Systems (BAS)
• Energy Monitoring Software
• Solar Panels
• Wind Turbines
• Battery Storage Systems

13. Office Equipment

• Telephones
• Projectors
• Conference Room Equipment
• Whiteboards
• Office Supplies

14. Specialty Equipment (if applicable)

• Laboratory Equipment
• Medical Equipment
• Industrial Machinery
• Production Equipment
• Commercial Kitchen Equipment
• Fleet

The list above is comprehensive asset list covers a wide range of facilities management components, ensuring that all physical elements and infrastructure within a facility are accounted for and properly managed.         

FM Asset List and Management Recommendations

Effective facilities management relies on a comprehensive understanding and meticulous maintenance of various assets within a facility.

Below I have listed a basic FM asset list alongside actionable management recommendations to ensure each component is well-maintained, optimised, and managed.

Section 1: Asset List

1. HVAC Systems

• Components: Air handlers, chillers, boilers, ductwork, thermostats, and control systems.
• Location: Various (central plant, roof, mechanical rooms, throughout the facility).

2. Electrical Systems

• Components: Transformers, switchgear, circuit breakers, panels, wiring, lighting, and backup generators.
• Location: Electrical rooms, distribution areas, and throughout the facility.

3. Plumbing Systems

• Components: Pipes, pumps, valves, water heaters, fixtures, and drainage systems.
• Location: Mechanical rooms, bathrooms, kitchens, and throughout the facility.

4. Building Structures

• Components: Walls, roofs, floors, foundations, windows, doors, and structural beams.
• Location: Entire building.

5. Fire Safety Systems

• Components: Fire alarms, sprinkler systems, smoke detectors, fire extinguishers, and emergency lighting.
• Location: Throughout the facility.

6. Security Systems

• Components: CCTV cameras, access control systems, alarm systems, and intercoms.
• Location: Entry points, perimeter, and sensitive areas.

7. Elevators and Escalators

• Components: Lifts, escalators, control panels, and safety mechanisms.
• Location: Building core and transit areas.

8. IT Infrastructure

• Components: Servers, network cabling, routers, switches, and data centers.
• Location: IT rooms and throughout the facility.

9. Furniture and Fixtures

• Components: Desks, chairs, tables, shelving, and cabinetry.
• Location: Offices, common areas, and storage rooms.

10. Exterior and Grounds

• Components: Landscaping, parking lots, exterior lighting, signage, and fencing.
• Location: Facility grounds.

Section 2: Management Recommendations

1. HVAC Systems

• Recommendation: Implement a preventive maintenance schedule to regularly inspect and service HVAC components. Use predictive maintenance techniques to identify potential failures early.
• Actions:

- Schedule bi-annual inspections and cleanings.

- Monitor energy usage to detect inefficiencies.

- Update and calibrate control systems annually.

2. Electrical Systems

• Recommendation: Conduct routine inspections and testing of electrical components to ensure safety and efficiency. Develop an upgrade plan for outdated systems.
• Actions:

- Perform annual infrared scans of electrical panels.

- Test backup generators monthly.

- Replace aging wiring and switchgear as needed.

3. Plumbing Systems

• Recommendation: Regularly inspect and maintain plumbing systems to prevent leaks and ensure proper operation. Implement water conservation measures.
• Actions:

- Conduct quarterly or regular checks for leaks and pressure issues.

- Flush water heaters and clean strainers annually.

- Install low-flow fixtures where feasible.

4. Building Structures

• Recommendation: Perform regular structural assessments to identify and address wear and tear. Plan for periodic renovations to maintain building integrity.
• Actions:

- Inspect roofs and foundations annually.

- Conduct a full structural review every five years.

- Address minor repairs promptly to prevent larger issues.

5. Fire Safety Systems

• Recommendation: Ensure all fire safety systems are tested and maintained according to regulatory requirements. Conduct regular fire drills and training.
• Actions:

- Test alarms and sprinkler systems quarterly.

- Replace expired fire extinguishers and update signage.

