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Navigating the Field Asset Management Cycle: Getting Results

POSTED BY: Ashley Little on 08.25.2015

shutterstock_248302174Effective field asset management is not a straight line from installation to decommission; it should be viewed as a continuous loop, a cycle of data acquisition, interpretation and renewal for all your field assets. 

The question is: Where are you in the field asset management cycle? The next step involves the getting the desired results from your data collection efforts.

Your asset data has tremendous value, but only if you have the insight to turn it into action. Having accurate data to base your decisions upon may reveal areas where efficiencies can be created across your business. It may also help you discover lost revenue and  increase the health and reliability of your field assets.

You may need to take action if you find yourself asking the following questions:

  • What is the smartest way to store data? — Once collected, your data has tremendous value not only in the efficiencies it can help to create and the network reliability it helps you maintain, but also in its raw monetary cost and the cost of the time built into its collection. In addition to security and redundancies, a smart infrastructure asset management partner can manage software upgrades and data set updates for seamless, reliable control over your vital information.

  • How can I turn information into plant improvements? — Data is everywhere. Knowing exactly what information you need to make the best decisions is no easy task. You need an expert team to work directly with your staff to identify your strategic long and short-termbusiness goals, in addition to software solutions that enable you to monitor, manage and measure actions against the goals that matter.

  • How can I resolve third-party violations? — You need a solution to manage the complex web of third-party permitting requests, assigning ownership and scheduling actions to turn these requests into jobs well done. Permitting and transfer are certainly areas where efficiency can save you money, as streamlining the process often reveals found revenue. 

  • How can I properly manage third-party information flow? — Violations can derail network expansion, cause revenue loss and create dangerous safety issues in the field.  At the root of these violations is a complex exchange of requests, approvals, inspections, and confirmations — all built on detailed contracts. You need a solution that both expedites communication between parties and enforces your process.

How to Get Results from Your Data

An experienced infrastructure asset management partner can help achieve the results you seek using intuitive software built to streamline communication between your company and third parties. By making data accessible and searchable in a centralized repository, your team can make informed decisions regarding maintenance scheduling to plant improvements and beyond.

Closing the Loop

To ensure the data you collect is usable, you must not stop at simply gathering it—you need the ability to gain insight from it. To make your newly acquired information useful over the long term, the data has to be updated as conditions change in the field. Processes must be in place to ensure that the information you have is the right information. The cycle is continuous.

You need a problem-solver, not just a data collector; a process creator, not just an inventory expert. You need a partner dedicated to helping you travel the field asset management cycle effectively, successfully, and with your end goals in mind. A good infrastructure asset management partner will help your trip around the field asset management cycle go smoothly and help you gain clarity and take control of the assets that make your operations run. 

Wondering if your joint use management software or service provider can help you successfully travel the joint use cycle? Check out our list of 10 must-haves before you settle on a solution.

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