What is asset management?
Whether you are running a small drinking water system serving 50 customers, operating drinking and wastewater systems of the largest cities, or managing large portfolios of building and facilities with pipeline structure, asset management is a foundational strategy for a long-term plan to sustain your systems and the services you provide. At its core, asset management helps maximize the value of utilities’ and system owners’ capital as well as their operations and maintenance dollars.
According to the guidelines from the Environmental Protection Agency (EPA), asset management is centered on a framework of five core questions, which forge the foundation for many asset management best practices for owners, managers, and operators of public water systems, local officials, technical assistance providers, and state personnel:
- What is the current state of my assets?
- What is my required “sustainable” level of service?
- Which assets are critical to sustained performance?
- What are my minimum life-cycle costs?
- What is my best long-term funding strategy?
Why is asset management important?
Utilities and large asset owners face challenges from regulatory requirements, consumer demands, aging infrastructure, and environmental and climate restraints. But with effective and data-driven asset management programs in place and enforced, stakeholders can make sure that planned maintenance is conducted, capital assets (pumps, motors, pipes, etc.) are repaired, replaced, or upgraded on time, and there is enough financial support for all these measures. A high-performing asset management program includes detailed asset inventories, operation and maintenance tasks, and long-range financial planning. Asset management provides utility managers and decision-makers with critical information on capital assets and timing of investments.
How does Aquam Pipe Diagnostics help with asset management?
Each utility is responsible for making sure that its system stays in good working order, regardless of the age of its components or the availability of additional funds, and they need support from specialists such as Aquam Pipe Diagnostics to help achieve their goals. When technologies like Aquam Pipe Diagnostics’ make pipeline inspection and condition assessment increasingly quantifiable and visible, asset management programs are enhanced with actionable data. APD’s technologies can accurately inspect, assess, and report asset attributes with minimal intrusion and no disruption to service.
Pertaining to the best practices of asset management, a few of the most salient benefits of deploying Aquam Pipe Diagnostics technologies are:
- Asset management budget validation
- Asset management plan validation
- Asset management material validation & inventory
- Helping to resolve water discoloration / water quality issues
- Evaluating life expectancy of the pipelines
- Comprehensive condition assessment
- Mains renewal prioritization
- Acoustic and visual data for decision-making and audit trails
- GPS tracking and plotting
- Integration of data to GIS
- Knowledge of pipelines without need for excavation
All these benefits tie into life-cycle costing, proactive operations and maintenance, and capital replacement plans based on cost-benefit analyses, equipping the stakeholders with efficient methods of excelling in asset management.