Public and private sector organizations are continuously challenged to operate more economically on smaller budgets. Understanding the “current state” of an asset and predicting its potential end-of-life or need for replacement is critical when trying to prioritize capital expenditures.
A successful Capital Planning Initiative requires:
- Focusing on the entire asset lifecycle of design, construction, commissioning, operating, maintaining, repairing, modifying, replacing, and decommissioning of physical and infrastructure assets
- Establishing quality baseline asset information (e.g., service life, original/replacement cost, etc.
- Integrating asset performance information (e.g., SCADA interface, utility billing information, historian information) into an asset management system
- Formulating a Condition Assessment Initiative to understand the asset’s current state
- Forecasting capital expenditure needs based on justifiable data to eliminate “gut feeling” and politically-driven decisions (e.g., asset information, asset performance information, asset condition assessment information)
We help organizations gain a forward-looking projection by emphasizing key capital planning activities. Combining a Capital Planning Initiative with an Asset Management System drives informed decisions relating to maintenance, operations, engineering, and finance.