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Asset Management Asset Lifecycle Costings

Facilities managers are becoming increasingly savvy in their asset management, turning to data and software to manage their buildings and equipment, our 2017 APAC FM Software Survey has found.

Assets as an Industry Trend

FMs have reported that they are now placing more emphasis on asset management. Our previous survey in 2012 revealed that of the 59% who had implemented an FM software system, just under two thirds were using it for asset management. This figure has now increased to 73%, with some respondents even reporting an increased budget to help maintain their organisation’s aging assets. Furthermore, whole life asset costings were identified as the second most important trend for 2017 (54%), behind mobile apps in first place at 66%. Following the relatively recent increase in construction in Australia, it stands to reason that asset management is becoming more of a priority, and FMs need to shift their focus to developing an informed strategy. The emergence of BIM as the third most identified trend (52%) goes some way to confirming this trend of marrying data and assets.

QFM Asset Lifecycle

87% of respondents stated that FM software had given them much improved reporting capabilities, and this high percentage also reveals the ease in which the information can be extracted in order to underpin informed decision making. Service Works has created new functionality within its software QFM, in order to provide increased insight into asset performance, in order to optimise and extend the life of an asset through intelligent data capture to secure improved asset management.

QFM Asset Lifecycle enables facilities managers to fully capture long-term maintenance expenditure against assets, and predict the cost of maintaining equipment over a specified timescale, for example, the term of a contract.  The software captures both one-off costs associated with an asset (such as acquisition, installation, disposal and replacement) and expenditure for routine maintenance activities (for example, the estimated cost of labour, parts and travel). By analysing every PPM task over a set period of time, the software automatically calculates predicted maintenance costs over its lifetime, over as many years as required.

With this comprehensive insight, facility managers are able to plan the most effective maintenance regime for a piece of equipment, make informed decisions about servicing and replacement, and ensure that their organisation secures the best performance from its assets, both in terms of availability and maintenance costs.

For more information about QFM Asset Lifecycle, request our flyer by contacting your local Service Works office.

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