New research seeks to understand asset management in Australia
The way commercial property owners and chartered surveyors collect asset data and manage asset registers is being captured as part of new research by AI Assets.
Data from the research will be used to create a report on the state of commercial property asset data in Australia and to seek to quantify how much technology solutions can save the industry in terms of time, money and efficiency.
The CEO and founder of AI Assets, Wayne Herbert, said while commercial property was a $1 trillion asset class, very few commercial property owners had an asset register that was truly up to date.
“Traditional methods of collecting asset data involve clipboards and a pen with the information then being manually typed into a spreadsheet – it’s an extremely time-intensive process that makes it slow and laborious,” Wayne said.
“If you have a portfolio of properties, it can take literally years to capture all the data, yet that data is essential to budgeting and planning for maintenance schedules.”
Wayne said the survey would help understand both the direct and indirect costs of traditional methods and the opportunities that better data capture offers the commercial property industry.
“If you have an easy way to quickly update your asset register, the data immediately becomes more accurate which means your budgeting and forecasting is better,” Wayne said. “It also makes it possible for property owners to understand the real value and return for updating properties to make them more efficient or smarter.”
AI Assets is proud to be a RICS Tech Partner. Wayne said he expected the data would reveal new opportunities for chartered surveyors to grow their business, become more efficient and add to the services they offer.
“The value that chartered surveyors offer to the commercial property industry in terms of their expertise, experience and ability to interpret and analyse the data is invaluable,” Wayne said. “Capturing this data we believe will support the value of chartered surveyors in the equation and provide evidence why commercial property owners should be using their services more frequently.”
Completing the survey takes just three minutes and participants have the opportunity to win a three pack of exclusive Smidge Wines.