Asset management allows smaller utilities to introduce good asset recording systems. Water corporations and utilities can keep on top of regular maintenance and identify critical assets. They can also manage the risk of asset breakdown and measure their performance as an indicator of good asset management.
Water corporations have databases that account for every small detail of their assets and locations. Ideally, this comes in the form of a digital register that outlines the entire infrastructure based on networks and hierarchies. It should also classify assets based on dimensions, material, and network connectivity configurations. It is also very important that this digital database is easy to update and share.
After considering the water infrastructure, asset management plans should focus on a proactive inspection routine. A utility company must constantly inspect its assets for their structural and service conditions. They also need to consider health and safety concerns.
Water corporations need to know their network’s current performance. It should know the types and modes of asset failure and their effects, such as why sanitary water is discoloured, how it will affect users, and what consequences the utility company will face from the regulatory end. The company should have an action plan ready in case of pipe breaks. Assessing assets for their relevant KPIs can help you identify their susceptibility to failure.
Water corporations make large long-term investments in assets. They need to use risk-based decision-making to determine long-term funding strategies. Risk-based assessments allow you to balance capital and operating expenses in the long run. Also, justifying investments on big projects to investors becomes easier when they develop from risk assessment.
A water corporation can assure service reliability by allocating its capital, operations budget, and maintenance budget to extend the lifecycle of water/wastewater infrastructure assets.
