Blog #7 From Old to Gold: How Advanced Fixed Asset Management Can Transform Legacy Buildings

Legacy buildings, which are older structures that may not have been designed with modern technology in mind, can be a challenge to manage. But with the right approach, incorporating advanced fixed asset management into these buildings can bring significant benefits in terms of cost savings, increased efficiency, and improved compliance with regulations.

This blog is really a tale of two halves. On one hand we’ll explore the high level details surrounding advanced asset management in legacy building stock, on the other hand we’ll look at how new, smart buildings compare to improved legacy buildings, again only at a very high level.

Part 1 - Legacy Buildings

What is advanced fixed asset management?

Advanced fixed asset management involves using technology and data analysis to improve the tracking and maintenance of a company’s physical assets, such as plant and equipment.

Benefits of advanced fixed asset management

Increased accuracy and efficiency in tracking and managing assets:
With the right system in place, it’s possible to know exactly where each asset is located and what condition it’s in, making it easier to schedule maintenance and repairs and extend the lifespan of assets. This also leads to less downtime and increased productivity.
Improved budget forecasting and cost management:
By analyzing data on asset usage and condition, it’s possible to identify opportunities for cost savings and improve efficiency. This can help with budget forecasting and make it easier to justify investments in new equipment or upgrades to existing assets. This also helps in identifying underutilized assets and can lead to better ROI.
Enhanced security and compliance with regulations:
By using security cameras and access control systems, it’s possible to protect assets from theft and vandalism. And by keeping accurate records of all assets, it’s easier to meet regulatory requirements and avoid costly fines. The system also helps in compliance with safety and health regulations.

How to incorporate advanced fixed asset management into legacy buildings

Please note the below is intended as subjective information and is not meant to be considered advice, you may agree or disagree, in either case we would love to hear your thoughts.

Conduct a thorough inventory of all assets: This will provide a clear understanding of what assets are present in the building, their location, and their condition.
Implement an asset management system: Use technology such as barcode scanning or RFID tagging to track and manage assets.
Regularly update and maintain the system: Make sure that data is accurate, and that the system is properly maintained to ensure it remains reliable.
Use data analysis to improve decision-making: Analyze data on asset usage and condition to identify opportunities for cost savings and improved efficiency.
Regularly train staff on the new system: Ensure that all staff members understand how to properly use the new system, and that they know how to access and interpret the data it provides.
Schedule regular maintenance and repairs: Use the data provided by the asset management system to schedule regular maintenance and repairs to keep assets in good working order and to extend their lifespan.
Implement security measures to protect assets: Use security cameras and access control systems to protect assets from theft and vandalism.

Part 2 - Comparing Old with New

Comparing the Pros and Cons: Smart Technology in New Buildings vs Advanced Asset Management in Legacy Buildings

When comparing a new building designed with smart technology from the outset to legacy buildings that have had advanced asset management incorporated into them, there are several pros and cons to consider:

Pros of a new building designed with smart technology from the outset:

The building will be designed and constructed with the latest technology in mind, making it easier to incorporate advanced asset management systems and features.
The building will be more energy-efficient, which can lead to cost savings over time.
The building will be more secure from the start, with advanced security systems in place.
The building will be more easily adaptable to future technological advancements.

Cons of a new building designed with smart technology from the outset:

The initial cost of building and equipping the building with smart technology will be higher than a legacy building.
The building may require more maintenance and upkeep to keep the technology functioning properly.

Pros of legacy buildings that have had advanced asset management incorporated into them:

The building has already been constructed and is in place, so there is no need to build a new one
Incorporating advanced asset management into an existing building can be more cost-effective than building a new one from scratch.
By analyzing data on asset usage and condition, it’s possible to identify opportunities for cost savings and improve efficiency.

Cons of legacy buildings that have had advanced asset management incorporated into them:

Legacy buildings may not have been designed with modern technology in mind, making it more challenging to incorporate advanced asset management systems and features.
The building may not be as energy-efficient as a new building, leading to higher costs over time.
The building may not be as secure as a new building, requiring additional security measures to be put in place.
The building may not be as adaptable to future technological advancements as a new building.

A new building with smart technology from the outset will provide the latest technology and features, but it can be more costly. Incorporating advanced asset management into an existing legacy building can be more cost-effective, but it may be more challenging to implement and may not be as efficient or secure as a new building.

Conclusion

Overall, incorporating advanced fixed asset management into legacy buildings may seem daunting, but it’s worth the effort. With the right approach, legacy buildings can be revitalized and transformed into efficient, cost-effective, and secure assets.

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