OpenGov Glossary

Facility Asset Management Software

Facility Asset Management Software 101

What is facility asset management software? Facility asset management software is a comprehensive solution designed to help organizations effectively manage their physical assets throughout their lifecycle. It provides a centralized platform to track, analyze, and optimize assets, enabling businesses to improve operational efficiency, reduce costs, and enhance overall productivity.

Specifically, facility asset management refers to the process of managing and maintaining physical assets within a facility or organization. It involves tracking, analyzing, and optimizing assets throughout their lifecycle to ensure they are utilized efficiently, maintained properly, and meet regulatory requirements.

In recent years, software solutions have emerged to simplify the process for governments and organizations. Facility asset management software is a specialized software solution designed to streamline and enhance the management of physical assets. It provides a centralized platform to track, monitor, and maintain assets, as well as generate insights and reports to support decision-making. The software helps automate various asset-related processes, such as asset tracking, maintenance scheduling, work order management, and performance analysis.

Governments and utilities commonly use facility asset management software to manage their extensive infrastructure and facilities. Here are some examples of how they utilize it:

Asset Inventory and Tracking: Governments and utilities have numerous assets, such as roads, bridges, water treatment plants, power stations, and more. Facility asset management software helps them maintain an accurate inventory of assets and track their location, condition, and maintenance history.

Maintenance Planning and Scheduling: Regular maintenance is crucial to ensure the optimal performance and longevity of assets. The software enables governments and utilities to schedule preventive and corrective maintenance tasks, plan inspections, and manage work orders efficiently. This helps minimize downtime, reduce costs, and extend the lifespan of assets.

Regulatory Compliance: Governments and utilities often have strict regulatory requirements to meet regarding asset maintenance, inspections, and compliance. Facility asset management software allows them to track and document inspections, certifications, and compliance activities, ensuring adherence to regulations and minimizing risks.

Asset Performance Analysis: Analyzing asset performance is essential for governments and utilities to make informed decisions about asset replacement, repairs, and upgrades. The software provides tools to generate reports, visualizations, and analytics on asset performance, utilization, and reliability. This data-driven approach helps optimize asset usage and investment planning.

Resource Allocation and Budgeting: Facility asset management software assists in optimizing resource allocation and budgeting for governments and utilities. By having a clear view of asset condition, maintenance requirements, and projected costs, they can allocate resources effectively and prioritize investments where they are most needed.

Common features of facility asset management software include:

Asset Tracking and Identification: Capture and store essential asset information, such as location, identification numbers, specifications, and maintenance history.

Preventive and Corrective Maintenance: Schedule and manage routine maintenance tasks, generate work orders, and track maintenance activities to ensure assets are properly maintained.

Work Order Management: Create, assign, and track work orders for maintenance and repairs, allowing efficient allocation of resources and tracking of tasks.

Inspection and Compliance Management: Record and manage inspections, certifications, and compliance activities to ensure regulatory requirements are met.

Asset Performance Analytics: Generate reports, dashboards, and visualizations to analyze asset performance, utilization, reliability, and costs.

Mobile Access: Enable field technicians to access asset information, update data, and complete tasks using mobile devices, improving productivity and data accuracy.

Integration and Scalability: Integrate with other systems such as ERP software, GIS platforms, and IoT devices to enhance data exchange and accommodate growing asset portfolios.

Document Management: Store and manage documents related to assets, such as manuals, warranties, and contracts, ensuring easy access to important information.

What about parks? Click here to see how you can optimize park and facility management with OpenGov.

Facility Asset Management Software FAQs

  1. What are the key features of facility asset management software?

    • Asset Tracking: Easily track and manage all your assets, including equipment, machinery, vehicles, and more.
    • Maintenance Scheduling: Schedule and automate routine maintenance tasks to ensure assets are in optimal condition.
    • Work Order Management: Streamline work order processes by creating, assigning, and tracking maintenance and repair tasks.
    • Asset Performance Analytics: Gain valuable insights into asset performance, utilization, and health.
    • Risk Assessment and Compliance: Assess and manage risks associated with assets to ensure regulatory compliance.
    • Integration and Scalability: Seamlessly integrate with other business systems and scale the software to accommodate growing asset portfolios.
    • Mobile Access: Access asset information, work orders, and reports on-the-go with mobile-friendly interfaces.
  2. How can facility asset management software benefit my organization? Facility asset management software offers several benefits, including:

    • Improved asset utilization
    • Cost savings through optimized maintenance and resource allocation
    • Enhanced decision-making based on real-time data and analytics
    • Increased compliance with industry regulations and internal policies
    • Streamlined workflows and improved productivity
  3. Is facility asset management software customizable? Yes, many facility asset management software solutions offer customization options. You can tailor workflows, fields, and reports to align with your organization’s unique requirements.

  4. Can facility asset management software integrate with other systems? Yes, a good facility asset management software should have integration capabilities. It should be able to integrate with other business systems such as enterprise resource planning (ERP) software, IoT devices, and sensor networks.

  5. Is training and support provided for facility asset management software? It depends on the software vendor. However, many reputable vendors offer comprehensive training and support resources to help users maximize the benefits of the software.

  6. How do I choose the right facility asset management software for my organization? When selecting a facility asset management software, consider factors such as scalability, customizability, usability, integration capabilities, and the availability of support and training resources. Evaluate different options and choose the software that best fits your organization’s needs.

  7. Can facility asset management software be accessed on mobile devices? Yes, many facility asset management software solutions offer mobile access. This allows users to access asset information, work orders, and reports using their mobile devices, enabling field technicians to update data and complete tasks on-the-go.

  8. Is facility asset management software suitable for all industries? Yes, facility asset management software can be beneficial for various industries, including manufacturing, healthcare, hospitality, transportation, and more. It helps organizations manage assets efficiently regardless of the industry they operate in.

  9. Can facility asset management software help with regulatory compliance? Absolutely! Facility asset management software helps organizations track inspections, certifications, and maintenance activities, ensuring compliance with industry regulations and internal policies.

How OpenGov Can Help:

Proactively Maintain Your Buildings

  • Preventive Maintenance: By regularly addressing potential issues, governments can prevent major breakdowns, reduce repair costs, and extend the lifespan of their buildings.
  • Work Order Management: Facility asset management software streamlines the process of creating, assigning, and tracking tasks, ensuring timely completion and effective resource allocation.
  • Asset Tracking: Maintain a detailed inventory, monitor asset performance, and plan maintenance activities accordingly.
  • Compliance and Inspections: Facilitate tracking inspections, certifications, and compliance requirements, ensuring buildings meet the necessary standards and mitigate potential risks.
  • Data-Driven Decision-Making: Identify trends, prioritize maintenance activities, and optimize resources for maximum efficiency.

Conduct and Maintain your Facility Condition Assessment (FCA)

  • Data collection
  • Assessment planning
  • Condition assessment documentation
  • Maintenance planning & budgeting
  • Performance analytics

Build sustainable facility operations

  • Energy & resource monitoring
  • Performance optimization
  • Sustainability reporting
  • Asset lifecycle management
  • Green building certifications
  • Compliance with environmental regulations