Managing the life-cycle of your assets
Here at DTS, as a leading solution provider for all phases in asset management life-cycle, we spend a lot of time interacting with a wide spectrum of private and public organizations from governmental agencies to large private companies. We have found they have one interest that binds them together – wanting to manage their assets in a true performance-based approach. You hear the phrase “performance-based” or “risk-based” a lot today – but what is it actually? Performance-Based Asset Management is a holistic approach to operational and life-cycle asset management. This holistic approach to managing aging infrastructure is critical as populations and asset inventory counts continue to grow while budgets and staff continue to shrink or stagnate.
Unfortunately we keep bumping into a disturbing trend. Time and time again we find the entity is stuck in a situation where their current “asset management” software solution can’t provide the performance-based capabilities they are looking for. These systems were usually designed to meet the basic requirements of a work management system and are great at tracking the labor and materials involved with keeping assets running. Some might include an inspection application that helps with tracking the condition of the asset at a specific time.
This is not enough to manage the entire life-cycle of assets as is done in a performance-based approach. You need to be able to relate the work order data to the valuation of the individual asset. You need to have the capabilities to evaluate the risk associated with how the asset can fail, the probability it can fail and the consequences if it does fail. This information for each asset needs to be integrated and analyzed to determine the riskiest assets, to run multiple “what-if” scenarios of different treatment tactics to uncover which are the most beneficial and economically attractive. This information is essential to accurately forecast capital budgets needs and create and maintain the projects required. How else can you figure out the best path forward?
This true insight into the life-cycle of the assets is the only way you can assess, evaluate, plan and maintain alignment between organizational goals and the efficient, cost-effective utilization of limited resources. Correctly implementing this approach is critical in order to effectively maintain an organization’s infrastructure and assets in a sustainable state of good repair.
It sounds daunting – but not if you have the right solution. VUEWorks is the answer. VUEWorks is a COTS asset management solution that was initially developed in the late 1990s as a tool for helping its creators build asset management plans for customers. The customers liked the software so much they wanted to buy it. VUEWorks has come a long way since those early beginnings. It has evolved into an asset management platform with a strong grounding in performance-based asset management. A platform where all your internal and external asset data can be combined, assessed, managed, and analyzed in a true performance-based approach.