Ready, Set, Go

Three Phases of Enterprise

Asset Management
INTRODUCTION

Ready, Set, Go
Three Phases of Enterprise
Asset Management
From HVAC to refrigeration, lighting to the
point of sale, asset downtime compromises PHASE 1
customer experience and profitability. So,
Planning
how can you make sure that your facilities
deliver the best possible brand
performance? The key is a long-term
strategy for asset management.

To keep your most important assets in top

operational condition — across all your PHASE 2 PHASE 3
locations — you need to centralize the data Implementation Optimization
on the location and current condition of
those assets. From there, you can advance
to more proactive and automated facilities
management.

Based on our experience working with some of the world’s largest consumer brands, we’ve found
that effective enterprise asset management requires a strategic, committed approach, with time for
continual learning, reevaluation and optimization built into the process.

The path is different for each company, but we have identified three common phases that take you
from getting started to optimizing your asset management program. This book will guide you
through each phase with tips for efficient and effective asset management.

Ready? Let’s go!

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The Asset Management Journey

• Define Your Objectives

PHASE 1:
• Determine Your Current Position
Planning
• Choose Your Audit Model

• Conduct a Trial Audit and Tagging Project

PHASE 2: • Roll Out Company Wide
Implementation • Move to Visible, Automated Workflows
• Integrate Condition Monitoring

• Streamline Regulatory Compliance

PHASE 3: • Advance Your Preventive Maintenance Program
Optimization • Optimize Spare Parts Management
• Modernize Lifecycle Management

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PHASE 1:

Planning
Define Your Objectives
An advanced enterprise asset management program begins with defining your objectives and
creating a plan to get there. Setting clear goals and establishing a strategic foundation will allow you
to stay focused yet flexible as your asset management program matures.

An important part of the planning process is defining what your team actually means when you talk
about assets. Once everyone speaks the same language, you can decide which assets you need to
track.

Should We Track
This Asset?

Does failure of the asset

interupt customer
service?

Does it fail at least once

every five years or more?

How much does it cost

to replace?

Do you have regulatory

or legal reasons to track
certain assets?

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PHASE 1 PLANNING

PHASE 1: PLANNING

What Do We Mean When We Talk About Assets?

Parts Buildings and Building Systems

Installed parts that can be tracked Real estate-related assets,
as asset components, helping including buildings and major
technicians better prepare for systems such as roof and lighting.
service.

Business Critical Assets Fixed Assets

Revenue-generating assets; those Physical assets with a life of more
that Facilities and Operations care than one year that are reported
most about. on the corporate balance sheet.

Capital Equipment
Fixed assets that stand alone with
an acquisition cost over a certain
level, often $5,000.

Fixed
Assets

Buildings and
Building Systems

Capital
Equipment

Business Critical
Assets

Parts

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PHASE 1: PLANNING

Determine Your Current Position

Once you determine what you’re keeping track of, you need to assess your current level of asset
intelligence. What do you know today, and how are you putting that data to use?

Once you know where you are, you must determine how much visibility you want going forward.
How much work will it take to collect and manage data, and what value might that data have
going forward?

The Asset Intelligence Spectrum

Location Warranty Current Preferred

Status Condition Suppliers

BASIC AUDIT COMPREHENSIVE AUDIT

Make, Model, Crucial Repair Expected

Serial Number Components History Lifespan

Questions to Ask About Asset Intelligence

How much asset What challenges How will the data

1 intelligence do we
have today? 2 do we have with asset
performance? 3 we collect help solve
those challenges?

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PHASE 1: PLANNING

Choose Your Audit Model

Now that you know what level of asset visibility you want to achieve, you need to determine how to
collect that level of data. Will you perform the asset audit with internal resources, leverage your
service providers, or outsource to a specialist?

There are pros and cons to each of these approaches. Choosing the model that works best for you is a
balance of the budget, staff resources and skills, and data quality.

Build Your Asset Management

Foundation Faster

The ServiceChannel platform provides the tools needed to

collect and manage the data for a self-managed asset audit.
If you choose to outsource the audit process, you can work
with one of our proven service providers partners.

Our expert partners can visit your sites to capture data on

your behalf. Plus, they can regularly return to your sites to
make sure your records stay up to date.

Pros & Cons

Three Asset Audit Strategies

1 Self
Managed 2 Specialist
Managed 3 Provider
Managed
Pro Pro Pro
Your staff know the They have the experience Service providers are already
equipment and facilities. and resources to get the job on location frequently.
done efficiently.
Con Con Con
The audit can distract from A third party will not be Their knowledge is limited
regular duties and customer familiar with your locations. and can’t provide a holistic
service. asset audit.

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PHASE 1: PLANNING

Questions to Ask Before Your Asset Audit

Should I have a playbook for Is there risk to data quality

standardizing the placement if a non-technical person
of my asset tags? tags the asset?

