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In order to effectively manage assets and investments, utility managers need to have an understanding of their assets and investments. Inventory and maintenance plans should include assets, their condition, and performance. A utility asset management plan also ensures that there will be enough money for maintenance, repairs, and replacements so assets remain healthy.
Fremont, CA: Asset management plans make utilities more effective. They outline proper and effective asset management over time. An asset's characteristics, condition, service level, planned maintenance, and more are included.
The need for utility asset management
A physical asset management plan optimizes cost, risk, and performance throughout the asset lifecycle, according to ISO 55000 standards. Monitoring and managing utility assets using a systemized approach is important for utility asset management. Besides tracking the overall performance of assets, utility asset management plans outline the entire lifecycle of assets, so they are managed effectively and efficiently. The benefits of effective management are numerous.
Benefits of a utility asset management plan
Utility asset management plans need to be supported by an asset management system, like asset management software, to be effective.
Reduce asset maintenance costs: The maintenance of assets is similar to that of tools or equipment. Business expenses like maintenance are easy to overdo and can reduce profits. Make sure your utility asset management plan specifies when and how often certain assets should be maintained
Keep track of all assets: A utility asset management plan tells where the assets are located, what their service level is, how they are used, and when and how they are modified. It is possible to track utility assets with the help of software solutions for utility asset management.
Greater efficiency when managing assets: The purpose of plans is to maximize efficiency. A utility asset management plan ensures that all team members are aware of the capabilities and maintenance methods of the organization's assets.
Promotes collaboration on assets: To manage utility assets effectively, business departments, locations, and facilities must work together. Furthermore, vehicles, tools, equipment, processes, and workers can be managed efficiently from one central location. Utility asset management plans also require asset recovery and risk management. The goal is to properly manage and account for assets.
Asset recovery
It is essential that utilities have asset recovery plans in place. Asset management systems reflect them automatically. Upon scrapping or selling assets, the business records and books will be completely cleansed. Consumables and spare parts are written off or sold to free up storage space. It is important to have a successful asset recovery process to maximize returns.
Managing risks
Utility asset management plans facilitate risk management. A key aspect of asset management is managing risks related to their use. The evaluation of assets is crucial to identifying potential risks. Asset recovery and risk management are essential parts of utility asset management. Managing utility assets properly and optimizing operations is possible with utility asset management plans.
It is imperative that companies implement a plan for managing utility assets. In conjunction with a long-term strategy and leadership engagement, the utility asset management plan will serve as a roadmap for objectives, which will enable utilities to effectively manage their assets.