- Train staff on fire safety procedures annually.

6. Security Systems

• Recommendation: Maintain and upgrade security systems to ensure they meet current standards. Regularly review security protocols.
• Actions:

- Test and calibrate security cameras monthly.

- Review access control logs and update access rights quarterly.

- Upgrade software and firmware as updates become available.

7. Elevators and Escalators

• Recommendation: Schedule routine maintenance and safety inspections. Ensure compliance with safety regulations and certifications.
• Actions:

- Perform monthly operational checks.

- Schedule annual safety inspections and load tests.

- Update control systems as technology advances.

8. IT Infrastructure

• Recommendation: Implement robust maintenance and security protocols for IT systems. Plan for regular updates and capacity expansions.
• Actions:

- Conduct quarterly reviews of network performance.

- Schedule regular data backups and security audits.

- Plan for equipment upgrades every 3-5 years.

9. Furniture and Fixtures

• Recommendation: Maintain furniture and fixtures to ensure functionality and aesthetics. Replace worn or damaged items promptly.
• Actions:

- Inspect and repair furniture semi-annually.

- Budget for periodic replacement of high-use items.

- Update common area furnishings to reflect current design standards.

10. Exterior and Grounds

• Recommendation: Regularly maintain landscaping and exterior features to enhance curb appeal and safety. Implement sustainable practices.
• Actions:

- Schedule seasonal landscaping and maintenance.

- Inspect and repair parking lots annually.

- Implement energy-efficient exterior lighting solutions.

By following these asset management recommendations, can assist you in ensuring that the physical components and infrastructure of a facility are maintained, optimised, and strategically managed to support the organisation's operations and objectives effectively.

Asset Management Audit Template for Facility Manager

Section 1: General Information

- Facility Name:

- Date of Audit:

- Auditor(s) Name:

- Location:

Section 2: Asset Inventory

1. Asset List and Description

- Are all assets documented with detailed descriptions?

- Yes ? No ?

- Comments:

2. Asset Tagging and Identification

- Are all assets properly tagged and easily identifiable?

- Yes ? No ?

- Comments:

3. Asset Location Tracking

- Is the location of each asset documented and up-to-date?

- Yes ? No ?

- Comments:

4. Asset Condition Assessment

- Is the current condition of each asset recorded?

- Yes ? No ?

- Comments:

Section 3: Maintenance

1. Preventive Maintenance Schedule

- Is there a preventive maintenance schedule in place for all critical assets?

- Yes ? No ?

- Comments:

2. Predictive Maintenance Implementation

- Are predictive maintenance practices used to foresee potential issues?

- Yes ? No ?

- Comments:

3. Maintenance Records

- Are maintenance activities recorded and tracked?

- Yes ? No ?

- Comments:

4. Maintenance Response Time

- Are maintenance issues addressed in a timely manner?

- Yes ? No ?

- Comments:

Section 4: Lifecycle Management

1. Asset Lifecycle Planning

- Is there a lifecycle plan for each asset from acquisition to disposal?

- Yes ? No ?

- Comments:

2. Replacement and Upgrade Planning

- Are plans in place for asset replacements and upgrades?

- Yes ? No ?

- Comments:

3. Disposal Procedures

- Are disposal procedures clearly defined and followed?

- Yes ? No ?

- Comments:

Section 5: Performance Monitoring

1. Performance Metrics

- Are performance metrics established for key assets?

- Yes ? No ?

- Comments:

2. Regular Performance Reviews

- Are asset performance reviews conducted regularly?

- Yes ? No ?

- Comments:

3. Improvement Plans

- Are there plans in place to address underperforming assets?

- Yes ? No ?

- Comments:

Section 6: Risk Management

1. Risk Assessment

- Are risks associated with asset failure identified and documented?

- Yes ? No ?

- Comments:

2. Risk Mitigation Strategies

- Are there strategies to mitigate identified risks?

- Yes ? No ?

- Comments:

3. Emergency Response Plan

- Is there an emergency response plan for critical asset failures?