Do we need experts to assess Can the asset (such as a rooftop

the condition of assets, such HVAC unit) be safely accessed
as HVAC systems? by our internal staff?

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PHASE 2:

Implementation
Conduct a Trial Audit and Tagging Project
Now it’s time to put the plan in action and start auditing and tagging assets. But it’s usually best to
start with a trial run in a few locations to see how the process and methodology works.

Ensuring consistency is the most important part of an asset tagging strategy. That may include
creating naming conventions for your equipment, so everyone is always on the same page when an
asset needs repair or replacement.

Increase Technician
Efficiency and Accuracy

Asset tags make it fast and easy for location staff to scan
and create work orders using the ServiceChannel
mobile app. This way, you always identify the correct
asset. So providers know what they’re going to fix and
can have parts ready, while your service records are
accurate down the road.

What Type of Assets Tags are Best for

Your Business?
QR Codes RFD
In demanding environments, tags might be worn
down or covered up over time. So, tags need to be
BLE
placed where they can be easily accessed and will
remain secure. Bluetooth®
Low Energy
Barcodes

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P H A S E 2 : I M P L E M E N TAT I O N

Roll Out Company Wide

Once you’ve conducted your pilot program, you need to verify that the system you have designed
works at scale. Compile a list of what worked (and what didn’t) during your trial.

Remember that staff involved in pilot programs often put in a bit more effort than team members
might in their usual day-to-day work. So, take a hard look at all aspects of your system as you
prepare to scale up.

As you establish a deeper level of visibility across all your facilities, you’ll move closer to
becoming truly data driven. Now you’re ready to advance to the next phase of your asset
management program.

How to Evaluate Your Asset

Audit Strategy

Are we collecting the data we

need to make asset
replacement decisions?

Do we have resources to
finish the audit process in the
desired timeline?

Are we satisfied with the

quality of the data obtained
during the trial audit?

How can we streamline the data

collection process and scale up
company wide?

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P H A S E 2 : I M P L E M E N TAT I O N

Move to Visible, Automated Workflows

Once your assets are tracked in a system of record, your workflows become more visible and
automated. From here, you’ll gain the ability to make smarter decisions in the short term while
reducing costs and downtime in the long term.

It also becomes easier to make decisions on whether it’s worth it to repair an asset, or if it’s better to
replace it. Additionally, real-time data on asset performance can be accessed by repair and
maintenance vendors, improving outcomes.

Get the Maximum Value

From Your Warranties

ServiceChannel helps you

take advantage of warranties
automatically. During the
warranty period, work orders
are automatically sent to the
authorized service provider.
Once the warranty has expired,
work orders are sent to your
top-ranked provider.

Make Your Workflows Data Driven

Automatically send work Give technicians the data

orders to the authorized they need to prepare for
service provider. service.

Increase work order Strengthen repair or replace

accuracy. decision-making.

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P H A S E 2 : I M P L E M E N TAT I O N

Integrate IoT Condition

Monitoring
After years of hype, IoT technology is now
more accessible and practical for use in
facilities management. That’s thanks to
advances in sensor technology combined with
more cost-effective and energy efficient radio
technologies, along with more mature device
and data management platforms.

The performance data collected from IoT

sensors can help you make better decisions
related to servicing and replacing your
equipment. It can also help you better use
equipment and to improve energy
consumption and overall efficiency.

Connecting IoT Data with Work Order Management

ServiceChannel offers API integration with the Microsoft Azure IoT management platform. With real-
time asset data feeding into ServiceChannel, you can proactively take action to prevent downtime
before it happens. When thresholds for variables such as temperature or vibration are surpassed, an
alert can be created automatically before the equipment goes down.

Waste Oil Tanks

Fuel Pumps
Microsoft Azure
IoT Hub Work Order Store Staff,
Doors & Asset Techs,
ServiceChannel Management Providers
IoT APIs
Refrigeration

HVAC

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P H A S E 2 : I M P L E M E N TAT I O N

The Benefits of IoT Connected Assets

Reduce time spent on Automate work order

manual monitoring. creation.

Detect potential issues earlier Reduce time

and avoid costly failures. to resolution.

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PHASE 3:

Optimization
Streamline Regulatory Compliance
Your asset management program should help you keep track of all the important details related to
compliance. With all your certificates, condition status, and maintenance records digitized in one
central platform, you'll lower your exposure to legal, operational, and regulatory risks and fees.

Tracking supplier compliance is also increasingly important for facilities managers. Once you have a
system to manage suppliers, you can verify that they meet your standards and make sure their
certifications and insurance are always up to date.

Automate Compliance with

Refrigerant Emissions Regulations

Keeping up with emissions regulations is

practically effortless with ServiceChannel
Refrigerant Tracking Manager. On every
refrigeration call, it automatically captures
technician certifications and records leak
histories based on specified thresholds.

Then it helps reduce leaks (and potential

fines) by automatically scheduling
maintenance and follow-up verifications
required by EPA 608 and similar regulations
around the world. It’s an easy way to help
build a greener brand and avoid hefty fines.

