Unlock the Full Potential of Your Building With Asset Management Software

Property managers and maintenance teams have to juggle all sorts of responsibilities to keep their building running smoothly and safely – making sure critical equipment gets regularly inspected, tracking the status of work orders, and demonstrating the overall effectiveness of their maintenance program. 

These challenges often lead to inefficiencies, higher costs, and safety hazards. They typically include:

• Manually creating and tracking complex inspection schedules 
• Relying on disjointed paper-based workflows
• Lacking real-time visibility into the status of inspections
• Struggling to collect and analyze performance data
• Taking a reactive instead of a proactive approach to maintenance
• Difficulties ensuring compliance and audit readiness

Implementing robust building asset management software can help address these issues head-on. It automates routine scheduling tasks, provides centralized visibility and reporting, and supports a more proactive maintenance strategy. 

This article will walk you through the process of implementing building asset management software and share some best practices to keep in mind. We’ll also discuss how you can use an asset management solution like LLumin to manage all of your building assets.

What Is Building Asset Management Software?

Building asset management software is a type of web-based application that acts as a centralized platform used by building management professionals to inventory, track, and manage all their physical assets within a building or multiple buildings. These assets usually require maintenance and tracking, such as IT equipment, fire alarm systems, HVAC systems, etc. 

Key Features of Building Asset Management Software 

Feature Category	Description	Example
Building Automation and Control	Manage and optimize building systems for efficiency and comfort	HVAC control for temperature and air quality  Lighting control based on occupancy and daylight  Security system integration for access control and monitoring  Fire safety system integration for alerts and management
Energy Management	Track and optimize energy consumption to reduce costs and environmental impact	Monitor energy usage across different systems (lighting, Security)  Receive recommendations for energy efficiency improvements  Integrate with utilities for demand response management during peak periods
Occupant Comfort and Convenience	Enhance occupant experience and satisfaction within the building	Monitor temperature, humidity, and CO2 levels for a healthy environment  Room booking and scheduling for common areas  Digital signage for announcements, wayfinding, or alerts  Mobile app for controlling lights, temperature (if enabled), amenities, and submitting maintenance requests
Maintenance Management	Streamline maintenance tasks to ensure smooth building operation	Create, assign, and track work orders for repairs, replacements, and preventive maintenance Schedule preventive maintenance based on recommendations or usage patterns
Security and Access Control	Secure the building and manage access for authorized personnel	Door access control using key cards, fobs, or mobile credentials Visitor management system for sign-in and tracking  Video surveillance for monitoring activity and reviewing footage
Reporting and Analytics	Gain insights into building performance to make data-driven decisions	Generate reports on energy usage, space utilization, maintenance costs, etc.  Create customizable dashboards to monitor key performance indicators (KPIs)
Additional Features (Optional)	Enhance functionality based on specific needs	Integration with accounting, fire alarm, or tenant management systems  Sustainability features for water use, waste management, or renewable energy  Indoor air quality monitoring for CO2 levels and potential issues

Note: This table is not exhaustive. Specific features may vary depending on the software chosen as well as your building-specific needs.

Benefits of Using Building Asset Management Software

Some of the key benefits of a building asset management software include: 

Easy Access for Multiple Stakeholders

One of the main benefits of building asset management software is that property managers, building engineers, and other authorized stakeholders can access crucial information about physical asset-related data and operations of the building from a single platform. 

This includes details about the building’s equipment, such as when it was installed, how often it has been serviced and if there are any replacements needed, as well as data on how different spaces within the building are being utilized. 

You can define user permissions on the platform as well. Meaning that each stakeholder only sees what is relevant to him. With all this information in one place, stakeholders can make informed decisions regarding building maintenance, energy efficiency, space utilization, and other key operational aspects.

Better Budget Management

In addition to multi-stakeholder accessibility, building asset management software can help you manage your finances more effectively. 

