A risk-based framework for asset management
Colorado Springs Utilities (CSU) provides electric, gas, water, and wastewater services to over 400,000 city residents. In 2013, CSU attempted to reapply their existing Enterprise Asset Management solution to determine how to best spend their funding. But, the project was later paused in 2014 due to an inconsistent approach to identifying high risk assets—CSU couldn’t proactively plan for repairs, replacements, or redesigns in a cost-effective manner.
So, they brought on our consulting team to perform an assessment of the current Asset Management program. Once we understood the problem, we would develop an asset management framework that’s consistently-applied across all four service lines. It targets operational processes, validates asset classes, performs failure models, and defines the severity of needed repairs. The goal? To create functional business requirements that support the implementation of a new Enterprise Asset Management system.
By focusing on a risk-based approach to asset management, CSU can now collect and manage the essential data to inform capital investment decisions on asset repair and replacements. With consistent asset management and maintenance business processes across all four service lines, CSU can better manage infrastructure needs to improve operational efficiency, reduce costs, and move towards proactive maintenance activities.
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