The Benefits of Centralized Compliance Management

Reduce legal, Spend less time on Reduce the cost

operational and managing provider of compliance
regulatory risks. compliance . management.

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P H A S E 3 : O P T I M I Z AT I O N

Advance Your Preventive Maintenance Program

Executed correctly, a preventive maintenance schedule will both prolong the life of an asset and
minimize spending on unplanned repairs. That contributes to lower total cost of ownership, as well as
increased brand uptime and better customer experience.

In addition to real-time condition monitoring data, historic data on performance, repair history, and
manufacturer recommendations can help you determine a realistic timeline for servicing equipment.

Look Forward and

Plan Proactively

With ServiceChannel, you can

easily configure dashboards to
track all your KPIs. In addition
to tracking historical lagging
indicators, you can begin to
look at leading indicators to
make better predictions and
keep ahead of downtime.

Lagging Indicators Leading Indicators

Length of asset Real-time asset

downtime. performance.

Frequency of repair Asset useful life

work orders. remaining.

Spend on unplanned Spend on planned

repairs. maintenance.

Total Cost of Ownership Maintenance on-time

(TCO). completion rate .

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P H A S E 3 : O P T I M I Z AT I O N

The Power of Preventive Maintenance

Prevent expensive, Maximize asset Reduce total cost

unplanned repairs. and fleet uptime. of ownership.

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P H A S E 3 : O P T I M I Z AT I O N

Optimize Spare Parts Management

Building a resilient supply chain is a balancing act. Constant disruptions mean you need to mitigate
risk by keeping mission-critical parts in stock. At the same time, managing storage space and cash
flow is also critical.

Fortunately, asset data can help optimize your procurement and stock-keeping. Based on historic
service and component lifespan data, you’ll know what quantity of critical parts to keep in stock. This
will help you find the balance between just-in-time and just-in-case strategies.

Digitizing parts inventory management has other benefits, too. You can spend less time on physical
inventory audits, gain continuous visibility of every technician’s stocking needs, and automate
requisitions when it’s time to restock.

Increase Supply Chain Transparency

for Your Teams

ServiceChannel Inventory Manager empowers

technicians, facility managers, inventory managers,
and procurement to collaborate more efficiently.
With one central source of truth, everyone is always
on the same page.

Inventory Manager allows you to keep track of parts

as they move from purchase through usage and
invoicing, including warehouses, service trucks, and
retail locations.

What Can You Achieve with Centralized Inventory Management?

Minimize downtime Procure inventory in

spent waiting for parts. bulk to reduce cost.

Increase field technician Boost the efficiency of

productivity. inventory managers.

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P H A S E 3 : O P T I M I Z AT I O N

Modernize Lifecycle Management

Lifecycle management is about making sure your facilities and assets are ready to give customers the
best possible experience. That requires minimizing downtime as well as retiring equipment in a
timely, economical, and environmentally sound fashion.

This is where your asset management program really starts to pay dividends. Now that you have
greater visibility, you can proactively plan to replace individual assets at the optimal time.

When you have visibility of an entire asset fleet across all locations, you have more data to support
proactive capital planning. You can prioritize replacing the assets that are most critical to keeping
existing locations in top condition. You can also commit to larger volume purchases when replacing
equipment in order to achieve better pricing.

Historical data also helps you predict how much it costs to maintain a new asset and how long you
can expect it to last. With the power to integrate historical data, real-time condition monitoring and
predictive analytics, lifecycle management becomes a holistic process.

Let Data Drive Your

Lifecycle Management

ServiceChannel gives you a

complete overview of an
asset’s performance and
service costs over its entire
life. In the long term, you
have more insight into total
cost of ownership, which in
turn allows you to make
smarter procurement
decisions and to be more
proactive with your capital
planning.

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P H A S E 3 : O P T I M I Z AT I O N

Decrease Asset Uptime and Revenue Loss

Use data to proactively manage assets throughout the lifecycle.

Capital Planning Procurement

Proactively replace assets Identify reliable, high-
before they fail performing suppliers

Strategic Maintenance Warranty

Proactive maintenance Avoid unnecessary repair
based on asset conditions costs covered by warranty

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Gain a Partner
for Asset Management

As with any transformation initiative, it can be hard for an

enterprise to move from planning to action. But if you’re
ready to take the next step in advancing your asset
management program, ServiceChannel provides you with
support you need to get started, and to keep maturing in
the long term.

Leading brands partner with ServiceChannel to have a

single source of truth for their facilities and asset data. As
frontrunners in enterprise asset management have rolled
out their strategies, we’ve empowered them step-by-step,
while providing a network of vetted service providers that
can help meet their needs.

With the solutions to manage all your assets, and the

contractors who service them, you have greater control over
all the details that add up to a superior customer experience.
Get in touch to take the next step in your journey.

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