- Yes ? No ?

- Comments:

Section 7: Cost Management

1. Cost Tracking

- Are costs related to asset acquisition, operation, and maintenance tracked?

- Yes ? No ?

- Comments:

2. Budget Adherence

- Does the asset management program adhere to budget constraints?

- Yes ? No ?

- Comments:

3. Cost Optimisation

- Are there efforts to optimise costs without compromising asset performance?

- Yes ? No ?

- Comments:

Section 8: Strategic Planning

1. Alignment with Organisational Goals

- Are asset management practices aligned with the organisation's goals and strategies?

- Yes ? No ?

- Comments:

2. Long-term Planning

- Is there a long-term plan for asset management that supports organisational growth?

- Yes ? No ?

- Comments:

3. Stakeholder Involvement

- Are key stakeholders involved in asset management planning and decisions?

- Yes ? No ?

- Comments:

Section 9: Compliance and Documentation

1. Regulatory Compliance

- Are all asset management practices compliant with relevant regulations?

- Yes ? No ?

- Comments:

2. Documentation

- Are all asset management activities well-documented and accessible?

- Yes ? No ?

- Comments:

Section 10: Recommendations and Action Plan

1. Strengths Identified:

2. Areas for Improvement:

3. Recommended Actions:

4. Responsible Parties:

5. Timeline for Implementation:

Auditor(s) Signature:

____________________________

Date:

____________________________

This template serves as a comprehensive tool to ensure thorough and systematic auditing of asset management practices in facilities management.        

Choosing the best software

Having used a few different software applications. Choosing the best software for asset management depends on the specific needs and requirements of your organisation.

Here are some highly recommended asset management software options that cater to various industries and use cases:

1. IBM Maximo:

• Features: Comprehensive asset management, work order management, preventive maintenance, and IoT integration.
• Best For: Large enterprises and industries with complex asset management needs, such as manufacturing, utilities, and transportation.

2. SAP EAM (Enterprise Asset Management):

• Features: Asset lifecycle management, maintenance planning, work order management, and integration with SAP ERP.
• Best For: Organisations already using SAP ERP, large enterprises, and those needing robust integration capabilities.

3. Infor EAM:

• Features: Asset tracking, preventive maintenance, work order management, mobile access, and IoT integration.
• Best For: Medium to large enterprises across various industries, including healthcare, manufacturing, and public sector.

4. UpKeep:

• Features: Mobile-first CMMS, asset tracking, work order management, preventive maintenance, and inventory management.
• Best For: Small to medium-sized businesses, field service management, and industries needing a mobile-friendly solution.

5. Asset Panda:

• Features: Asset tracking, audit management, custom reporting, and mobile access with barcode scanning.
• Best For: Small to medium-sized businesses, non-profits, education, and industries needing a flexible and customisable solution.

6. Fiix:

• Features: Asset management, work order management, preventive maintenance, inventory management, and integration with other software.
• Best For: Medium-sized businesses and industries like manufacturing, healthcare, and facilities management.

7. Maintenance Connection:

• Features: Asset management, work order management, preventive maintenance, inventory management, and mobile access.
• Best For: Medium to large enterprises, especially in manufacturing, healthcare, and public sector.

8. Dude Solutions (Asset Essentials):

• Features: Asset management, work order management, preventive maintenance, and facilities management.
• Best For: Education, government, healthcare, and other sectors needing an intuitive and user-friendly platform.

9. Samanage (by SolarWinds):

• Features: IT asset management, hardware and software tracking, lifecycle management, and incident management.
• Best For: IT departments and organisations needing robust IT asset management.

10. EZOfficeInventory:

• Features: Asset tracking, maintenance management, inventory management, and mobile access with barcode/RFID support.
• Best For: Small to medium-sized businesses, non-profits, and industries needing a cost-effective and user-friendly solution.

When selecting asset management software, consider factors such as ease of use, scalability, integration capabilities, mobile access, industry-specific features, and cost.

