Generic filters
Exact matches only
Filter by Custom Post Type

The Role of Asset Management in Construction

Share on facebook
Share on twitter
Share on linkedin

In construction, the initial planning and subsequent follow-through of the project get most of the focus. This means, however, that little thought is often given to what happens once the project is complete. In other words, what needs to happen to finalise the process?

We spoke with Leanne Cluley, Founder & CEO at Reduxo, about the importance of timely and detailed asset management for construction professionals. Reduxo provides physical asset audit/stocktake inspections for all types of assets from furniture, fixings, and equipment (FF&E), IT, and building assets such as air ventilation, fire prevention materials, and more.

Asset management and the final handover once a project is complete is a crucial step.

“Probably 80 per cent of our business comes from facilities’ service maintenance providers, so usually those to whom the construction industry is handing the facilities over to maintain,” says Cluely.

This handover is an often overlooked stage of the construction process, yet it is vitally important for the maintenance service provider who will need the asset register for lifecycle costing and maintenance plans.

“One is 3D cameras and virtual reality implements where you can walk through a plant room and actually annotate the assets as you go along.”

“For example, a hospital is being built, and as part of the handover and sign off of that hospital, they have to give them an asset register,” says Cluley. “That means they have to give them, line by line, all the components. So if it was a hospital, for example, that could be everything from medical gases and chillers through to high-low beds—anything that’s part of that build.”

In this example, Reduxo assists with the handover by ensuring the asset register was accurate by barcoding all the items. Thus, new technologies have made the asset registration process more comprehensive and streamlined.

“One is 3D cameras and virtual reality implements where you can walk through a plant room, for example, and actually annotate the assets as you go along,” says Cluley.

3D cameras and virtual reality mean businesses can create 3D models of assets, giving construction companies a real-life example of their assets that can be used to create more accurate floor plans. This can allow for lifecycle costing as well as planning for additional equipment to fit in.

What Construction Companies Should Consider

Asset management can seem like an overwhelming and time-consuming process. There are some things that construction businesses should consider to help speed up the asset management process.

  • Asset audits take a considerable amount of time to complete. Using the services of software like Reduxo can help outsource this process and allow construction workers to devote more time to other tasks.

  • It is vital that asset data is accurate and up-to-date so that reports are correct and that appropriate recommendations can be made. Proper asset management is needed to capture all data to prevent repeated audits, which may be pricey in the long run.

  • Getting asset management right the first time will help construction businesses save time and money. Using an outside asset manager, such as Reduxo, ensures the people responsible for your business’s asset management have the knowledge and understanding of the auditing process required to guarantee that no mistakes are made.

Proper asset management provides construction companies and their workers with numerous benefits, including cost reduction and the improvement of customer experience.

“The benefit is twofold,” says Cluley. “Sometimes asset management in the construction industry is looked at as an afterthought. However, if it was done properly as part of the project, it provides real value to the customer as they are able to maintain this beautiful new building from day one, instead of trying to work out what they have been given.”

If you liked this article, here are a few eBooks and webinars you may enjoy:

Construction + Spreadsheets = Risk

How Construction Technology is Saving Time, Money, and Jobs

Fat Margins, Lean Business: An Intro to Predictive Analytics for Everyone


Catch up on important industry insights and best practices each week with the Jobsite newsletter.

Share on facebook
Share on twitter
Share on linkedin

More to explore