Optimizing operations and making smarter decisions about your assets depends on the 5Cs of quality data throughout the asset lifecycle
Guide
Quality data is key for maximizing asset performance
A typical high-rise office building contains about 1,000 maintainable assets, like electrical equipment, backup power systems, elevators, pumps, and air handling units. For a facility management team to locate, identify and record them all could take weeks depending on the number of engineers involved in the inventory and validation process. Even more follow-up time would be required to find and review mechanical drawings, OEM manuals and work orders.
This is why facility managers have historically had so much trouble obtaining quality asset data. It requires painstaking effort and diligence and often results in incomplete or incorrect data.
Without quality data, facility management (FM) teams struggle to make smarter maintenance and capital replacement decisions. They’re exposed to greater risks of asset failure and unscheduled downtime and can’t accurately measure performance or improve operations. Quality data impacts all aspects of FM operations, maintenance and renewal throughout the asset lifecycle.
And that’s why it’s never been more critical to make sure your asset data is of the highest quality possible.
An asset inventory relies on high-quality data
The asset inventory, also known as an asset registry, is a database of assets and their attributes like an asset’s brand, model, serial numbers, purchase date, warranty information, and location.
Creating an asset inventory has historically been labor-intensive, lengthy and expensive, which is why facility managers had to be selective about which assets they onboarded into the inventory. Assets have varying degrees of importance to the organization. While the inventory ideally focuses on all maintainable assets, costs and resources may influence which ones get included. In all cases, the value of the inventory rests on quality asset data.
For example, an organization with a portfolio of 250 locations, each with critical 400 assets, was looking at a total inventory of 100,000 assets. Managing that many assets demands 5C-quality data. Anything less will fall far short of the purpose and value of the inventory.