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Asset Management: Dive into the Data

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Asset Management

Asset management is a great way to track equipment usage, be proactive with maintenance and see the real value of your investment. As health clubs emerge on the other side of the pandemic, asset management is helping operators see new trends and helping them make key equipment decisions. 

One trend Mike Feeney, the executive vice president of New Evolution Ventures, has seen emerge due to his asset management technology is the decline of members using cardio equipment. 

“Even now that we’re back open in every state, the cardio workouts have diminished greatly,” said Feeney. “People want to come back in and get their strength workout. I think the pandemic has done one thing: it has forced people to find other ways to stay active, whether that’s walking or running, or they have a bike in their house now. The data is starting to come back in, and it’s definitely showing the cardio is lagging dramatically.”

In the past, you could walk into a fitness facility and see over 100 pieces of cardio. But in the last few years, Feeney said they have started to cut back on cardio to make space for turf and HIIT areas. The asset management data has reinforced the direction Feeney and his team have been going before the pandemic, and is why he recommends all operators dig into the data.

“I think anybody new in the industry or anybody that’s been in it for even 10 years, the data will support the direction you’re trying to go,” said Feeney. “I strongly encourage using data. Even for seasoned guys like me, I’ve been doing it a long time. It reinforces decisions and directions. You have that backup versus just well, ‘Mike said to do that.’ Now we have data that supports someone’s decision.”

What’s even more important than having asset management data is knowing how to interpret it to help you make those informed decisions. 

Matt McConley, the global digital product manager for Matrix, said eight times out of 10, owners and operators want to have the hard data to inform the business decisions they’re making, but they don’t necessarily know how to take that data and interpret it.

“I think it’s really incumbent on the people who are providing these services, the vendors in this industry, to not just provide the hard data, but also provide actionable steps you can take based on what you’re running the report for,” said McConley. “I think really where we need to go as an industry is doing that work for them. Interpreting the big data, and giving them the concrete instructional of, ‘Here’s what it really means.’ I think that’s an opportunity for us as an industry to really sweeten the deal on asset management and its value within the marketplace.”

Feeney agreed that being able to understand the data is vital for operators and owners. 

“The more you understand data, the more you understand how each piece gets used, and the better you can narrow down your layout so you can maximize your open space,” explained Feeney. “If you don’t, if you just say, ‘I’m going to put in four lines of equipment,’ you’re going to have two lines that get used a lot. You will have two lines that really don’t get used that much, and you’re missing the opportunity to give members what I think they’re looking for.”

Asset management is a great way to better understand your equipment and see what your members truly want inside your facility. But more importantly, diving into the data can help you stay competitive in your market. 

“I think more and more people are starting to realize this information is important,” said Monte Kleinmeyer, the West regional director of Matrix. “For a long time, we dictated what the customers got. Now, they’re finally realizing, ‘Hey, I need to listen more if I want to keep up with some of these big players that are really understanding the market, maybe better than we do.’ So, I think in the next few years, asset management is going to really take off because people are going to need it to stay competitive.” 

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