AKAM’s LifeCycle Platform: Addressing the Challenges of Aging Building Equipment (Northeast / NYC)

Welcome, everybody. We are here to talk about AKAM’s LifeCycle Platform, Addressing the Challenges of Aging Building Equipment. My name is Christopher, the SVP of Building Operations. With us today are Ken Greene, the CEO of AKAM, and Ross Kellman, our life cycle services vendor. We’re going to talk to you about this initiative today. Gentlemen, would you like to introduce yourselves? 

Ken Greene: Pleasure to see everyone. Thank you for joining us this evening. I’m Ken Greene, the CEO of AKAM, and it’s a pleasure to be with you. 

Ross Kellman: My name is Ross Kellman, a principal at Life Cycle Facilitation Services. I’m looking forward to sharing some information about our platform today. Thanks for having me. 

Christopher: Fantastic. Welcome, gentlemen. This life cycle initiative, in a nutshell, uses physical QR tags to generate a digital inventory and track the necessary repair and replacement of physical assets over time at negotiated rates while simultaneously documenting the steps and retaining this history in buildings within AKAM’s portfolio. 

We wanted to ask you a few questions, Ken, about this initiative at AAM. First off, why this initiative, and why now? 

Ken Greene: We manage approximately 500 properties, giving us scale and leverage we haven’t fully utilized with our vendors. We can now demand better pricing and service, providing better value to our customers. This initiative potentially reduces risk and expenses at the property level, and we’re investing AKAM dollars into the program to build it out. 

Christopher: What kind of issues prompted this initiative? 

Ken Greene: Our clients frequently ask how to reduce risk and expenses, manage capital issues, and plan for future repairs and maintenance, especially in a high-inflation environment. This program addresses these concerns by reducing costs and managing risk, making it a valuable tool for our clients. 

Christopher: That sounds like a fantastic idea. Ross, can you walk us through the nuts and bolts of the initiative? 

Ross Kellman: Sure, thank you, Chris and Ken. I’ll take you through our program setup and benefits. First, we use QR code tags to create a digital inventory of building equipment. This tagging captures all critical pieces of equipment, allowing us to review service providers and agreements, negotiate contracts, and manage warranties and certificates of insurance. 

We aim to save money by benchmarking existing rates and negotiating better deals. Our platform tracks all service and maintenance activities, providing detailed invoicing and ensuring transparency. 

Our mobile application allows staff to manage equipment and service requests easily. When a work order is created, the system captures all relevant information, including warranty status, ensuring no charges for services under warranty. The platform also tracks the history of each piece of equipment, providing a comprehensive archive for future reference. 

Christopher: How does the warranty information get loaded into the system? 

Ross Kellman: The property provides the warranty information, which we digitize and manage. This ensures that all relevant details are stored and accessible, even in the event of a physical document loss. 

Christopher: How do you deal with plumbing repairs behind the walls in terms of tracking? 

Ross Kellman: We don’t tag individual pipes but tag the equipment they are connected to. Any repair work, including behind-the-wall repairs, is captured in the notes and invoices, providing a complete history of the maintenance performed. 

Ken Greene: This enhanced service is an investment by AKAM to provide better management and planning for building equipment, reducing risk, and saving costs for our clients. 

Christopher: Thank you, Ross and Ken, for discussing this incredible initiative. It seems like a fantastic program that will help our clients plan for the future of their assets. Thank you, everyone, for your time.