February 23, 2023

5 Reasons To Undertake An Asset Condition Survey

5 Reasons To Undertake An Asset Condition Survey

During a challenging commercial environment for the FM industry, undertaking value-add activities such as asset condition surveying can be difficult to build a business case for.

Here are 5 different ways such an exercise can be beneficial for your estate asset management…

5 Reasons To Undertake An Asset Condition Survey

1.      Know your estate assets

Only through knowing your estate assets is it possible to build a business-focussed maintenance plan. High levels of change and inconsistent administration will lead to asset registers lacking the required level of detail, accuracy, or completeness. Often, asset surveys are undertaken at the start of a new service contract for this reason – but they can return value at any point in a contract lifecycle.

2.      Benefit from an independent assessment

Having a fresh pair of expert eyes across your estate will provide assurance on the condition and functionality in your buildings. The condition and lifecycle assessments are vital in identifying potential breakdowns, which would bring unplanned costs and downtime to the business function.

3.      Plan your capital spend in the medium and long term

Securing capital funding is always a challenge. Having the expert reports and photographic evidence from a trusted survey partner will go a long way in assisting critical decisions including lifecycle spend and estate management. By properly risk rating and prioritising spend in line with your organisation’s requirements, all the financial planning is built on high-integrity assessments.

4.      Form a basis of compliance management

All FM operators consistently report and measure activities relating to compliance to minimise risk to their building users, the public, and their organisation in general. However, if the metric is limited to only a fraction of the true assets on an estate, that risk is unquantified. Furthermore, if asset detail is limited, it may be challenging to fully prove compliance. Only with an up-to-date and complete asset register can the process of compliance risk management be a true and accurate representation.

5.      Return value through effective commercial management

Procurement exercises require high-integrity asset information to allow an effective tender exercise. An asset condition survey will produce an asset register which in turn allows accurate and comparable costs to be returned from service providers. Some service providers also choose to undertake their own survey upon winning a service contract, with the purpose of identifying any potential variation in the maintenance requirements resulting from additional assets identified.

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