In the World of Real Estate and Facilities, Data and Analytics can be Leveraged in a Number of Different Ways.
Key data points can be used to determine where a retailer should open its next store location in order to maximize profits; understanding occupant cost per square foot can help corporations determine the best office investments. On a tactical level, reporting can still drive strategic business decisions for organizations. Today, will focus primarily on asset reporting—though any element of the real estate lifecycle can be transformed into an indicator of success.
Using a robust computerized maintenance management solution (CMMS), you can automate much of your facility and maintenance management activities, including asset tracking. As a result, you will have visibility into the performance of your assets from the moment it is purchased to when it is decommissioned.
For your assets, you can track a number of different data points, including:
- Number of reactive work orders.
- Preventive maintenance requests and schedules.
- Inspections and scores.
- Purchase information.
- Estimated life.
- Annual runtime
- Replacement costs.
- Life expectancy.
There are two different ways you can leverage insight into these data points. For one, you can leverage dashboard reporting, which gives you a snapshot of real-time performance.
Dashboards serve as a high-level overview, usually summarizing information by location or region. With a few clicks, you can easily drill down to get the details that you need. But, they often provide the best benefit for people who are looking for a general sense of operations, rather than specific details. Because of this, they are often preferred by executives.
Data reporting, either by reviewing the data in the application or through an export into another application, can help you drill down to the details and make strategic decisions. For instance, these types of reports can help you pull key information about a particular set of assets, either by location or type. With this information, you can review estimate life, replacement costs and life expectancy to fuel your budget request.
In addition, gaining insight into the performance of your assets can direct your preventive maintenance routines and also help you make key decisions related to staff and the future of the maintenance team.
Because of this, reporting on your assets does more than provide insight into their performance—it can help you understand how the maintenance team is performing as a whole, and what can be done to improve your operational efficiency while using your available resources.
Learn more about the importance of facility data in our FREE on-demand webinar, 6 reasons to love your facility data.