You wouldn’t take your stacks of hard-earned money and toss them in a fire for temporary warmth, when you could use a fraction of the money to buy a heater, would you? Why, then, do many organizations still find it difficult to accurately track and maintain their business investments, in essence, throwing money away? There are many factors to consider when running a successful business and organizations can’t afford to fall behind. It can be overwhelming and difficult to keep up at times. Luckily, technology has granted us the tools needed to not only track and maintain the multitude of factors that influence organizational success, but to also analyze data for identifying both current and future needs.
A critical component to protecting your investments and increasing the bottom line is asset management; and proper management goes beyond just simply knowing what you have and who is using it. It means storing data regarding an asset’s lifespan, and using that data to understand Service Level Agreements (SLA's) and to develop both preventative and reactive maintenance plans that keep the entire facility running smoothly. Asset management facilitates ongoing compliance, leading to minimized downtime, a more engaged and productive workforce, and ultimately, an improved bottom line.
So, how does proper management of one’s assets and SLA’s impact the entire organization? What tools should your company implement to help achieve this success?
For one iOFFICE customer, the Corporate Facility Manager of a leading Global Fortune 500 company - SPX Flow, protecting and making the most of their investments meant implementing a workplace management tool that included asset management software.
Asset Management Brings Structure to Your Organization
Regardless of the size and scope of the business, your workforce has specific needs that must be met to maintain productivity. This goes beyond simply furnishing them with the proper workplace tools; it means maintaining and tracking who has what and where, in very specific terms. Even more important, however, is checking that these assets are in proper working order at all times, keeping downtime to a minimum. It means developing a sound maintenance strategy that includes both proactive and reactive solutions, ensuring each asset lives up to its life expectancy. And it requires an understanding of all service level agreements and where liability lies, when an issue arises.
When the Corporate Facility Manager of SPX Flow, Joe Fisher, approached iOFFICE for a workplace management solution, his team was trying to collect data and keep the workforce informed with no centralized workplace solution. While their current tools were effective for the department they served, they were ineffective in gathering the knowledge needed to visualize the full picture. Data was coming from multiple different software solutions, offering no real guidance in what processes were effective and which ones were not. Service requests were dispatched via email and assets were managed via spreadsheets, leaving much room for error and lag time between request and processing. They were in need of one centralized system that kept their forward-thinking workforce engaged and that offered employees the tools they needed to conduct business with the utmost efficiency. At the time, the company was also in the midst of moving to a new, LEED certified facility consisting of 264,000 sq. ft., therefore further complicating their needs.
Entrenched in a dynamic industry, employees and assets were moving constantly in an effort to keep up with the business’s ever-changing needs. It was critical that they implement an Integrated Workplace Management System that offered key analytics to develop a more efficient method of dispatching and tracking service requests, planning moves, and developing a maintenance plan that would better serve the facility’s assets.
Once the Facility Manager decided on an iOFFICE partnership, we got to work on their software implementation process. Within a few short months, their new IWMS was online and integrated with existing systems. The results were almost immediate. Employee engagement continued to tick upward and productivity rose by approximately 10 hours per week. And, in an example of software saving money, recently they were able to track employee complaints about an issue with a piece of furniture in their workspace, mapping the issue to their SLA on the furniture. Liability was linked back to the manufacturer and the issue was resolved at no cost to the company, saving them thousands of dollars in repair costs.
Leading an enterprise to success, and maintaining that success, is a complex job. Whether yours is a small, local business or a global corporation, many of the challenges are the same. You have to keep your people happy and engaged, maintain a solid, loyal customer base, and keep overhead expenses to a minimum. You cannot run a successful business without understanding where your money is spent and identifying viable options for cutting costs. Part of keeping your business running smoothly lies in the investments you make and caring for those investments to maximize the lifespan.
Read this global enterprise’s case study to learn more about what modules were implemented to better manage their assets and SLA's; and what their plans are for future data reporting and software implementations.