Asset management technology – moving beyond today’s systems
Asset management (as opposed to facility management) can significantly impact an organisation’s bottom line by reducing maintenance costs, increasing the economic life of capital equipment, reducing company liability, increasing the reliability of systems and components, and reducing the number of systems and components. However, in actual practice, asset management – especially in Australia – has been more about keeping track of data about assets from a transactional perspective. Beyond FM’s TONY STACK reports.
Asset management is usually defined as ‘…optimal management of the physical assets of an organisation to maximise value…by managing assets across the facility, organisations can improve utilisation and performance, reduce capital costs, reduce asset-related operating costs, extend asset life and subsequently improve ROA (return on assets)’.
Asset management’s traditional focus has been about gathering asset information, such as asset location, asset configuration, maintenance activities, operational set parameter, and so on. In other words, asset management practices have typically provided a great deal of information about assets and asset performance. But this information by itself does little, if anything, to actually improve an asset’s effectiveness and performance. The information is, in fact, irrelevant unless and until someone acts upon it. People still need to analyse and use this information intelligently to make informed decisions that positively impact overall asset performance.
Asset management – why you should care
You need to care because managing assets effectively and maximising asset effectiveness is the key to:
achieving lifecycle targets
controlling and reducing operating costs
meeting corporate and organisational goals
There is so much information captured today by various technologies such as IoT, gateways and BMS’s (building management systems) which are aggregated by a plethora of so many ERP (enterprise resource planning), EAM (enterprise asset management), computerised maintenance management system (CMMS), and other systems that the dilemma for many organisations is how to identify the most relevant information. Too much data is gathered in many organisations to be reasonably interpreted.
So how do you pinpoint and determine the most pressing challenges and issues to positively impact actual asset performance?
FAST captures and models expert knowledge
The great news is that there is software technology available today that is capable of capturing, modelling, and emulating an asset expert’s knowledge in this and countless similar asset management tasks.
BeyondFM recently announced the release of FAST Asset Management Solution as a Service (SLaaS) delivered by the FAST Group.
FAST captures asset data at the source, delivers advanced predictive modelling and financial optimisation solutions to asset managers, estate managers, finance managers, capital investment managers and operations managers. Utilising advanced proprietary analytics, FAST dynamically assesses life-cycle data, maintenance data and financial data to build a visualisation of your strategy and service level scenarios that best manage and maintain assets while delivering peak service levels and maintaining or reducing capital and maintenance expenditure.
FAST helps you prioritise your capital spend, clearly identifying when and where to spend capital and how much to spend to maintain critical service levels.
The optimised decision process is critical to a successful strategic asset management practice. Capturing the data in an objective and repeatable process is key. FAST ensures that this is achieved through an integrated, TEFMA compliant, mobility platform which captures data at the source and storing the data locally and in the central FAST asset register.
The integrated FAST Operations Solution is a configurable workplace operations management solution that accelerates and streamlines day to day maintenance and operational maintenance functions and processes – proactive, reactive or strategic, FAST Operations ensures maintenance is carried out efficiently. It allows you to raise work requests, plan and execute work orders, schedule activity and allocate resources for maximum efficiency and, in conjunction with FAST Mobile, undertake proactive activities including inspections and audits.
Rounding out the FAST Platform is FAST Analytics – a powerful, predictive modelling and decision support tool for the long-term planning of infrastructure assets. FAST Analytics allows organisations to optimise service level outcomes and capital and maintenance expenditure. Our industry specific algorithms can accurately predict the future behaviour of assets in any environment given available funding levels and enable scenario comparisons to assist in decision making.
FAST also has optional components based on industry and client need including real estate management, workplace management, project management and environmental management. This solution is ideal for large portfolio owners and managers such as universities, governments, social housing groups, local governments and service providers.
FAST asset management solution
FAST expert services
FAST also provide consulting services that underpin the SLaaS solution. These services are extensive and complete. Replete with Subject Matter Experts from Asset Management to Technology and beyond, the Group help clients identify opportunities right across their asset base and property portfolios, providing strategic advice and on-the-ground services across the full scope of Audits, Condition Assessments, Data Capture Technology, Life Cycle Modelling, Predictive Modelling and Optimisation to assist asset owners make more informed decisions.
FAST’s services model is shown below.
FAST asset services
Delivering a value driven service
FAST Projects are all about transformational change. FAST Group team members have worked with some of the largest organisations in the world, delivering sustainable change that has translated into billions of dollars in measurable savings. FAST Projects are reference-able and repeatable in nature.
FAST Services is not just about the data – it’s what can be learnt from the data. FAST consultants don’t just produce a finished ‘product’ and hand over a framework. They go on the journey with you to ensure sustainable change is delivered and real savings are made.
Why you should consider the FAST Group for strategic asset management partners
The FAST Group (AC3, Assetic, Whitesmiths and BeyondFM) have a combined 70 years’ experience delivering integrated technology and services to asset management professionals across a diverse range of industries and in multiple geographies. Our people have extensive industry experience and have worked in your shoes, leading some of the most complex FM/RE projects in the world.
FAST Partner engagements have spanned the globe. Based on our many years of experience with major companies, governments and institutions, our experts are able to deliver insights and outcomes that deliver real results.
The FAST Group team maintain successful levels of experience within the FM/RE/facility services markets – from strategic sourcing and vendor relationship management, to leading edge technologies that support the industry and drive successful outcomes.
FAST solutions are designed to meet, and align with our customer’s core objectives and unique cultures. We pride ourselves on our unique partnership model with AC3, Assetic, Whitesmiths and BeyondFM, allowing to provide innovation SLaaS business solutions which are practical and cost effective.
The FAST approach to benchmarking incorporates substantial market information, metrics specific to the industry and operational targets from extensive research and scores of engagements. We rely on facts, not gut feel.
The FAST Group members have produced bottom- line value and tangible results for some of the largest and most successful companies in the world.
• Out of the box integration with IBM TRIRIGA and other major IWMS and CMMS solutions.
• Mobile first technology – location aware and configurable.
• Out of the box integration with ESRI for geo-spatial data capture.
• Trade certified assessors with drone and in field data capture/verification technology.
Tony Stack is managing director at BeyondFM.
This was originally published with graphics at BeyondFM.
Featured image: 123rf’s lvnl ©123rf.com