As an asset inventorying, tagging & assessment company we work with your management to develop the specific asset types that you would like to inventory. For example, for a typical restaurant, this includes all refrigeration, cooking, mechanical and HVAC equipment. Each one of these asset types is broken down into further subtypes to allow for greater detail. Data collected on each asset includes, but is not limited to: asset type, make, model, serial, location, photographs and a condition assessment. Typical asset tags are either polycarbonate for internal assets or aluminum for external assets. Both contain a strong adhesive that should last beyond the life span of the asset. Tags can be customized but usually include a QR code and your company logo. A pilot would be performed and a playbook created to ensure consistency across the entire book of business both in terms of the asset types that are inventoried and the placement of the tags. Besides the equipment data that is collected, inventorying usually includes a light condition assessment of your assets. This process usually leads to the discovery of unsafe conditions that should be rectified immediately. The assets are identified as high risk with photo documentation.
Once completed, this fresh, valid e-data would be seamlessly imported into a Computerized Maintenance Management System – CMMS allowing your employees to begin placing work orders and analyzing data.
Predictive Analytics & Capital Planning
There are many more opportunities to extract value from the data. A few of these are predictive analytics and capital planning. Predictive analytics allows a manager to reliably estimate when a piece of equipment may fail before the failure occurs. With this information, one could proactively shop for the best price on a replacement or repair before the replacement or repair is needed. Once the equipment fails, your leverage to bargain is greatly diminished. Another way to leverage a CMMS is capital planning which allows you to project future capital expenditures using life cycle and repair algorithms. Having capital expenses modeled into the future will be a tremendous value for any financing that you may need. A lender will feel more comfortable knowing that your biggest expense line items is reliably estimated.
When you have fresh, reliable data you can significantly improve your operating cost and time to respond to issues by ensuring you can get the right service/solution provider to address your needs the first time. Benefits include reduced repair and installation costs, longer asset life and increased uptime, reduced operating costs, reduced employee labor costs, identification of potential liabilities, work order management, predictive analytics and capital planning.