Why Have an Asset Register

Asset Register importance!

Backstory

We found ourselves in an a situation, which I thought, had an unfortunate outcome for an employee of one of our competitors. I’m sure you’ve heard the expression “thrown under the bus”, this person was thrown under the entire bus depot. Regardless of the parameters, which are too lengthy to revise here, we thought there are some questions, which if all parties were aware of the answers or where to find the answers, then better outcomes, for all stakeholders, might eventuate. Hence , this post.

The Core Opportunity

The incumbent facility management company had chosen to abandon the maintenance of a preexisting asset register of the building. The outcome of this decision eventually led to their termination on the site, but, more importantly, it led to more cost for the building landlord in the long term.

Add Value

The opportunity to add value and keep adding value has now been reduced. If this valuable data had been collected and managed over the lengthy time period of the employment, then opportunities for improvement in building performance could be exploited now. Opportunities to implement energy conservation strategies, building culture improvements and operational improvements are now delayed as we collect new data moving forward.

Commercial Competition

Building Owners compete in the market place selling commercial office space against their competitors. They are competing against their peers, and to win, they seek to keep the best commercial tenants at the best yield. The Landlords need information or “Big Data” (if you’re trendy). The data provides the evidence for the decisions about where to take their asset. It is the closest thing they have to scientific or logical approach to try and predict the future outcomes of the market place
Decisions from installing “End of Trip” facilities or a roof top bar, to understanding  how to reach the best price for maximum rental yield and even selling building.

We Want Answers!

Building owners do not spend a lot of time in their buildings, they have better things to do, so when they need information (or data) they turn to Facility Managers and Property Managers for answers.
Some of these questions are market analysis or external data, other questions require internal data, which can typically be sourced from the asset register.

Why Have an Asset Register

In a nutshell, it will make your life easier, reduce stress and assists greatly in making decisions!

The Data in an asset register can be invaluable, especially obsolescence, and life term. This supports major asset purchasing decisions and maintenance decisions, the reader begins to view the situation with a lengthier appreciation of time, cost effectiveness and energy management. The outcome is a far more intelligent with the evidence supporting the argument, as to why an action should or should not take place.

BIM

I’m sure you have heard of the term, BIM,

Building Information Modeling

From an operational point of view, Building Information Modeling makes a valuable bridge between the construction phase to the operations phase.  BIM is, in essence an Asset Register, but with a focus to assist this bridge. The greatest advantage is obtaining the data at the construction stage in line with the consultants requirements and strategies of their design. The BIM data will assist greatly to ensure the integrity of the design is maintained for the life of the building.