ASSET MANAGEMENT SYSTEM
BRINGING PRECISION TO MANAGING
MISSION CRITICAL ASSETS
Boffin and Fundi’s Asset Management system assists the Public and Private Sectors in cost effectively managing, deploying, operating, maintaining, upgrading and disposing of assets.
Our system manages assets from five perspectives. These are the Financial, Technical, Operations, Maintenance, and Spatial Asset Register perspectives.
This system assists our clients to:
- Monitor and track all assets in one centralised ‘hub’.
- Manage all assets from any location.
- Identify and manage risks to assets.
- Understand and monitor an asset’s life-cycle.
- Identify and remove ghost assets.
- Effectively plan maintenance schedules without disruption to services.
- Produce in-depth asset reports and audits.
The system does all of these things in compliance with governing regulation, and produces annual financial statements.
Any organisation that employs mission-critical assets needs an asset management and maintenance system.
Public sector assets (including hospitals, roads, water treatment and supply networks, electricity generation and distribution, sewerage networks) should be maintained proactively.
Assets that are not maintained deteriorate and may suffer a significantly shorter lifespan. Plant outages often result in a loss of income.
Any future-focused organisation must manage assets such that they contribute to the business objectives, at the lowest cost, with minimal interruptions over the lifespan of the asset, or longer.
Boffin & Fundi’s Asset Management System automatically determines which assets need to be replaced and prices the replacement by looking up the current day replacement cost in a movable asset and an infrastructure asset price list. Where a price does not exist, or if the level of confidence is too low then a duly authorized person should obtain new prices and update the system.
Our Asset Management System can predict in time when the asset will fail.
FROM PLANNING TO DISPOSAL
THE ASSET MANAGEMENT LIFECYCLE
The Asset life cycle covers all phases of an asset’s life, starting with planning, through its acquisition, operation, maintenance, and eventual disposal. Management of four phases should be aligned to the entity’s planning, budgeting, monitoring, and reporting processes.
Summary of Lifecycle Phases
The Planning phase deals with service delivery that drives the need for assets. This phase will include input into the budget and asset management plans. Various acquisition options should be considered during this phase.
The Acquisition phase deals with the purchase, construction or manufacture of new assets.
The Operation and Maintenance phase deals with the assets’ operation. maintenance/refurbishmen, enhancement/rehabilitation, depreciation and impairment. This phase includes activities of a capital and current nature.
The Disposal phase deals with the timing and disposal of assets including the disposal costs and specific requirements for the assets, e.g. dismantling costs, medical equipment. legal requirements, etc.
ASSET MANAGMENT + MAINTENANCE
= THE SMART APPROACH
Public and private entities must employ asset management and maintenance management solutions in tandem.
if an asset is not maintained it is unlikely to reach its planned age, and service delivery may be compromised.
An asset that is replaced prematurely wastes financial resources. and may consume resources that are fully committed.
The ratio of planned to unplanned maintenance should be kept above 85% allowing for a focus on improving service delivery.
BUILDING AN ASSET REGISTER
An asset register is central to achieving a public or private organisations’ asset management objectives. Where assets are managed in different systems, the Planning Phase often requires the building of an asset register from data in these legacy systems, and linking the disparate data together.
The financial solution will include the financial management and maintainance management of assets. The Asset Management Capability will cater for moveable and immovable assets.
4 STEPS TO OPTIMISING ASSET LIFESTYLE MANAGEMENT
OUR ASSET MANAGEMENT SYSTEM'S
PRIMARY FUNCTIONS
Our system covers the following primary functions in asset lifecycle management
- Analyse Asset Requirement Classification
- Develop Asset Renewal and Replacement Plan
- Receive Purchased capital asset
- Perform Asset Depreciation Calculations
- Action Unscheduled Maintenance
- Set-Up Scheduled Maintenance
- Action Asset Verification
- Evaluate Asset Performance
- Indicate Assets for disposals
- Receive council disposal resolution
THE ASSET MANAGEMENT SYSTEM'S TOOLKIT
With a solid asset management system, public and private sectors can improve productivity and efficiency of an asset thus enhancing the return on improvement.
The Asset Management System Toolkit should consist of the following elements:
- Asset management policy
- Asset management strategy and objectives
- Asset management plan
- Asset management human factors
- Asset management techniques
- Asset management monitoring and improvement
- Asset information management.