An Asset Management for Government Journey

Any Asset Management for Government journey must start with a solid foundation of accurate data on asset locations, condition, and maintenance histories…

Move forward by leveraging that data to glean insights into the most financially and operationally efficient way to manage those assets…

And ultimately end with smart asset investment planning (AIP) where community leaders can accurately model the lifecycle of their most important assets and infrastructure and predict the maintenance interventions needed years ahead of time.

Planning for the future with proactive maintenance

With reliable data at your fingertips, you can proactively plan critical maintenance tasks ahead of time to keep your assets and infrastructure operating at maximum efficiency.

Analytics can even help you identify corrective actions years in advance, based on historical maintenance data and manufacturer’s suggestions. This foresight allows for more accurate budgeting and can save you money in the long run by reducing the likelihood of emergency repairs, which are often 30-50% more expensive than preventive maintenance.

Avoiding hidden risks of deferred maintenance

Deferred maintenance is an ongoing challenge for many government organizations. These are the tasks that slip through the cracks, due to resource constraints or lower prioritization.

If left unchecked, the overlooked assets can unknowingly begin to deteriorate, leading to costly disruptions of service or causing an all-out emergency.

By leveraging foundational data, government leaders can shine a light on these often-overlooked issues, helping decision-makers better understand the hidden risks associated with continued underfunding. These data-backed insights can make a compelling case for securing additional resources to address deferred maintenance before it escalates into a more significant problem.

Additional insights for smarter decision-making

To take your asset management to the next level, consider incorporating additional data sources. Adding sensors to critical assets or tracking energy and water usage can provide a wealth of information that alerts you to potential issues before they escalate.

For example, sensors can detect when storm drains are clogged or when equipment is running at higher-than-normal temperatures. This allows you to act more quickly before a disaster strikes.

Another way to gain additional insights is to track energy (water and/or electricity) usage by asset. An increase in energy usage could signal that an asset is starting to deteriorate or reveal where the “energy hogs” are in your asset portfolio. This can help prioritize asset replacement to reduce energy costs and save you money from billing errors by highlighting unusual charges.

Asset Investment Planning

With a solid foundation of data and actionable insights, you can move into true asset investment planning. Lifecycle planning for each asset becomes easier when you have the right software tools to predict when replacements should occur, factoring in maintenance history and condition.

With predictive capabilities, you can plan for both short- and long-term needs, adjusting schedules based on asset risk levels and community priorities.

Equipped with this knowledge, you can now share a clear, data-driven story with citizens and stakeholders. Visualizations and reports that show both "what is" and "what could be" empower everyone involved to make informed decisions. This transparent approach opens the door to discussions on alternative budgeting scenarios, giving decision-makers the tools to balance risk and investment strategically.

The final step is to use all of this data to create a multi-year capital plan. This plan will target investments in assets at the right time, ensuring that service delivery remains smooth, disruption is minimized, and ROI on investments is maximized.

Your capital planning group will have a clearer understanding of upcoming needs, and the budget required to meet them, ensuring that funds are allocated appropriately for both current and future purchases.

Conclusion

Your public infrastructure is the backbone of your community. By following the steps outlined here, your community will be in the best position to maintain public infrastructure efficiently and effectively.

The journey from foundational data to insightful asset management to smart asset investment planning empowers you to make proactive decisions that benefit both the financial and operational aspects of asset management. With the right tools and strategies in place, your government organization can maintain service delivery, avoid costly disruptions, and maximize the ROI on your investments.

Want more information on Brightly Software’s Asset Management for Government solution, and how AIP can help you create a more resilient community? Go here to learn more.