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Published: Jun 23 2021

Preventing Equipment Failure Post-Pandemic Through the Asset Vulnerability Index in FAMIS 360

As employees prepare to return to the office and academic campuses prepare for students and staff to return for the Fall, assessing and preventing equipment failures and addressing safety concerns has become more important — and has more visibility than ever before. During the COVID-19 pandemic, business operations changed quickly and maintenance routines were thrown off. This can cause business interruption issues that can significantly affect maintenance and repair costs for organizations. When businesses and campuses were not fully operational, sending employees to work remotely and students to learn virtually, buildings, HVAC systems, electrical systems and other critical functionality were overlooked, not maintained regularly, or completely shut down. The return to work and school can be catastrophic for equipment and operations if not approached with care.

According to a survey from FM Global, critical equipment failure is listed as a major concern and risk by 94% of Fortune 500-size companies. However, a different research study found that 70% of companies lack complete awareness of when equipment is due for maintenance or upgrade. So, organizations are aware that preventing equipment failure is key, but don’t have the insight to truly create a preventative strategy.

Students and employees continue to have anxiety about returning to in-person work and learning. A study from Envoy found that 73% of people are worried about returning to a physical office, and their top concern is safety and sanitization. Many higher education campuses have closed due to the pandemic, and Forbes notes that more than a third of 937 private universities are in “low” financial health.

So, how do organizations stay on top of their equipment safety and prevent serious issues, keep to a budget and manager employee and student anxieties?

The answer lies in data.

Introducing the FAMIS 360 Asset Vulnerability Index

Accruent’s FAMIS 360 solution team has designed a new report available for all customers that will give significant insight into their asset portfolio and help them take action based on potential risk of failure, using a metric called the “Asset Vulnerability Index.”

The FAMIS 360 application stores valuable historical information about buildings and assets managed by users. This report is an opportunity for customers to view these multiple data-points in a way that helps them be better prepared and potentially predict which assets or buildings may need more attention or even budget allocated for repairs.

We have taken standard industry best practices and designed the Asset Vulnerability Index Report to empower how our customers glean insights from their own facility data records.

Maintenance and engineering teams are responsible for ensuring continuity of business and ensuring that critical asset are reliably running at all times. An inoperable piece of equipment, especially one connected to critical business needs, can lead to losses in terms of revenue. Especially in a post-pandemic world, creating a safe and operable environment for returning employees and students is critical.

Support Your Reopening with Deeper Facilities Analytics

Previously, to access data points such as the Asset Vulnerability Index in FAMIS 360, users would need to run many different reports, do complex calculations, and even need specialized data analysts. But our team has made this Index available to get the critical asset information you need right away. We saw a need for better operational insight in a post-COVID world, and an opportunity to better support our customers in their return to work and campus.

Maintenance and engineering teams play a key role in keeping students, staff, and employees safe in the buildings and facilities they inhabit. FAMIS 360 can help keep your organization safe through better insight into your equipment data. And those insights are available right at your fingertips in Accruent Analytics’ standard content library. We are excited to bring these and other valuable data tools for your team to use today. Access the Asset Vulnerability Index in your instance of FAMIS 360 by logging into your account and clicking the Analytics tab on the upper right toolbar (to the left of the Star icon).

Want to learn more about how FAMIS 360 can help your organization increase clarity, minimize costs, and maximize productivity across your buildings and assets? Contact our team today to schedule a demo.

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