Managing the lifecycle of fixed assets is crucial for hotel and property operations, and a broad range of stakeholders are involved in making it successful – from engineers and maintenance managers to directors of operations, general managers, and owners. Proper asset management ensures that assets are efficiently utilised, maintenance is cost-effective, safety regulations are met, and the lifespan of assets is extended.
Cost Control
With ever-tightening budgets, hotel and property owners and engineers are looking for solutions to extend the lifecycle of assets where possible. However, they also need to know exactly how much maintenance of assets is costing as well as future capex requirements for replacements. Effective asset management can help control costs by optimising maintenance schedules, reducing repair expenses, and extending the lifespan of assets.
Health and Safety
Safety is another crucial factor to consider when managing assets. Poorly maintained assets can pose serious safety risks, leading to litigation, regulatory fines, and reputational damage. Operation managers, general managers and hotel and property owners must ensure that all fixed assets comply with safety regulations and are regularly maintained to avoid safety hazards.
Asset Location and Condition
One of the key benefits of managing assets is knowing the location and condition of all assets. This enables engineers and other stakeholders to identify potential maintenance issues before they become problematic. In case of an emergency, having an effective asset management system in place makes it easier to locate all assets. There have been many instances where that knowledge resided inside someone’s head, leading to business challenges when that person becomes unexpectedly unavailable.
Replacement Scheduling & Capital Planning
Planning for the replacement of assets is also an essential part of asset management. Both engineers and hotel owners must be aware of when assets will need to be replaced to avoid unexpected downtime and expensive repairs. Traditionally, asset life is determined at the time of purchase based on the type of asset; however, tracking the actual costs of running and maintaining assets may provide valuable insights in the capital planning process and drive early replacement decisions for costly assets.
Compliance
Compliance is becoming increasingly stringent, and litigation risks are higher than ever. An effective asset management system can help hotel owners and engineers ensure compliance, minimise litigation risks, and avoid costly fines. Additionally, effective management of assets can help control costs, optimise maintenance schedules, reduce repair expenses, and extend the lifespan of assets.
I’m short with time…can you summarise this for me?
A wide range of stakeholders should be involved in managing the lifecycle of fixed assets. Proper asset management ensures that assets are safe to use, compliant with regulations, and efficiently utilised. With an effective technology solution such asset management software, hotel operations software or property operations software in place, hotel and property owners and engineers can optimise their assets, maintain control, and reduce costs.
Q2 Solutions’ Sidekick and ESCAP platforms are cloud-based hotel operations software and property operations software solutions that provide hotels and facilities with smarter ways to run their operations, including effective ways to manage their assets, leveraging easy-to-use platforms and more than 25 years of experience. Contact us to discuss how we can help.