For instance, If you manage a multi-unit apartment building, you can use the platform to flag any surge in after-hours AC usage in specific office areas during summer. Then, use the occupancy data to identify departments frequently leaving their AC units running all night. This enables you to implement stricter energy-saving policies or install smart thermostats to automatically adjust temperature during off-hours.

Increased Visibility and Transparency

An effective building asset management software can significantly enhance the way building maintenance activities are handled by improving communication and collaboration between all involved parties, including landlords, property managers, contractors, and tenants. 

By providing a centralized platform for landlords, managers, contractors, and tenants, the software ensures everyone has access to the same real-time information and can align on maintenance processes. The data-driven insights also equip you to make more informed decisions, address issues proactively, and improve the overall performance and tenant experience across your portfolio.

In-Depth Reporting

Building asset management tools empowers you with robust reporting and analytics capabilities that provide valuable, actionable insights about your portfolio’s financial health, operational efficiency, and market performance. These real-time dashboards and customizable reports give you a comprehensive, data-driven understanding of key metrics such as occupancy rates, revenue, maintenance costs, and tenant satisfaction. 

For example, analytics can help you forecast future performance and maintenance needs based on historical data, which then allows you to get out in front of potential problems, rather than just reacting to issues as they come up. 

7 Key Steps to Implement Asset Management Software for Your Building

1. Be Clear on What You Want the Platform to Achieve

Most property asset management tools look similar on the surface, but specific features may vary depending on your building’s unique requirements and the problem the platform was designed to solve. Therefore, the first step is to set clear goals on what you hope to achieve. 

This could be: 

• To enhance property security by controlling and monitoring access for residents and visitors
• To automate vacancy listings across various channels, manage inquiries efficiently, and streamline the booking process for a higher acceptance rate
• To reduce operational costs by automating repetitive tasks such as sending rent invoices, collecting payments, and generating reports. 
• To generate valuable data on your rentals, including occupancy rates, rental income trends, and tenant demographics, so as to inform decisions about pricing strategies, marketing efforts, and future investments in your properties

The idea is to take some time to figure out how you are planning to use the tool before deciding which one to go for. 

2. Research and Choose Software

There are five main features to look for in building asset management software. 

a. Comprehensive asset tracking and management  

You have to be able to track all your critical physical assets – from major systems like HVAC to everyday items like furniture and IT hardware – storing detailed information on location, model, warranty, and maintenance history.  

 LLumin, an enterprise asset management system, lets you track: 

• Your building’s initial asset cost, current value, depreciation, capital improvements, and retirement value
• Who has been responsible for a particular asset at different points in time, what has happened to the asset over its lifecycle, and when key events and changes occurred (e.g., dates of acquisition, servicing, retirement)
• Asset attributes, operational procedures (e.g., safety guidelines, maintenance protocols, and operating instructions), and technical features 

b. Predictive maintenance scheduling

By leveraging historical mean-time-to-failure data for your equipment, the system should allow you to accurately predict when future breakdowns are likely to occur.

You should also be able to analyze real-time condition monitoring data from your SCADA systems, operator-entered observations, and PLC control tags to identify any emerging trends and potential failure points. 

c. Maintenance management

Building asset management software can do more than manage work orders. To ensure repairs are completed quickly, consider opting for a system that helps you decide who should fix the problem by considering urgency and your workers’ schedules. Throughout the repair process, the software should also track how long each repair takes and keep tabs on the overall equipment health of your building. 

d. Total productive maintenance

Using predefined machine maintenance checklists, the software should be able to identify potential maintenance needs on a daily or shift basis, acting as an early warning system. Moreover, make sure it can provide real-time data on your equipment’s health, allowing you to identify and address issues before they escalate. 

e. Real-time reporting and analysis

Beyond the pre-built dashboards, you should be able to generate automated reports tailored to specific roles and responsibilities. This would empower your technicians to quickly review work order backlogs and procurement specialists to forecast parts demand while giving the leadership team all the necessary data to analyze portfolio-wide trends.

