Australia’s Most Intelligent Asset Registers
Why Capture Asset Data Before Engaging A Facility Manager
Many organisations issue a Requests for Tender (RFT) for facility management services without fully understanding the need for accurate asset data. This oversight can lead to issues like misaligned budgets, project delays, and incomplete service delivery.
Updating your asset data register before going to market ensures accurate quotes, better quality submissions, and ultimately, more successful asset management outcomes.
The Importance of Asset Data Capture
Asset data capture means recording detailed information about physical assets, including their condition, location, and specifications. This data is crucial for effective facility management, strategic planning, and maintenance.
Without accurate asset data, organisations risk getting quotes that don’t reflect the real scope of their facilities management requirements.
This leads to irrelevant proposals and ongoing project issues. Moreover, it’s virtually impossible to achieve true asset management or drive savings and improvements across their portfolio.
When To Update Your Asset Register
It can feel like a chicken-egg scenario to start asset data capture before engaging a facility management company. After all, isn’t that what you’re hiring them to do?
Well, not exactly. Think of it like taking your car to a mechanic…
Suppose the mechanic quotes a good price based on the problem you describe.
You hand them the keys, and they pop the bonnet only to find a complete mess.
No fault of yours — you’re not a mechanic — but now they need to do a full diagnostic.
At this point, either the original quote goes out the window, or they start cutting corners to stick to it.
They might find that the seals need replacing, the radiator is on its way out, and it’s leaking fluid.
In other words, it’s a completely different job with a completely different price tag.
You might need to find more money to cover the critical repairs. And you might deprioritise less-urgent works like opting for a quarterly detail and clean, instead of monthly.
The same thing happens in asset management…
Without accurate data upfront, you can’t make informed decisions about where to allocate resources. Just like the mechanic, you need a clear picture to know what’s essential and where you can adjust to stay on budget.
Common Pitfalls of Skipping Asset Data Capture
1. Misaligned Budgets and Underquoting
Many facility management companies claim they can handle asset data capture in-house, but they often lack the specialised skills needed. If this work is done internally to save money, the result can be incomplete or inaccurate data.
This leads to underquoting, where the facility manager doesn’t fully understand the scope or cuts corners to meet the budget. Poor-quality data and ineffective asset management follow.
2. Overwhelmed Resources During Mobilisation
Mobilisation is already a busy time with training, resource allocation, systems setup, and IT integration. Adding asset data capture to this mix can overwhelm the team. This can delay service delivery and put the entire mobilisation process at risk.
3. Long-Term Contractual Issues
If asset data capture is done poorly at the start, it can mess up long-term asset management. This prevents cost savings or improvements across the portfolio. You may demand the work be redone correctly because it’s a contractual requirement. But the facilities management company, trying to stay within budget, might try to fix things with existing resources.
This leads to a cycle of missed obligations that could last the entire contract term.
4. Lack of Clarity Over Assets and Budgeting
Without accurate asset data, organisations don’t have a clear picture of their assets, making it hard to justify the right budget or use the existing budget effectively. If more assets are discovered than expected, costs might skyrocket, requiring a change in strategy (e.g. reducing non-statutory maintenance).
Without this knowledge from the start, organisations might go through a costly process, only to find out they can’t afford to follow through on the asset management practices they’d like. They might have to renegotiate, adjust, or even abandon the process, wasting time and money.
How Kairos Can Help
If you are considering appointing a new facility manager, there are a few ways we can help:
- Asset Management Strategy Development: We help plan for asset upgrades, acquisitions, and disposals, making sure senior management reviews and updates the strategy as needed.
- Risk Management: We identify, assess, and manage asset-related risks, regularly checking their effectiveness.
- Comprehensive Data Capture and Analysis: We set up processes to monitor asset conditions, spot issues, take corrective actions, and check performance against standards.
- Efficient Resource Allocation: We help establish accurate recording, reporting, and record-keeping procedures, ensuring compliance with standards and regulations.
What Next?
Success in facility management starts with accurate asset data. By consulting with us early, you can avoid the common pitfalls of poor data capture that lead to misaligned budgets, delays, and missed opportunities.
We’re here to review your requirements and offer expert advice, ensuring you’re set up for success from day one. Contact us today to get started.