EXECUTIVE SUMMARY
Cushman & Wakefield (C&W) is a global leader in the real estate industry. From design and construction, to refurbishment and facilities management, C&W continues to use best-in-class solutions for their clients.
Operating across multiple industry verticals, with different requirements and levels of maturity, C&W helps clients make intelligent business decisions to get the maximum value from the spaces they own and occupy.
Strategic Asset Management Planning is a critical part of the holistic view and using best-practice frameworks creates the opportunity to reduce risk, managing cost and optimising performance of assets.
FLEXIBILITY IN A FRAMEWORK
Cushman & Wakefield (C&W) manages portfolios for organisations in a range of verticals such as Government, commercial real estate and banking. Each vertical and each organisation has specific needs and requirements, and the scope of works can be varied.
For each of these organisations, objectives will incorporate the nature and purpose of the organisation and the needs and expectations of the stakeholders. Asset Management creates a balance in cost, risk and performance to meet these organisational objectives.
For some organisations, such as PPPs, operational activities are required, and need to have stable and predictable costs. For others, a wider holistic viewpoint is required, that may incorporate information such as leases and occupancy costs as well as planned and historical budgets.
Asset Management Plans (AMP) and Life Cycle Costing (LCC) are a critical element to this viewpoint, enabling informed decision-making. C&W understands how organisational objectives differ and using AssetFuture’s Asset Intelligence, can create dynamic and flexible reporting. Elements such as scenario planning and unique, best-in-class degradation models from AssetFuture create further depth, whilst maintaining Asset Management best practice.
APPLICATIONS TO BEST PRACTICE
FIT FOR PURPOSE
For each organisation, C&W is committed to ensuring facilities perform to their maximum potential. Stakeholders are varied across industries and organisations and understanding these needs in the context of the spaces they occupy is critical to developing strategic frameworks. C&W creates unique customer profiles within AssetFuture to ensure Asset Management objectives are married to organisational objectives.
REDUCING COMPLEXITY
Most organisations have existing processes and data sets that are often siloed and can create more confusion than clarity. Merging these data sets may not create a sound basis for decision-making. C&W investigates the data sets that achieve organisational objectives within Asset Management best practice and create flexibility in merging and enhancing data. LLC data from AssetFuture can be overlayed with financial information not related to assets, for a holistic view of an organisations business.
MOVE FROM REACTIVE TO PREVENTATIVE
C&W ensures asset data is kept up to date for their organisations. LLC moves from a reactive approach to a preventative approach, and data integrity through frequent updates closed the feedback loop and a deeper understanding of assets and how the perform.
LOWEST COST OF OWNERSHIP
Asset Intelligence is the merging of data and technology to create meaningful insights. C&W uses this intelligence to measure effectiveness of strategies. Gaining a deeper understanding of the status-quo and can in turn inform decisions on whether to acquire, upgrade and maintain assets.
DATA STANDARDS
C&W already employs best practice asset information management. Information and data standards provide a consistent understanding of the requirements to support collection, storage and interpretation of data to support strategic decisions.
This understanding allows a clear line of sight between strategy and operations. C&W provides a clear set of in-built data standards consistent across the entire technology ecosystem. These standards cover data fields including:
- Asset hierarchy
- Asset naming convention
- Condition & functional ‘Fit-for-Purpose’ assessment
- Criticality & risk assessment
- Minimum required condition standards
DATA MAINTENANCE – GOVERNANCE AND UPKEEP
Data Integrity is critical to the ongoing relevance of Asset Intelligence and decision-making. Ongoing and timely data capture for new assets and issue capture is a standardized process for C&W, creating a whole-of-life approach to asset management for organisations. All stages of asset life can be brought together and updated on an ongoing basis, creating value through accessible and meaningful data. This enables more effective design and planning, through to maintenance and eventually replacement.
INTERPRETATION OF DATA / RESULTS
By using custom auto validation created by AssetFuture, quality data sets are enhanced. Advanced degradation models unique to AssetFuture, create lifecycle predictive modelling that is accurate and dependable. Overlayed with non-asset related information, C&W creates a viewpoint that is holistic, accurate and visionary for organisations. Performance optimisation is informed in the wider scope of C&W services.
VALUE FOR ORGANISATIONS
C&W’s customer base is wide. These organisations serve the community, commercial operations as well as local infrastructure. Matching organisation outcomes with Asset Management priorities allows these organisations to manage risk, cost and optimise performance. Unique modelling, data integrity and governance all contribute to accurate and predictable costs for organisations, as well as ensuring the end customers have the services and environments that are fit for purpose.