Accurate forecasting, budgeting and planning relies on accurate, timely data. But getting this data has traditionally been the biggest obstacle for asset managers, as it can be very expensive to collect as well as consume a lot of time.
AssetFuture has created a solution that addresses this common problem. Instead of investing time and effort capturing asset data, organisations can create a “simulated asset portfolio” using AssetSimulate. It’s a much faster and highly efficient approach, taking only weeks - or even days - to generate asset intelligence for a simulated asset portfolio.
Fast-tracking digitisation
AssetSimulate uses well-established applied statistical techniques, including predictive modelling and Monte Carlo simulations, to estimate the quantities and conditions of a wide range of assets that would typically be found in different types of buildings.
“By modelling historical data, AssetFuture can simulate entire portfolios without any in-field data collection to create representative lifecycle models. These models enable us to accurately predict the cost of maintenance, repair and replacement a particular type of building is going to need in the foreseeable future. ”
Once the data has been simulated, it is ingested into the AssetFuture Platform, allowing organisations to gain insights across their portfolio. Features include cost and condition forecasting, risk analysis, Facilities Condition Index (FCI) analysis, AMP generation and more.
As a data-driven product that relies heavily on historical data, the accuracy and comprehensiveness of AssetSimulate will continue to increase as more data acquisition exercises are completed. For example, data is currently being captured on hundreds of thousands of spaces across education, health and aged care facilities. This will help to more precisely and accurately refine the proportionality of materials and equipment required to manage and maintain assets.
Fast-tracking the benefits of digitisation
The Asset Management industry is undergoing rapid digitisation, bringing a range of benefits to organisations. Digital AM platforms not only save time, but also enable significantly more accurate future budget planning as well as preventative and predictive maintenance. A more accurate maintenance schedule saves money and avoids much more expensive, critical failures.
Using AssetSimulate, organisations can accelerate the digitisation of their portfolio and gain these advantages. Essentially, it’s a fast-track to data enablement and having a complete digital portfolio of all assets.