3. Data Preparation and Migration

Once you’ve decided on which sets of features you need for your property, you’ll have to import all your building-related data into the platform. If you have any records in paper-and-ink, they will first need to be digitized and vetted for accuracy before importing them. 

From there, you can manage various aspects of your property in one place, such as: 

• Property details: This includes data specific to the property itself, such as square footage, number of bedrooms and bathrooms, amenities offered, year built, lot size, and any major renovations or upgrades completed.

• Tenant’s personal details: The tenant’s full name, contact information, move-in and move-out dates, deposit details, lease agreement, etc. 

• Permit and licensing information: Data on any relevant permits or licenses required for operating the property, such as business licenses, rental licenses, or permits for specific amenities.

• Financial Records: This would encompass various financial documents related to the property, including rent payments, utility bills, maintenance cost receipts, property tax records, and insurance premium statements.

4. System Implementation and Training

The next step would be to follow the software provider’s instructions to install and configure the new system. During this process, it’s your responsibility to train your staff and ensure they understand how the new software will benefit the business and what it could bring to their day-to-day work. 

The key is to make these sessions practical, so people quickly become comfortable navigating all the functionalities and options within the system. After all, while the leadership may make the purchase decision, the true success of the building asset management solution lies in the hands of your end-users.

Of course, some will likely have questions as they get acquainted with the new system. To minimize frustrations, make it clear where they can find helpful resources and whom to contact for assistance. If there are gaps in the available support, you run the risk of users reverting to old habits and ultimately discarding the new software solution. 

5. Map Your Implementation Plan 

Think of this step as building a new home. You wouldn’t simply start hammering away without first having detailed blueprints, sourcing the right materials, and coordinating your construction crew, would you? That would lead to a chaotic, disjointed process riddled with delays and costly mistakes. 

The same principle applies here – by mapping out all the implementation stages, resources required, and each team member’s responsibilities from the start, you’ll establish a solid foundation to ensure a smooth and efficient transition.

Exactly where do you begin?

• Collaborate closely with your software provider and work together to develop a comprehensive implementation roadmap. Their training and customer success experts can offer invaluable guidance.
• Allocate ample time for staff training, rigorous system testing and necessary data migration.
• Foster active participation from all relevant stakeholders. You need to maintain transparent communication about objectives, timelines, and expected outcomes.

6. Go-Live

Once your new building asset management software is configured and your team is trained, transition fully to using the system for all your day-to-day property management tasks. Expect an adjustment period as people get used to the new processes, and that is a normal process, the benefits will become clear as your team gets comfortable with the centralized platform.

7. Continuous Monitoring and Optimization

As you’ve now successfully implemented your new building asset management system, the work doesn’t stop there. To ensure you continue extracting maximum value from your investment, it’s crucial to establish a process of continuous monitoring and optimization. This will ensure your team has everything they need to overcome any challenges, refine their skills, and achieve ever-greater productivity with the software.

To do that effectively, you’ll need to:

• Define your KPIs. You want to track user behavior and gauge system adoption. Metrics may include user satisfaction scores, task completion rates, and login frequency. 
• Proactively seek feedback from your team through various channels, such as periodic surveys, dedicated feedback forms, and scheduled check-in meetings. 
• Maintain an ongoing dialogue with your software provider to stay informed about system updates and new feature releases. Keeping your building asset management solution up-to-date will ensure it remains effective and closely aligned with your evolving business needs.

Best Practices for Building Asset Management

1. Perform Regular Asset Audits

Regular audits ensure your asset register is up-to-date, reflecting the true state of your building’s equipment and infrastructure. This translates to reliable financial statements and valuations, making your business appear more attractive to investors and lenders. 

2. Preventive Maintenance Strategies

Conducting regular preventive maintenance inspections allows you to proactively evaluate the condition of your equipment and building systems. 

In general, you have two types of preventive maintenance: 

• Condition-Based Maintenance: This approach involves analyzing real-time data and monitoring to schedule maintenance. Sensors and other technologies track various parameters such as vibration, temperature, or oil analysis. When these readings deviate from normal operating ranges, it triggers a maintenance request, pinpointing the specific issue needing attention. 

