Time to take stock of your assets?

As a large proportion of office workers continue to work from home, the pictures of deserted city centres are becoming all too familiar. What we rarely get to see on our screens is the near empty workspaces which sit behind those city centre facades.

Put simply, fewer people are leaving home for work and they are spending less time there, if they do. On top of this, all the predictions suggest that businesses are unlikely to turn the clock back and return to the working patterns of the past. Several high-profile organisations are saying they will willingly allow people to continue to work from home indefinitely, so what does all this mean if you are a MD or an FD desperately trying to reduce spending on property to give your business the best chance of survival?

Many estates in all sectors are not operating to capacity and investment decisions are at best, on hold, so this is an ideal time to take stock of the current health and condition of your asset base and plan for the future.

Asset Management is described in the Institute of Asset Management (IAM) anatomy as “the coordinated activity of an organisation to realise value from its Assets” where assets are considered to be an “item, thing or entity that has potential or actual value to an organisation”.

Effective asset management increases efficiency, extends component life, improves reliability and allows owners to focus resources on the assets that are critical to their core purpose, so reducing risk to operational output and reducing operating costs.

To cut down costs as well as save the environment, organisations will have to adhere to a strict protocol. This will include the basic functionalities of building asset management. They are:

  • construction
  • operation
  • maintenance
  • refurbishment of assets and buildings.

But with most organisations at present keen on saving the day, planning for the future has become limited. Most organisations will not be able to extract maximum value from the prevalent building assets. Going forward, organisations must plan. They must have a plan that has policies and strategies that drive the achievement of asset standards and reducing life cycle costs.

In planning for the future, the following become essential.

  • Maintaining a systematic record of individual assets (an inventory)—e.g. acquisition cost, original service life, remaining useful life, physical condition, repair and maintenance consistency.
  • Developing a defined programme for sustaining the aggregate body of assets through planned maintenance, repair, and replacement.
  • Implementing and managing information systems in support of these systems.

We can help you make better use of scarce resources, balance cost, risk, opportunity and performance when delivering user’s needs, and be confident that assets, asset systems and processes are operating as intended throughout their lifecycle.

myfm has the capability and resources available to assist FM delivery teams and estate owners to make fact-based decisions which drive efficiencies in maintenance and put risk mitigation strategies in place whilst maintaining compliance across their estate.

We are typically asked to support our clients in the following areas:

  • Asset condition surveys (on site and remote).
  • Advise on strategic management plans (SAMPs) and policies.
  • Preparation of asset management plans.
  • Advise on Computer Aided Facilities Management (CAFM) tools (selection and configuration).
  • Asset data configuration
  • Identification of assets critical to the organisation’s core function and tailoring maintenance regimes to ensure critical asset availability.
  • Implementation of SFG20 maintenance regimes.

myfm carried out an asset survey for a global consultancy and construction company with a major retail brand across 195 stores in the UK and Europe this summer. We used 10 highly qualified surveyors who worked remotely, given the travel restrictions we were all facing. Retail managers helped facilitate technology so the team could gather information via virtual floor walking at each site. The approach was so successful that we are confident it can streamline the way similar project are completed in future, particularly by reducing travel costs and travel time.

To find out more about the myfm approach to asset management contact Chris Knights – or Mané Lucas –


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