Asset Management is the practice of managing the entire life-cycle of physical (and non-physical) assets in order to provide the required level of service in the most cost-effective manner, creating the biggest value for your organisation.
This may seem grandiloquent, and maybe evident, but it does not make it less true or less necessary. Even more in an asset-based organisation.
However, in the rural water business, an adequate asset management is not always easy. Or cheap.
Remote access, the use of multiple contractors, new installations and equipment retirements as result of modernisation projects, asset information scattered and sometimes duplicated between different systems, reorganisations and employee turnover, etc. they all contribute to a burden where managing your assets became more and more difficult: assets seem to appear, change or disappear more quickly than their presence or absence is registered or kept up-to-date.
But do not give up! A good asset management system can help you improve your asset management practices and so, get the best of your assets to benefit your organisation, stakeholders and, more importantly, your clients. Here are some reasons why a good asset management system is so important:
- It allows you to keep track of your assets. You will know where they are, how they are used, and when changes were made to them
- It helps you manage different types of assets from different locations in a more effective manner. You will know how much money you are spending on your regulators or outlets all across your network, or learn if your assets in different areas degrade at different paces
- It informs you of the status of your assets, so you will save money on maintenance. We all know how maintenance is a business expense that can cut into the profits of your company. Under-maintenance can lead to reduced productivity, but overdoing it can bring significant costs
- It helps you take informed decisions in terms of planning, the use of resources, and in the implementation of management and maintenance programs
- It gives you confidence in the scenario of changing regulatory requirements
Asset management can be a complex and time-consuming task. , but it can be benefited by the use of good asset management software supporting asset management processes and improving your efficiency.