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Looking Ahead: How Asset Performance Data Can Help You Predict the Future

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ServiceChannel
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October 20, 2023

Making accurate predictions is never easy. But with data to back you up, your facility management team can make smarter decisions in the short term and become more proactive in the long term. Here are three ways you can use asset performance data to future-proof your business. 

Embrace a Proactive Mindset

Do you have the time to work towards your long-term goals, or do you find yourself counting down the minutes to Friday? If you’re in the second category, you’re not alone. Many people working in facilities are too preoccupied with urgent tasks to find the time to focus on their long-term strategy. 

“But there is an alternative,” says Leum Fahey,  principal product manager at ServiceChannel. “We help our clients use asset performance data as a springboard to become more proactive in managing assets, and their facilities in general.”

ServiceChannel provides the structure to collect, consolidate, and analyze asset data, which provides the actionable insights clients need to make more proactive decisions. “With increased visibility, facilities teams can make better predictions and move forward with smarter, more automated processes,” says Fahey.

Take a Data-Driven Approach

Teams that are stuck in reactive mode often lack visibility of asset performance data. That leads to unforeseen (and often unnecessary) asset downtime, which has a direct negative impact on customer experience. Over time, lack of visibility can lead to a higher cost of ownership for individual assets and for a location as a whole. More time and money is spent on maintenance, and assets may have to be replaced before the end of their predicted lifespan due to suboptimal operation.

And when store managers or franchise operators have to scramble to deal with an issue, it means that they have to shift their attention away from serving their customers. It can also create tension between the frontline team and facilities managers.

Customers increasingly expect great experiences with every visit, which means businesses must provide those consistent experiences to remain competitive and stay top of mind with consumers. “Our platform gives clients the data on how their facilities are performing for their brand, plus the insights they need to gain a stronger footing and to move forward together with a plan,” says Fahey.

Stay Focused on the Big Picture

Facilities teams should be working toward objectives such as strengthening capital planning, increasing wholesale buying power, lowering cost of ownership, becoming more sustainable, and delivering a superior customer experience. 

In reality, they are oftentimes spending their days dealing with equipment breakdowns, following up with service providers, and managing daily location upkeep. These little issues add up and get in the way of them achieving more important objectives. 

When you move to a more data-driven approach, you increase uptime and apply actionable insights to drive increased efficiency. For example, if you can see that the same freezer model has broken down multiple times in multiple locations, you can decide to keep investing in that supplier, or find a better solution.

“The most important thing is not having the data, but knowing what to do with it,” says Fahey. “With the tools to act on asset performance data, daily operations become smoother. Then, you can find more time to focus on the big picture.”

Asset performance data provides the bird’s eye view that can help facility managers track, manage, and maintain their most critical assets, to streamline operations while enhancing the customer experience. And at the end of the day, insights and analytics accelerate your digital transformation and empower you to make smarter decisions based on real-time, fact-based intelligence.

Want to learn more about asset data and how it can help you predict the future? Read our latest ebook, now.

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