How to Weather the Storm in Asset Management

As asset managers, navigating various challenges in the maintenance and preservation of commercial properties is every day practice. Yet, there is one aspect that often catches you off guard: the impact of weather conditions on the structural integrity of industrial buildings, specifically the risk of deteriorated components on the roof.  

Perhaps you have encountered situations where heavy rainfall led to unexpected leaks, damaging fixtures, and equipment within a building.

Did this unplanned repair cost blow out your budget, throw out your work schedule and add significant stress to your day?

Understanding the Risks

Consider this scenario: a heavy storm hits your assets, there is significant rust on a corner of the roof, which causes a leak for one of your tenants.  They’re calling you, jumping up and down, and needing the issue fixed ASAP because the roof leak has damaged their equipment or goods.

You were not aware that your asset had deteriorated, given you manage many assets it feels impossible to stay on top of the entire portfolio condition.

These scenarios become more uncomfortable when you make that call to your manager, requesting extra budget that hadn't been factored into the annual plan. Or worse, the response from your manager is that there isn’t any budget - left so you’ll have to shelve the projects you had planned to fix this issue instead!

‍

The Business Impact

The repercussions of such incidents extend beyond immediate financial losses. Budget blowouts become a reality when unforeseen repairs and replacements are necessary due to neglected maintenance. Reactive maintenance is significantly more expensive than proactive or planned maintenance. Without prior budget allocation for such contingencies, asset managers may find themselves scrambling to secure additional funds from management or building owners, disrupting financial forecasts and potentially straining relationships.  

Wanting to improve maintenance forecasting? Read more about Budget Considerations for Asset Managers in our recent blog

But how can you avoid unexpected budget blow outs, particularly in a changing climate where severe weather is going to increase in intensity and occurrences?

The Solution: Strategic Asset Planning

Transforming the status quo of manual, human-based asset inspections, Asseti stands as the game-changer you've been searching for. By revolutionizing the inspection process, Asseti captures the condition of all roof components and defects with unparalleled precision and detail. Say farewell to the limitations of PDF reports and hello to comprehensive insights that empower smarter decision-making. As an asset manager, unlock the potential for better budget allocation and strategic planning with Asseti's advanced condition profiling. Experience the shift from outdated practices to a new era of efficiency and effectiveness with Asseti.

Asseti provides invaluable support by offering regular and up-to-date insights into the condition of building components, including the roof, without you needing to do the inspections yourself. By integrating weather monitoring data with asset condition assessments, asset managers gain a holistic view of potential risks and vulnerabilities.

‍

Empowering Informed Decision-Making

Armed with this data, asset managers can proactively plan for maintenance, repairs, and upgrades, rather than reacting to emergencies after the damage has been done. Strategic asset planning enables precise budgeting, ensuring sufficient funds are allocated for routine maintenance and avoiding the need for unforeseen contingencies in the first place.

Moreover, by prioritizing asset lifecycle management based on component condition and weather forecasts, asset managers can maximize the lifespan of building assets, optimizing returns on investment and enhancing property value. This delivers bottom line impacts for asset owners.

Companies such as Mirvac are utilizing Asseti to mitigate these risks and safeguard their investments.

Mirvac is using Asseti to manage 35 buildings, the value of which amount to $2B. Asseti’s 3D models of each building have catalogued:

• No. of building components for Mirvac — 3110
• No. of rooftops inspected since commencement — 92
• No. of roof defects identified — 730

‍

“Initially FMs were hesitant to adopt the new technology. They are now reliant on the system day-to-day and cannot live without Asseti. We use the Asseti platform far more broadly than it was initially intended and the use of the platform within Mirvac continues to expand. Beyond the site maintenance management, we also use Asseti for contractor onboarding, periodic regulatory inspections and much more.”  

Scott Robinson, Senior Technical Operations Manager - Integrated Investment Portfolio

Read more about Mirvac’s success with Asseti

‍

Conclusion

In today's dynamic business landscape, asset managers must embrace proactive measures to protect their investments from weather-related risks. By integrating weather monitoring data and comprehensive component insights into strategic asset planning, asset managers can mitigate risks, minimize financial losses, and uphold tenant satisfaction.

Ultimately, the key to success lies in harnessing technology and data-driven insights to make informed decisions that safeguard the longevity and profitability of commercial properties. With Asseti's support, asset managers can navigate the challenges of weather-related risks with confidence, ensuring their assets remain resilient and profitable for years to come.

‍

Want to see the Asseti product in action?  
Book time with one of our experts who will show you our platform in action.

‍