Municipalities are the custodians of community infrastructure. The implementation of Infrastructure Asset Management solutions enables them to contribute to the social upliftment of the communities they serve.
Infrastructure Asset Management (IAM) is an integrated process of decision making, planning and control over the acquisition, use, safeguarding and disposal of assets to maximise their service delivery potential and benefits, and to minimise their related risks and costs over their entire life.
The IAM life cycle refers to the integrated, multidisciplinary set of strategies directed at sustaining public infrastructure assets on an on-going basis. It combines management, financial, engineering, economics and social practices and techniques within a coherent management framework, asset management plan and process in order to effectively provide service delivery.
For example, providing sustainable water services relies on more than just infrastructure. It includes various physical as well as human, institutional and financial elements, from governance and water resources to financing and effective management.
Software suites such as IMQS's Asset Management Module turns IAM into a disciplined practice of capturing and maintaining accurate asset data for moveable and immovable assets. Assets are captured in an Asset Register, assessed and a measurable monetary value attached to each. The application of the accepted accounting practices allows for the calculation of values such as current replacement costs, remaining useful life etc., and makes an impact assessment possible in cases where asset performance has been severely compromised.
The implications of efficient asset management are far reaching for both municipalities, and the communities they serve. Read more on the Top 5 Reasons Municipalities need Infrastrucutre Asset Management Solutions.