Successful facilities capital planning is an ongoing process. This series of blog posts has covered the seven steps of facilities capital planning and management, which include defining key strategic goals and objectives; gathering accurate data through a Facility Condition Assessment or employing a guided facility self-assessment solution; and using the Facility Condition Index to make objectively sound investments. The next step is prioritizing capital projects using consistent criteria, followed by demonstrating the impact of funding on facility condition through funding scenarios, ultimately leading to the creation of defensible budgets. But like most processes, the final step in facilities capital planning and management is the most crucial.
With all of that previous work, it is vital to keep the momentum going! At this point, data maintenance and re-assessment are key. Organizations must put processes in place to ensure that data are continually collected, updated and centrally stored without excessive manual work. Industry best practices call for re-assessments to gather data on 25% of a facility portfolio each year so that the entire portfolio is assessed in its entirety within four years. Both data maintenance and re-assessment are much easier with a centrally-stored and accessible database, which enables fast retrieval of existing data, the ability to monitor progress, and an approach for uploading re-assessed data in only a few steps.
Prioritization strategies should be reviewed annually to ensure that they remain current with organizational objectives and goals. Finally, regular updates should be provided to senior management and administration to keep awareness and engagement active over the long run.
With this formula, organizations across all industries can reap the rewards of strategic facilities capital planning. This process allows the development of a longer-term perspective on capital planning with accurate multi-year forecasting. It provides for a consistent approach to evaluating a facility portfolio and allows for objectively sound investment decisions while reducing risk overall. It also makes significant cost savings possible, and ensures that facilities are consistent with the organization’s needs and standards. When facilities capital planning efforts align with an organization’s mission and objectives, capital investments can be optimized to deliver value and results.
What are your organization’s objectives? How can you ensure that your facilities continue to support those objectives?