Metrics and key performance indicators (KPIs) are often considered two sides of the same coin. Both involve the use of data and provide direction for Facilities Managers in need of insight into facility asset performance. Unfortunately, this is a common misconception. Metrics reflect the current data collected from your facility assets, and metrics are used in generating KPIs to help Facilities Managers understand their existing operations concerning ideal goals. Therefore, it is impossible to create KPIs without successful metrics, and scorecard metrics are those used to identify the how of your facility assets. Facilities Managers need to know which scorecard metrics are critical to success and applicable to determining accurate facility asset performance.
Work Order Closure Rate Is the First Scorecard Metric That Alludes to Facility Asset Performance
The work order closure rate is simple to understand. It is the ratio of completed work orders to those filed for a given time. It indicates planning efficiency or labor productivity, but it comes with risk. A higher work order closure rate does not necessarily mean that all issues or repairs are correctly completed or fixed. Instead, it only means reported errors or issues have been addressed. If the work order scorecard rate does not line up with the total number of maintenance activities for a given period, schedule compliance will likely skew with unforeseen costs heading in the same direction, notes Dan Miklovic via the Industrial Transformation Blog.
Schedule Compliance Provides Insight into Maintenance Adherence
Maintenance adherence is vital throughout the entire use of a facilities management platform. It is directly related to the work order closure rate, and it helps Facilities Managers determine whether the planned amount of maintenance reflects the total amount of maintenance completed. More importantly, schedule compliance is primarily focused on predictive, preventive maintenance, not just reactive needs that have an urgent nature.
Productivity Percentage Focuses on Labor Productivity for Maintenance Needs
This metric ensures Facilities Managers receive the value for which they are paying, especially when working with third-party technicians and experts. It is the time workers physically spend working on an asset.
Downtime and Asset Failures Are Also Important to Consider
Aging assets will begin to experience more problems with higher frequency resulting in a decreased time between asset failures, regardless of the level of maintenance performed. As a result, assets with a shorter time between failures should be moved up higher in the repair-or-replace maintenance manual.
Percent of Reactive or Emergency Work Compared to Total Work Performed
As explained by FacilitiesNet, this metric can be a KPI when applied to an average of all facility assets for an organization, or it can be used to understand the rate of failure among specific facility assets. Furthermore, this information is useful in building the budget for the next reporting cycle and more.
Work Order Backlog Metrics to Understand the Changes Within the Maintenance Backlog
The work order backlog is one of the best metrics Facilities Managers should use to improve facility asset performance. On the surface, the work order backlog provides insight into labor-management and productivity. However, the percentage of items added to the maintenance backlog compared to the total maintenance needs in a facility for a given mind can help Facilities Managers understand which systems are more likely to found. As a result, the next month’s budget can be adjusted to account for increased maintenance spend on assets that have a lower remaining useful life score.
Asset Service Life Forms Another Important Facility Asset Performance Metric
Speaking of which, the useful life of an asset should be another metric to track, helping Facilities Managers know when they have attained the typical runtime from an asset, as well as when new processes and maintenance procedures are enacted that may correlate to increased assets life expectancy. If the work order backlog fluctuates from month-to-month, it alludes to additional problems in either maintenance, management or planning of scheduled and preventive maintenance tasks.
Measure the Right Metrics to Bolster Facility Asset Performance
Facility asset performance metrics eliminate the uncertainty associated with managing aging buildings and infrastructure. Fortunately, those that track metrics can apply data to understand asset runtime and life expectancy, as well as plan for the likelihood, or lack thereof, maintenance for an asset during a time period. Find out more about how to deploy the right metrics in your facility by contacting ENTOUCH online today.