How Cities are Revamping Asset Management

How Cities are Revamping Asset Management

By Capital Markets CIO Outlook | Thursday, January 24, 2019

 Asset ManagementCities are gradually adopting innovative asset management solutions and strategies to upgrade the infrastructure, decrease operational costs, improve efficiency and operations, and extend the lifespan of critical assets. With urban populations continuing to grow, public assets are also increasing. Thus, antiquated infrastructure such as old roads, buildings, waste-water systems and maintenance systems are no longer enough to support these growing populations. What is needed is an asset management strategy with the goal of optimizing the service life of public assets to improve community quality of life and economic efficiency. Asset management systems take care of everything from predicting maintenance and capital costs to providing analytics-based key performance indicators.

The city of Cambridge, Massachusetts, recently selected a new asset management solution, the InfoMaster Sewer by Innovyze, a global provider of business analytics software and technologies for drinking water and wastewater systems. The InfoMaster Sewer is a comprehensive GIS-centric solution that helps in data collection and analysis, enterprise risk management, predictive analytics, and action-oriented decision-making to optimize Cambridge’s sewer infrastructure. Additionally, the solution also gives critical insights regarding Cambridge’s enterprise assets, the physical conditions of sewer assets and work processes, facilitating better planning and control of sewage and drinking water systems. InfoMaster also enables to fine-tune asset performance and prioritize maintenance, repair, and capital investments, allows utilities to use powerful business analytics and smart network modeling capabilities in different ways to drive higher productivity and quality, as well as manage costs and increase operational flexibility. Data related to the physical condition of sewer assets are quickly reviewed, analyzed, and ranked based on a rigorous risk analysis approach. This information helps to reliably plan and prioritize rehabilitation budgets and preventive maintenance and improvement programs. Additionally, it provides a framework for calculating asset criticality and risk, and carrying out scenario-based planning for infrastructure (roads, buildings, water management systems) maintenance. These advantages will enable utilities to create well-engineered condition- and risk-based capital improvement plans, optimize their infrastructures. Oracle has also developed a Utilities Work and Asset Management software system—a comprehensive, scalable solution for managing asset life cycles, that is easy to use, has fully integrated workflows, easy configuration, streamlined cost tracking, and real-time enterprise-wide visibility.

Hence, having a good asset management practice in place plays a key role in the development of a city. 

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