Technical asset management in the built environment was traditionally, and still is in many places, done manually, using spreadsheets, flat files, and even pen and paper. With the advent of digital asset management solutions such as REAMS’ innovative ELIAS, we have entered a new era in efficiency, data management, and profitability. The solutions use technology to collect and store data delivering valuable insights and enabling data-driven decisions.
Real-Time Insights and Asset Integrity
Modern technology is a key advantage in the facilities asset management industry. It allows for real-time insights into the performance of assets and buildings across large and diverse portfolios. Integration of IoT sensors and devices with advanced data analytics is transforming how facilities managers work. Real-time monitoring offers a more comprehensive picture than basic parameters such as condition or cyclical maintenance requirements. This provides a wider perspective of how assets function within their operating environment, and how they can best support the operation of the building and the occupants’ business.
For facility and engineering managers, this level of data in real-time is transformational. This marks a change from reactive management to proactive actions. Managers can identify potential problems early and address them before they become costly. The proactive approach does not just focus on optimising resource allocation and maintaining assets promptly, but it also considers the wider implications of asset performance to owners and occupiers.
Real-time data allows facility and engineering managers to ensure asset integrity. This means that the data and visualisations they are working with are kept up to date in real-time. Cyclical surveys or inspections can often be aged, out of date, and cumbersome. ELIAS ensures that asset data and visualisations are always current, supporting decision-makers in managing assets with efficiency and accountability. This means facility managers can better support the core business of their client or building occupant.
Predictive Analytics: A Step Towards Future-Proofing Assets
Integrating advanced digital asset management technology gives asset managers intelligent insights beyond simple data collection. Predictive analytics is more than simply analysing historical data. If a fault has already occurred or an alarm triggered, the proactive opportunity is lost. Understanding fault detection analysis utilising technology provides insights into future asset performance. The forward-looking nature of this approach makes it invaluable in strategic planning, compliance assurance, asset health, and risk mitigation. This approach is also crucial in identifying capital expenditure optimisation opportunities, which ensures that investments are not just safe but also strategically sound and future-proofed. At a time of scarce resources, ensuring human and capital resources are efficiently deployed can mean significant future advantages, both financial and performative, over the investment period.
Investment decisions based on data
Technology’s real value in engineering asset management is its ability to guide investment decisions. Financial decision-makers and managers can accurately predict returns by using comprehensive data and intelligence insights. A real-time data-driven approach reduces uncertainty, allowing for more confident and informed investment decisions, that are more in tune with core business operations.
The integration of technology like ELIAS into asset management represents a paradigm change, not an upgrade. Data in real-time and predictive analytics are changing the game, transforming challenges into possibilities and uncertainty into certainty. ELIAS aids facility asset managers maintain the integrity of assets, optimise performance, and maximise returns. Focused maintenance regimes, not cyclical programmes, and multi-layered business decisions influencing capital planning will be the characteristics of efficient facilities management.
As technology and the built environment continue to develop, asset managers who adopt digital transformations like ELIAS will be at the forefront, driving changes and making better decisions for their entire portfolio.
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