Infrastructure Asset Management act as scaffolding upon which everything else built, it plays an important role in determining strength of the company and its well being. Infrastructure asset management is a specific term of asset management focusing on physical, rather than financial assets. Infrastructure assets management is a Leading indicator of the economic development and competitiveness of a country. The physical well being of infrastructure assets, attracts investments and helps maintain the performance with existing ones as well.
The basic premise of infrastructure asset management is to intervene at strategic points in an asset’s normal life cycle to extend the expected service life, and thereby maintain its performance. Typically, a long-life-cycle asset requires multiple intervention points including a combination of repair and maintenance activities and even overall rehabilitation. Costs decrease with planned maintenance rather than unplanned maintenance. Yet, excessive planned maintenance increases costs. Thus, a balance between the two must be recognized. While each improvement raises an asset’s condition curve, each rehabilitation resets an asset’s condition curve, and complete replacement returns condition curve to new level or upgraded level.
Therefore, strategically timing these interventions will aid in extending an asset’s life cycle. A simple working definition of asset management would be: first, assess what you have; then, assess what condition it is in; and lastly, assess the financial burden to maintain it at a targeted condition.
Tips for Better Infrastructure Asset Management:-
1. Performance Management: Track and analyze reported issues from the machines.
2. Field Based-Inspections: Using GPS enabled mobile devices record live asset inspection data in the field.
3. Risk Management: Based on asset condition and performance, determine appropriate risk management strategies.
4. Defects: Schedule asset maintenance programs and prioritize works based on asset inspection data.
5. Works / Maintenance: Streamline works management with improved operational communication and develops effective maintenance programs.
6. Finance System: Automate the submission of expenditures and asset values for operational and contractor activities.