Asset management

Things to Consider When Planning an Asset Management Solution

Asset ManagementAs municipalities, utility providers, facility managers (e.g,. colleges and universities) and DOTs deal with such issues as aging infrastructure, funding priorities, population growth and even sea level rise, the need for an asset management program becomes increasingly important.

In its broadest sense, asset management refers to any systematic approach of caring for, upholding the value of, or disposing of assets. Assets can be tangible, like buildings, streets and water; or intangible, such as intellectual property or employees. Infrastructure asset management programs apply financial, economic, engineering and other management practices to physical assets with the objective of providing the required level of service in the most cost-effective manner. This includes a life cycle approach that starts with planning, data collection and analysis; and encompasses design, construction, operations and maintenance/repair/replacement of physical and infrastructure assets.

Comprehensive asset management solutions enable decision makers to catalog essential data that helps forecast, plan and budget for necessary infrastructure improvements. This data includes but is not limited to:

– accurate locations of all owned/maintained assets such as manholes, valves, hydrants, inlets, pipes, headwalls, outfalls, and street lights;

– inventories and conditions of roadways, bridges, signs, traffic lights, trees, etc.;

– dates when infrastructure was constructed, installed, inspected, and repaired;

– maintenance and rehabilitation planning and expenditures; and

– the value of your infrastructure.

Howard Hodder, MGIS, GISP, heads McKim & Creed’s GIS services and has written an article on the important factors to consider when planning an effective, appropriate asset management solution. Click on the graphic above or here to read the article in its entirety.