Assets are used in the delivery of an output such as a service or product. How well these assets are managed has a direct impact on the long-term value realisation of the assets and overall performance of the business.
Contemporary asset management involves integrating strategy, risk management, service delivery and long-term financial planning to maximise asset performance and value.
‘Asset optimisation’ is the process of defining optimal individual asset strategies; that minimise risk in delivering the desired levels of performance from the asset portfolio in the long term; while minimising the whole-life cost, including the operation, maintenance and replacement or disposal of each asset in the system.
Cloud-based strategic asset management solutions
Charterpoint is proud to partner with Assetic to support the implementation and adoption of leading edge asset management software.
Assetic gives asset management professionals – whether engineering or finance focussed – a central repository for all their asset data to enable more efficient and effective outcomes. Assetic has a strong track record of enabling organisations to make better long-term decisions, thanks to unique algorithms and degradation profiles which assist in forecasting future capital expenditure.
The scalable, modular nature of Assetic, and our strong integration experience, delivers organisations a solution specific to their industry-specific needs, that is flexible enough to be implemented in stages depending on business need, resources and skills.
Key capabilities an asset owner needs to optimise asset management include:
- Demonstrating and managing whole of life costs across the portfolio
- Developing and defending discreet budgets based on service provision
- Defining long term works programs based on providing desired services
- Optimising the balance between asset risk, investment and service outcomes
- Continuously improve the asset management strategy based on changing circumstances including risk appetite, financial capacity, technology and demand.
- Showing the inter-relationships between business performance and discreet asset strategies and model the effect any changes to these strategies will have.
What are the questions that effective strategic asset owners can answer ?
- What level of service will we be providing and have we checked affordability?
- What assets do we own and how do they impact the level of service?
- What is the present condition and capacity of our asset portfolio?
- What level of funding is required to deliver a desired level of service?
- What funding is needed to keep providing satisfactory levels of service?
- What is the mix of asset funding required based on a desired level of service?
- What will level of service will we expect to achieve for a certain funding scenario?
- What will be the 20+ years NPV of my asset portfolio based on a given strategy?
- What maintenance, renewal and upgrade works are needed to deliver the strategy?
Key outcomes that strategic asset owners can provide to their stakeholders include:
- Determining the best level of service / performance that can be provided for a given level of funding
- Predict future condition of the network / portfolio at any point in time, based on any given level of future funding
- Determine the costs of bringing assets up to a desired condition / performance standard
- Determine future maintenance needs to keep assets at a desired performance level
- Produce works programs with treatments and costing’s based on life cycle behaviour and desired asset performance
- Produce integrated financial and asset life-cycle strategies and plans that reflect the physical actions required over time to realise organisational objectives, and the year by year funding required to deliver.
- Rank future capital projects using multi factor benefit to cost analysis