Asset Management – How to get started

Wisely and efficiently managing investments in assets is really a major issue even for small utilities. The U.S. Environmental Protection Agency has estimated that there surely is a requirement for $276.8 billion in improvements in normal water infrastructure and $202.5 billion in improvements in wastewater infrastructure in the United States over another 20 years (based on reports from 2005 and 2008 respectively). That is in addition to the price of operation and maintenance. The smaller town, the more the per capita cost.

Asset management is a program for inventorying, evaluating and planning for assets to ensure that utilities can make more efficient and efficient choices krungsri asset in how to invest in their infrastructure. This can be a daunting task because asset management can be a data intensive activity and even a tiny utility might have many assets. Utilities don’t need to delay, but can use these tips to begin using asset management.

Implement Asset Management in Phases
Part of asset management is to inventory assets and assess their conditions. It’s increasingly common to link databases of asset and condition information to geographic information systems (GIS). A power can spend years assembling this data, but if it isn’t using that data to create more informed decisions and plan its infrastructure investments, it’s not practicing asset management.

It is way better to use asset management in its entirety to a manageable subset of assets and add to it over time. In this manner you are able to begin experiencing the benefits of it and gain practice for larger asset sets.

Begin with high priority assets. You might choose groups of assets centered on type, location, age and other factors important to your utility. An average place to begin in a normal water system might be storage tanks. In a wastewater system, you might focus on pump stations. From there you can include pipes, treatment, sources and other assets one group at a time.

Start with General Information and Add Details as Needed
Information technology has managed to get possible to keep track of lots of details about your assets. Collecting, coding and entering that data can be quite time consuming.

You are able to simplify this by choosing to begin with general details about your assets. Begin with information that enables you to recognize particular assets and prioritize them for possible inspection, refurbishment or replacement.

You could add more details over time. As you choose what details to add, consider if they will allow you to make better decision about where to invest your effort and funds. If information won’t factor into decision-making, don’t waste your effort by collecting and tracking it.

Go through the Information You Already Have
Identifying, locating and assessing the situation of all a utilities major assets can seem such as an overwhelming task. Fortunately, you probably have lots of useful information already.

Utilities are engineered systems, and engineering reports, plans and specifications in your files can let you know a whole lot about your system because it was built. The engineers who prepared these documents may have the ability to supply you with electronic plans you might be able to place right into a GIS.

Utilities may also be regulated by utility, environmental and health agencies. State agencies may have a success of information in your utility and its assets, and it could be for sale in electronic formats. These agencies make periodic inspections of facilities that could include conditions assessments.

Understand that as you begin your asset management program, you’re not beginning with scratch. You are likely to have lots of details about your assets and their condition at hand.

Utilities are face with enormous needs for infrastructure improvement and pressure to keep rates for his or her services affordable. Asset management can allow you to deal with this particular pressure by improving and justifying your decisions about infrastructure investments. Starting a tool management program can seem just like a huge task, especially in light of all data that could get into it, but you can begin sooner as opposed to later by starting small and building from there.

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