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Infrastructure Asset Management (IAM) is a methodology that aims at realising the true value of an organisation’s assets via a holistic financial approach towards asset budgeting, establishment, maintenance, upgrades and operation. A digital asset register is built using digital tools to capture, verify and import asset data into a centralised and spatially linked financial asset database. What are the three key benefits to using a digital asset register for your organisation’s asset data?
A KEYSTONE TO INFRASTRUCTURE MANAGEMENT
Whether organisations are public or private, they all need accurate physical, financial and geographic information on their fixed and mobile assets if they want to maximise value-for-money, improve service delivery, and customer satisfaction, and decrease risk of failure.
An asset register is the keystone of an effective IAM architecture - it is where physical and financial asset data, based on the real business processes of your organisation, converge and permeate.
The asset register structures asset information according to a pre-determined asset hierarchy and policy. It allows an organisation to determine the financial value of an asset, and in doing so, manage an asset, along with all asset components, in a manner that will derive a real value from the investment.
HOW DOES A DIGITAL ASSET REGISTER WORK?
Gone are the days when all asset data would be captured on paper and archived somewhere on your organisation’s premises. A digital asset register (DIA) is built using digital tools to capture, verify and import asset data into a centralised and spatially linked financial asset database.
By using a DIA, data (in formats ranging from excel sheets to photos or scanned barcodes) can be imported, cleansed and structured in order to construct a centralised digital database that offers a comprehensive and comparative view of all asset information from condition and performance to useful life.
Managers therefore gain a complete view of their asset landscape - what assets they own, where they are located and what their characteristics and attributes are - all on one easy to use, internet driven (24-hour), web platform.
THE 3 BENEFITS OF A DIGITAL ASSET REGISTER
Merging financial and engineering systems
In large bureaucratic organisations like municipalities, silos form around areas of knowledge or expertise. When it comes to planning around infrastructure investment, financial departments are not always in sync with engineering or operations personnel who work closer to realities on the ground. A digital asset register helps to bridge the gap between finance and engineering by offering financial-, operations- and planning managers an integrated view on all asset life-cycle aspects via real business intelligence.
Ensuring transparency and accountability
Firstly, a person at the right level of authority must verify all data inputs or changes. This ensures human oversight in the digital process. Secondly, all inputs leave an easy to follow audit trail. The easy audit tracking ensures transparency and accountability with regards to both physical and financial asset information.
Representing assets spatially in GIS
All asset data should be linked to GIS via GPS coordinates in order for financial, operations and planning managers to see, in real-time and with geographic certainty, where their assets are located, how they are performing and what their expected useful life may be.
THE IMQS DIGITAL ASSET REGISTER
With its intuitive, mobile user interface and versatile reporting functions, the IMQS Asset Register is a spatially enabled, IAM specific, management information system that bridges the illusive gap between an organisation’s financial and engineering departments. It makes understanding and accessing asset data a centralised and convenient process. It enables the mitigation of risk and planning for failure. It facilitates transparency and communication and ultimately empowers all stakeholders by helping them realise that exceptional service delivery and client satisfaction truly are achievable goals. Visit the product page for more information on our IAM services.