Asset Management : Beginning your practice

Wisely and efficiently managing investments in assets is a major issue even for small utilities. The U.S. Environmental Protection Agency has estimated that there surely is a need for $276.8 billion in improvements in drinking tap water infrastructure and $202.5 billion in improvements in wastewater infrastructure in the United States over the next 20 years (based on reports from 2005 and 2008 respectively). This is along with the price of operation and maintenance. The smaller the community, the more the per capita cost.

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

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

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

Start out with high priority assets. You might choose sets of assets based on type, location, age and other factors vital that you your utility. A normal place to begin in a drinking tap water system may be storage tanks. In a wastewater system, you may start with pump stations. From there you could add pipes, treatment, sources and other assets one group at a time.

Begin with General Information and Add Details as Needed
Information technology has managed to get possible to record a lot of details about your assets. Collecting, coding and entering that data can be very time consuming.

You are able to simplify this by choosing to begin with general details about your assets. Start out with information that will allow you to spot particular assets and prioritize them for possible inspection, refurbishment or replacement.

You can add more details over time. As you choose what details to incorporate, consider whether or not they can help you make better decision about where you should invest your effort and funds. If information won’t factor into decision-making, don’t waste your effort by collecting and tracking it.

Look at the Information You Already Have
Identifying, locating and assessing the problem of a utilities major assets can seem like an overwhelming task. Fortunately, you most likely have a lot of useful information already.

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

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

Remember that as you begin your asset management program, you’re not beginning scratch. You will probably have a lot 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 their services affordable. Asset management can help you deal with this specific pressure by improving and justifying your decisions about infrastructure investments. Starting an asset management program can seem such as for instance a huge task, especially in light of all the data that will get into it, but you can begin sooner rather than later by starting small and building from there.

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