Verdantix: Can predictive analytics work in commercial real estate?


Improving maintenance procedures through predictive analytics has recently seen many notable developments. Siemens is integrating IBM Watson Analytics into its MindSphere platform to help implement predictive maintenance schemes. Rockwell Automation recently launched its predictive analytics capability for factories and machinery. And PTC and Deloitte Digital announced that they are jointly developing predictive maintenance solutions for factory operations.

These developments are hardly surprising. Predictive analytics enables users to detect if, and when, machinery is likely to breakdown. For example, predictive analytics enabled Duke Energy to identify a slight increase in the turbine vibration of a steam turbine – after maintenance was performed. The subsequent repairs resulted in $4.1 million of potential power generation loss being prevented. Facility managers at plants and factories are therefore likely to be looking for such solutions to keep things running.

But is predictive analytics a natural sell in the world of commercial real estate? There is certainly some evidence of this. Since 2009, UK-based retailer Sainsbury’s has used software provider Verisae’s (now part of Accruent) predictive maintenance solution to reduce product loss from refrigeration failures. Since 2016, engineering firm KONE has partnered with IBM Watson to embed intelligent analytics in its elevators and escalators to improve their performance and reduce instances of unplanned maintenance.

Nevertheless, such examples are not necessarily the norm. According to our 2016 Global Energy Leaders Survey, 46% of the 250 facility managers surveyed said improving the collection, analysis and reporting of energy data from their electrical assets is a very important priority. In contrast, more granular asset-level energy management was only considered very important by 22%. And in our 2015 Green Quadrant for Building Energy Management Software, only 18% of the customer panel we interviewed considered maintenance scheduling and predictive maintenance to be a very important asset management functionality.

The average facility manager is therefore more likely to be concerned with basic data capture than advanced solutions like predictive analytics…

[Admin: This post is related to the 07.13.17 post and 03.16.17 post about IBM Watson Analytics, and the 08.01.16 post about the competitors of IBM TRIRIGA. To see other related posts, use the Verdantix tag.]

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IV97319: Modifications to lease extension calculating incorrectly


When an “Operating” lease is modified, the new ROU asset balance should be calculated as the amount of change in the liability balance that is added to (or subtracted from) the prior period ROU asset balance immediately preceding the modification. Previously, this was tested on 5/18 for any lease and then still worked appropriately. As of 6/13, this no longer works.

Moving forward, the starting ROU asset value is now calculated correctly when there is an amendment to an “Operating” lease. The changes were made to the following workflows: “triContract – Subflow – Likely Term – Calculate Amend Asset Value” and “triRealEstateContract – Synchronous – triRevise”.

[Admin: To see other related posts, use the ROU tag or Right of Use tag.]

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IV97203: Hierarchical query for buildings with assets ends session


Users navigating to a hierarchical query of building and asset records have experienced user kickout (or timeout) behavior when entering or clearing filters.

We needed to prevent the load of a large hierarchical query with runtime user filters in a portal section that kicks the user out. Moving forward, we resolved an issue that could cause a user’s session to be terminated if the user interacts with an hierarchal query before the query has finished loading.

[Admin: This post is related to the 06.19.17 post about a user session terminated due to a missing security token. To see other related posts, use the Filter tag.]

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Is there a way to track timestamps for barcodes read by mobile?


With TRIRIGA Anywhere, I was wandering is there any way to track the date/time when the asset barcode was read with a mobile device?

[Admin: This post is related to the 03.11.16 post about Anywhere ignoring timeout settings. To see other related posts, use the Anywhere tag.]

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Planon: How do you set up your contract management repository?


Without a proper contract management repository, you and your organisation are at high risk and not in control of supplier obligations, associated costs, and contract terminations or regulatory compliance. A structured contract registration allows you to proactively manage suppliers, validate contract-related cost and performance, ensures timely contract cancellation or change, and delivers valuable information to improve contracting policies.

Setting up your contract management repository starts with an inventory of contract categories such as activity-based contracts, performance contracts or framework agreements and the contract applications such as maintenance, services, procurement, lease or any other. For any contract, you have to collect, register and maintain a set of basic data, such as:

  • Internal information such as contract owner, department and cost centre.
  • Supplier information such as company details, address and contact person.
  • Contract status information such as active, in negotiation, for approval, or terminated.
  • Date information such as start date, notice, end date or cancellation options.
  • Asset reference, linking the contract to one or multiple assets in your asset repository.

