While every country has its own regulatory compliance framework for public transport, good asset management is a concept that crosses borders.
Boiled down to its most basic, managing your assets well will reduce the cost of owning and operating those assets while extending their useful life and keeping them safe to operate.
How do you put good asset management theories into practice? Here are four steps to get you where your organisation needs to be:
4 Steps to Achieving a State of Good Repair
‘State of Good Repair’ is a term borrowed from the new American legislation aimed at maximising the condition of physical infrastructure so it remains in – you guessed it – a state of good repair and can safely perform its intended function.
- Inventory your assets. Start by identifying the databases that track asset information such as your maintenance system, fixed asset register and so on. Determine which has the most comprehensive dataset to use as the start of a new “master” repository.
- Assess the condition of your assets. Set a goal to establish a baseline condition rating for your organisation’s assets. Age-based decay curves and attention to performance-based condition are essential.
- Prioritise capital projects. Once you have good data to back up your decisions, you can start planning a prioritised list of capital projects by year of implementation. Investment prioritisation should also take into consideration any assets posing unacceptable safety risks and any financial constraints.
- Implement decision support tools. There are several kinds of tools available to help define the analytical processes that your organisation will use. Leading transport organisations understand that software solutions are essential to track the condition assessments of all their infrastructure, as well as the scoping and prioritisation of capital projects being considered.
Ultimately, managing the lifecycle performance and condition of your assets in this holistic way is simply the next evolutionary step in best practice for asset and maintenance management.
While it may seem daunting at first if you are starting at zero, the rewards of implementing a good asset management culture are too significant to ignore.
Read 'Predictive Maintenance & Your Assets’ Lifecycle' to learn more.