What is Utility Asset Management?
Senior Associate Rishi Immanni explains what utility asset management is in about 90 seconds.
www.dewberry.com
Hi, I'm Rishi Immanni from Dewberry. Today let's explore utility asset management, particularly how utilities can leverage data and risk-based models to optimize asset management, prioritize investments, and deliver reliable services cost effectively. Utility asset management is a practice of managing assets to minimize costs while delivering the required service levels at an acceptable risk. The three components are assets, process, and data. Asset data typically comes from GIS, hydraulic models, and maintenance management systems. These data sets can be leveraged to prioritize linear infrastructure using geospatial frameworks. This approach maximizes the return on investment in establishing asset management strategy, and can be scaled to other asset classes. A risk-based criticality model derived from asset data serves as a decision support system. It transforms legacy data into actionable insights, prioritizing assets based on risk. The risk models can assign likelihood of failure and consequence of failure criteria based on utility service levels. This approach identifies immediate, short-term and long-term infrastructure improvements. It enhances asset management by harnessing legacy data to support data driven decision making, essentially providing the right information to the right person at the right time, and channels the limited available funding and resources to the most critical need.