On top of the basic data, the contract category determines the next level of contract data and information. For an activity-based maintenance contract, you have to register information about:

  • The individual activities that are contracted.
  • The timing and eventual frequency of the activities.
  • The associated budget for the contract or fixed cost per activity.

As performance contracting is a completely different concept for outsourcing maintenance, the performance contract includes different types of data and information, such as:

  • Performance definition in terms of availability and quality of assets.
  • Detailed service levels, times to start and times to complete.
  • Performance measurement methods, supplier bonus or penalty agreements, and billing parameters…

[Admin: To see other related posts, use the Planon tag or Contracts tag.]

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ValuD: Can you perform condition-based maintenance with TRIRIGA?


Applying condition-based maintenance with IBM TRIRIGA helps to assess a facility’s or an asset’s performance, capture its lifecycle costs, and to identify necessary repairs and replacements. An integrated set of performance metrics of a facility’s condition is needed to predict when to repurpose, or renovate structures.

Building operations and maintenance managers are primarily responsible for assessing the condition of building components like roofs, air conditioning, walls, electrical, and communications. Forecasting facility conditions and predicting repairs before failure occurs, results in cost reduction. IBM TRIRIGA automates demand and preventive maintenance services to reduce the cost of maintenance operations.

TRIRIGA’s facilities and operations manager is an intense CMMS that enables organizations to manage their building assets and facilities over their lifecycle in order to reduce maintenance expenses. It provides condition-based facility assessments that help you to prioritize the areas for capital improvement and assists you in extending the life of your facilities and facility assets.

Condition-based maintenance features of IBM TRIRIGA

  • Improves the value and environmental performance of facility assets through the capture and classification of facility, building system and asset deficiencies…
  • Evaluates the required investment, energy and operating cost savings, and return on investment of each opportunity…
  • Automates the generation of work requests and capital projects to manage the remediation of deficiencies or implementation of environmental opportunities…

[Admin: This post is related to the 03.30.15 post about facility condition assessments (FCA). To see other related posts, use the ValuD tag.]

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How does TRIRIGA tackle 2019 lease accounting change implications?


Are you getting ready to address the implications of the new lease accounting changes with TRIRIGA? Although FASB’s ASC 842 and IASB’s IFRS 16 will take effect in 2019, many organizations are only now beginning to realize the amount of effort required to meet the new standards…

The biggest changes to businesses will be the new Right of Use (ROU) Assets and Lease Liabilities that will hit balance sheets, as well as the intensely manual approaches and effort that many see before them. How many organizations are leveraging Integrated Workplace Management Systems (IWMS) to manage their real-estate holdings and automate these manual efforts?…

In order to help organizations comply with the new standards, and understand the implications of these changes, TRIRIGA continues to deliver a single integrated workplace management system with new enhancements in the next release. TRIRIGA supports the lifecycle of facilities management and will automate compliance activities to address changes that affect multiple teams and roles.

Here’s how TRIRIGA can help:

  • CFO and CAO: The release of IBM TRIRIGA 10.5.3 will provide a sub-ledger system for real estate and asset lease accounting that is able to generate journal entries out-of-the-box for ASC 840 and ASC 842 under US-GAAP as well as for IAS 17 and IFRS 16. It also covers period closings and report generation for the most common reports required under the new standards.
  • Real Estate and Fixed Asset Managers: The release of IBM TRIRIGA 10.5.3 separates the duties of a lease administrator and a lease accountant, allowing the lease administrator to enter contractual information, and then enabling the lease accountant to run classification tests, reassess lease decisions, and report on the ROU Asset and Lease Liability.
  • Facility Management, and Occupants: There are also new capabilities to improve day-to-day and occupancy experience. They can leverage a new Workplace Services offering that engages everyday employees through new mobile web apps that provide access to services managed by IBM TRIRIGA, anywhere, and on any device. This includes: a new Service Request app to submit work requests, a new Reservation app to quickly create reservations for individual workspaces or multi-attendee meeting rooms, and a new location-aware Workplace Services Portal to provide a single, unified access point for launching the apps and tracking status of requests…

[Admin: To see other related posts, use the FASB tag or IFRS tag.]

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