How Can You Identify Risk and Set Priorities for Your Capital Assets?

July 13, 2011

By Keith O’Leary, Director of Product Marketing, VFA, Inc.

The answer is, you can’t do so without accurate facility condition data. In the June issue of “Today’s Facility Manager,” I discussed the challenges of maintaining property in good condition: a costly proposition, especially if you don’t know how best to spend on deferred maintenance. Priorities for spending are usually based on key organizational goals such as risk mitigation and business continuity. Therefore, having access to accurate condition data that can be used to identify areas of risk and to set objective priorities is critical.

The high profile assets of a portfolio often require a detailed periodic assessment by seasoned professionals. But what about the geographically isolated or low profile assets? Or what about assets that may have undetected yet significant issues? In practice, more times than not, these assets do not undergo detailed condition assessments. Lack of insight into condition is a dilemma for facility managers who need to justify the necessary funds to maintain facilities adequately. Without validated data, cost justification is an elusive target.

One method that can enable cost-effective data collection is guided self-assessment using Web-based surveys. Guided self-assessments enable facility teams to gather condition data for geographically dispersed assets, identify “hot spots” within the portfolio that need detailed facility condition assessments, and develop quick budgetary estimates for smarter capital planning decisions.

How are you gathering the data you need?

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