Evaluating these options based on your organisation’s specific needs and budget will help you choose the best software for effective asset management.

FM Asset Management Summary

Asset management is essential for ensuring that a facility's physical components and infrastructure operate smoothly, efficiently, and cost-effectively. Managing assets, focusing on the importance of accurate data collection for Operating Expenses (OpEx) and Capital Expenditures (CapEx) budgets.

What is Asset Management?

Asset management in FM is the systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner. The goal is to maximise the value and performance of these assets over their lifecycle, aligning with the organisation's overall objectives.

Key components of FM asset management include:

1. Asset Inventory and Tracking: Keeping a detailed record of all assets, including their location, condition, and lifecycle status.

2. Preventive and Predictive Maintenance: Implementing strategies to prevent breakdowns and predict potential issues before they become critical.

3. Lifecycle Management: Managing assets from acquisition to disposal to ensure they provide the highest value throughout their useful life.

4. Performance Monitoring: Regularly assessing the performance of assets to ensure they meet required standards and operational goals.

5. Risk Management: Identifying and mitigating risks associated with asset failure, including safety hazards and financial losses.

6. Cost Management: Controlling and optimising costs related to the acquisition, operation, and maintenance of assets.

7. Strategic Planning: Aligning asset management practices with organisational goals and long-term strategies.

Accurate Data Collection for OpEx and CapEx Budgets

Effective asset management relies heavily on accurate data collection, which informs both OpEx and CapEx budgets.

1. Operating Expenses (OpEx):

• Definition: These are the costs required to run the day-to-day operations of a facility. They include expenses related to utilities, maintenance, repairs, and administrative activities.
• Data Collection: Collect detailed data on energy consumption, maintenance logs, repair costs, and routine service expenses. This data helps in forecasting future operating costs and identifying areas for cost savings.
• Benefits: Accurate OpEx data allows facility managers to manage cash flow effectively, reduce waste, and ensure that maintenance is performed proactively rather than reactively.

2. Capital Expenditures (CapEx):

• Definition: These are the funds used to acquire, upgrade, or replace long-term assets. Examples include major equipment purchases, building renovations, and infrastructure improvements.
• Data Collection: Gather data on asset condition, performance metrics, lifecycle costs, and potential replacement schedules. This information helps in planning large expenditures and securing budget approvals.
• Benefits: Accurate CapEx data ensures that capital investments are made strategically, improving asset reliability and performance while optimising financial resources.

Summary of Managing Assets

1. Asset Inventory:

• Maintain a comprehensive inventory of all assets, including their condition, location, and lifecycle status. Use asset management software for efficient tracking and reporting.

2. Maintenance Planning:

• Implement preventive and predictive maintenance schedules to ensure assets are serviced regularly. Use data analytics to predict potential failures and address them proactively.

3. Performance Monitoring:

• Regularly monitor and assess asset performance using key performance indicators (KPIs). Adjust maintenance and operational strategies based on performance data.

4. Lifecycle Management:

• Plan for the entire lifecycle of assets, from acquisition to disposal. Schedule upgrades and replacements based on performance data and lifecycle cost analysis.

5. Risk and Cost Management:

• Identify and mitigate risks associated with asset failure. Control and optimise operating and capital costs through careful planning and data-driven decision-making.

6. Strategic Alignment:

• Ensure that asset management practices align with the organisation's strategic goals. Use data to support decision-making and demonstrate the value of asset management to stakeholders.

Conclusion

FM asset management is a critical function that ensures the efficient operation, maintenance, and strategic planning of a facility's assets. Good supportive software paired with accurate data collection for both OpEx and CapEx budgets is fundamental to this process, providing the insights needed to optimise costs, enhance performance, and align asset management with organisational goals.

Join FM Connect for Week 43: New Site Onboarding and Site Decommissioning in FM

In Week 43 we will look into the essential processes of New Site Onboarding and Site Decommissioning in Facilities Management. Learn key practices to streamline transitions, ensure operational efficiency, and maintain high standards across your facilities portfolio.