For your portfolio to represent a complete picture of your assets, there are different types of information you need. The "right data" depends on organisational goals, objectives, and the complexity of your asset portfolio. Most organisations will be at a different stage of their data maturity journey.
The best way to get better data is to start thinking about it today. Many organisations have disparate data sets and centralising them and reconciling any anomalies is the place to start. 🏁
What data do you need for effective Asset Management?
The must-have types of information you need to manage your portfolio include:
Asset information: this covers the physical characteristics, location, condition, age, and value of assets, as well as their maintenance and repair history.
Financial data: information about asset acquisition and disposal costs, depreciation, and operating expenses, as well as revenue generated from asset use.
In addition, the nice to have types of information you need are:
Performance data: asset utilisation, downtime, reliability, safety, and environmental impact.
Operational data: workforce and contractor resources, inventory levels, and supply chain performance.
External data: market conditions, regulatory requirements, and technological developments that may impact asset performance and value.
Having this data isn’t enough in itself. It’s vital that the "right data" is timely, accurate, complete and consistent. It should be collected, stored and analysed using appropriate systems and tools, such as a purpose-built platform like AssetFuture.
⏰ Timeliness
Up-to-date, easily available data will support timely decision making. This means updating information frequently, with data processing and reporting systems that can provide analytics and insights in real-time.
✅ Accuracy
It’s critical to have accurate information, both for decision-making and legal compliance requirements. Good decisions can’t be made on bad data. Automated data collection and entry procedures can help reduce human error, as well as data quality controls to identify and correct any errors.
⭕️ Completeness
Data should be comprehensive and complete. All required data fields should be filled in, with valid values, to realise the asset's performance and value.
Alternatively, it may be possible to simulate missing data without in-field capture, using a tool such as AssetFuture Simulate. This estimates the quantities and conditions of a wide range of assets based on a huge degradation model library.
🔑 Consistency
Information from different sources needs to be consistent and kept current. To do this, asset managers need to use standardised data definitions and formats, as well as quality checks to ensure consistency between different data sources.
The demands on asset managers are only going to increase as legislators set more stringent environmental and safety standards. We’ve already seen how the Royal Commission into Aged Care has resulted in new quality standards. Going forward, sustainability and decarbonisation will be increasingly dominant issues in the construction and built asset management sector, and owners and managers should anticipate new requirements. Having the right data will enable compliance much more quickly and easily.
Hornsby Council is one example of how having the right data makes a huge difference. Hornsby is the largest local government council in the Greater Sydney Metropolitan region by total area, managing over 100,000 built assets from community centres and libraries to leisure facilities and council offices. Previously, building condition assessments were only undertaken sporadically by Capital Works officers and the Council had no organised way to manage all the data, which was kept in a range of spreadsheets.
🤳 By partnering with AssetFuture, Hornsby Council has been able to use the AssetContinuity mobile app to collect and modify data on-site, capturing different types of built assets and storing them in a single location. It’s much easier to keep the data complete and up-to-date, enabling forecasting capability, preventative maintenance, and risk mitigation.
Real estate services firm Cushman & Wakefield, whose portfolio includes Singapore’s ITE College West, needed a data solution to manage the campus strategically and ensure the maximum return on investment. Condition surveys had been carried out by external suppliers with a subjective view of asset conditions, and there was no standardised methodology.
Using AssetFuture delivered a common platform for inspection standards and data collection, as well as the ability to benchmark analysis of buildings. It has been much easier to train the team to capture data and keep it accurate and up-to-date. This has improved planning and maintenance, and having well-maintained assets has seen service requests drop by 60%. Assets also have much longer lifecycles.
Ultimately, it’s no secret that good data is the foundation of informed decision-making. 👍It enables asset managers to make decisions based on reliable information, rather than relying on assumptions or guesses. This is critical for risk management as well as optimising the utilisation of assets and reducing costs. Resources can be allocated much more efficiently. Knowing the exact condition of a roof enables preventative maintenance before a weather event causes expensive damage.
Accurate data is also needed to ensure compliance with regulatory requirements and standards such as safety and environmental performance. AssetFuture can help you store your asset data and keep the right data in the right place for decision-making. If you’d like to know more about maintaining compliance and managing your portfolio more effectively, AssetFuture is currently offering Operators an exclusive Data Health Check.
👉 Submit your details below and receive a free Asset Management Data Health Check with our award-winning specialist team.