Getting Asset Data Right
By Nate Benton & Josh McCullough, Partner Engineering and Science, Inc.
Picture this scenario: A refrigerator in a research lab, one of many on a campus full of research labs and refrigerators. Each refrigerator has a routine scheduled maintenance in place. However, this particular appliance was overlooked in the maintenance schedule and failed unexpectedly. This fridge was a missing data point in the database of operational assets to be maintained. Unfortunately, it contained a quarter of a million dollars’ worth of vaccine product.
How much could one missing or inaccurate data point cost you?
Data is the building block of financial projections, capital planning and operating budgets. Using data, real estate investment and asset managers establish baselines from which to track and demonstrate growth. With accurate property data in the right format, managers can then implement proactive management strategies, leverage economies of scale, reduce risk and improve reporting. Arguably, the success of any real estate investment — and certainly the measurement of that success — depends on the quality of its data. However, we find that few managers prioritize the collection and management of data at their properties.