Your assets will only last so long, but without accurate data about asset life cycle performance, there’s no telling how long that might be. The manufacturer’s estimate may be 30 years, but a variety of factors can either shorten or lengthen this lifespan and also drastically influence life cycle costs. These factors may include adherence to a preventive maintenance program, performance of auxiliary systems and even the evolving functional demands of the property.
To accurately track the asset’s cycle of usability, you need to take a holistic approach to asset management. By using the detailed data gathered in your property assessments, you can determine how long the asset will last. You can also learn what you and your team can do to extend its lifespan past initial expectations.
Property Condition Assessments and Data Analysis
Forecasting accurate life cycle costing begins with gathering data. After all, your findings are only as accurate as the information you use to make your estimates. Many AEC professionals begin with the incorrect assumption that the component has until the end of the manufacturer’s estimated lifespan. This isn’t always true.
The asset may last significantly shorter or longer depending on how often it’s maintained. Take your car, for example. If you perform routine maintenance on your car like oil changes and seasonal cleaning, it will last far longer than the 100,000 miles estimated for its electrical components. This holds true for physical assets on a residential or commercial property as well.
During your property assessment, you’ll gather data about the condition of the system. You’ll also make decisions about its long term maintenance plan. You’ll have the opportunity to analyze neighboring systems and components. Determine how these affect the life cycle costing of each asset on the property.
Accurate Life Cycle Costing
Input this data into an intuitive software platform like 4tell™’s Facility Condition Assessment Software. This will give you an accurate estimate of how long the asset will last. Our software will allow you to look at budgets even 10 years in advance. You’ll be able to maximize your portfolio’s profitability and enable accurate capital investment planning.
At 4tell™, our users report that predictions achieved with iPlan™ have been remarkably accurate. This even holds true after years have passed since the initial assessment. With this powerful tool, AEC professionals can accomplish a wide range of goals. Here are just a few examples:
- Charting long term maintenance plans
- Understanding the link between systems and components
- Planning for the eventual replacement or large scale repair of a building’s integral elements
The first step towards reaching these profitable milestones is upgrading your data collection software. Many firms use outdated spreadsheets to organize their information. This makes it hard to navigate, organize and analyze data. 4tell™ keeps all your data in an intuitive structure. It’s easy to access and import for quick updates and streamlined analysis.
No matter the size of your portfolio, your team can benefit from the use of cutting edge assessment software. It will help gather and analyze data on your commercial and residential properties. This will keep you organized, on schedule and prepared for any costs that come your way.
Keep your firm at its most profitable with facility condition assessment software from 4tell™.
Photo: Javen / Shutterstock.com