• Time-Based Preventive Maintenance: Regularly scheduled preventive maintenance tasks are executed at predetermined intervals, in most cases using preventive maintenance software like LLumin. Using the platform, you can define specific tasks and their frequency (monthly, quarterly, annually) and assign them to responsible personnel. 

3. Workflow Optimization

In the context of building asset management, workflows outline the sequential steps involved in your organization’s repeatable processes. As your business grows and your building portfolio expands, these workflows can become increasingly complex and intricate. 

To keep things running as usual, you will need to develop clear procedures for work order submission, task execution, and data entry. You can also use a scheduling tool to assign work based on technician skills and location, so to minimize downtime as much as possible. 

4. Strong Collaborative Relationship With Your Provider

To maximize the long-term value of your building asset management software, cultivate a collaborative relationship with your provider. This includes staying informed about system updates and new features, attending training sessions, and actively seeking their expertise. Also, don’t hesitate to reach out to your provider with questions or challenges you encounter. 

Let LLumin Help

Traditional preventive maintenance inspections often involve manual processes – creating schedules, assigning inspectors, and tracking completion, which can be cumbersome and time-consuming. 

Using our CMMS for facilities, you will be able to tackle this challenge head-on by automating the entire inspection workflow. It’s an advanced enterprise asset management software that gives you the ability to track asset performance, automate maintenance workflows, and use data-driven insights to predict and prevent equipment failures before they happen

Here’s how it works:

• Automated Scheduling: The platform allows you to define the desired inspection frequencies for each asset type (daily, weekly, monthly), and it automatically generates schedules based on those parameters. This ensures that all critical checks are completed on time, every time, without you having to worry about the details.

• Digital Work Orders and Task Management: Instead of relying on checklists and spreadsheets, LLumin’s CMMS+ automatically generates digital work orders for each scheduled inspection. These work orders provide inspectors with all the details they need, such as the specific tasks to be completed and any relevant information. Plus, every order is accessible on mobile devices, allowing them to view the instructions, document their findings, and update the status of the inspection in real-time. 

• Automated Notifications and Alerts: Our platform handles all the scheduling and reminders for your building inspections. It automatically sends alerts to the assigned inspectors before their scheduled inspections are due, ensuring accountability and timely completion. The system can also send alerts to managers if an inspection is ever missed or delayed. This allows you to stay on top of your maintenance program and avoid any important inspections falling through the cracks.

• Centralized Reporting and Data Analysis: We designed LLumin to provide centralized reporting and data analysis features, giving you valuable insights to continuously improve your building inspection program. The system collects data from completed work orders, allowing you to track trends, identify areas needing improvement, and measure the overall effectiveness of your maintenance efforts.

In simple terms, LLumin handles a lot of the administrative work around your building inspections automatically. This means your team doesn’t have to waste time on the tedious, manual parts of scheduling, assigning, and tracking inspections. 

Instead, they can focus on actually conducting the inspections and doing the hands-on maintenance work. And because LLumin keeps everything organized and on schedule, you can be confident the inspections are happening consistently and thoroughly

Getting Started With LLumin

LLumin develops innovative CMMS software to manage and track assets for industrial plants, municipalities, utilities, fleets, and facilities. If you’d like to learn more about the total effective equipment performance KPI, we encourage you to schedule a free demo or contact the experts at LLumin to see how our CMMS+ software can help you reach maximum productivity and efficiency goals.

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Conclusion

Implementing building asset management software can significantly enhance operational efficiency by automating maintenance workflows, improving visibility, and providing actionable insights for better decision-making. 

Moreover, with features like real-time reporting, predictive maintenance, and centralized control, such solutions empower property managers to proactively address challenges, optimize resources, and maintain a smooth-running, compliant, and cost-effective environment. 

Hence, Investing in the right software, like LLumin, can streamline these processes, ultimately leading to greater productivity and improved building performance.

Frequently Asked Questions