Asset Management

We provide services in the following areas:

  • Asset Management Plans – An effective asset management strategy involves cataloging assets, planning their lifecycle, mitigating risks, optimizing their use, ensuring compliance, leveraging data, considering sustainability, and continually improving processes.
  • Asset Inventory & Information Framework – An asset inventory and information framework involves creating a comprehensive list of assets, categorizing them based on criteria, defining key attributes, managing asset information, integrating data with other systems, ensuring accessibility and security, and establishing governance structures. This framework helps organizations effectively track, manage, and optimize their assets to support strategic objectives.
  • Asset Lifecycle Optimization – Asset lifecycle optimization involves maximizing asset value and performance from acquisition to disposal. It includes efficient acquisition, effective utilization, proactive maintenance, upgrades, optimization, and responsible decommissioning. This ensures assets deliver value, minimize costs, and enhance operational efficiency throughout their lifespan.
  • Risk Assessment and Prioritization – Risk assessment and prioritization involve identifying and analyzing potential threats and then determining their significance to allocate resources effectively. This includes assessing risks, prioritizing them based on impact and likelihood, planning mitigation strategies, allocating resources accordingly, and continually monitoring and reviewing the process for ongoing effectiveness.
  • Asset System Implementation and Training – Asset system implementation and training involve deploying new asset management software, integrating it with existing systems, migrating data, testing, and providing user training. Implementation includes software configuration and customization to meet organizational needs. Training involves assessing user needs, developing training materials, delivering training sessions, and providing ongoing support. Effective implementation and training optimize asset management practices, improve operational efficiency, and support organizational goals.
  • Risk Assessment and Prioritization – Risk assessment and prioritization involve identifying and analyzing potential threats and then determining their significance to allocate resources effectively. This includes assessing risks, prioritizing them based on impact and likelihood, planning mitigation strategies, allocating resources accordingly, and continually monitoring and reviewing the process for ongoing effectiveness.
  • Asset System Implementation and Training – Asset system implementation and training involve deploying new asset management software, integrating it with existing systems, migrating data, testing, and providing user training. Implementation includes software configuration and customization to meet organizational needs. Training involves assessing user needs, developing training materials, delivering training sessions, and providing ongoing support. Effective implementation and training optimize asset management practices, improve operational efficiency, and support organizational goals.

FAQ’s

Your Go-To Resource for Answers

Q1) What is included in an asset management plan?
A1) Typically, an asset management plan includes asset class demographics, procurement plans, spares and emergency plans, inspection, maintenance and operational methodology, disposal plans, contingency plans, innovative solutions, data collection, reporting, quality, and validation criteria, health index and risk framework, program expenses, life cycle costs, total costs of ownership, as well as implementation strategies and training.
Q2) How will asset management help communities and organizations?

A2) Asset management will help prioritize maintenance and investments in critical assets, prevent major failures, avoid breakdowns, and improve capital planning processes thanks to a more targeted investment plan. 

Q3) How does an asset management plan help with sustainability and reduce our carbon footprint?
A3) By implementing sustainable practices and infrastructure, organizations will use fewer resources and less energy. This ultimately cuts costs, reduces risk, and lessens the environmental footprint.
A4) How do asset investment justifications help?
A4) Asset investment justifications are a newer approach that enables organizations to use data-driven insights to inform the decision-making for justifying asset investments (I.e., repair or replace).