Across the industry of Infrastructure Asset Management, a constant challenge has plagued organisations; How can we manage asset information in a way that satisfies all stakeholders?
The list of interested parties and their requirements seem to grow exponentially and range from regulatory imposts, customer demand, as well as natural impacts. Two of the areas in which asset information encounters such mandates are Financial Reporting and Engineering Management. Within each of these disciplines, exist a variety of combatting outcome demands from asset information.
These are summarised below:
With all these competing petitions for information, it is little surprise that over time the isolation and de-unification of asset information (AKA siloed datasets) has occurred. That is, finance teams managing one asset register, and engineering teams utilising another. Unfortunately, this has had some rather serious consequences across the industry, including:
- Decrease efficiency caused by double-entry of data
- Reduced data accuracy as minor updates do not flow between disparate data sets
- Misrepresentation of condition and/or risk caused by disagreements in key data points
- Increased training costs with multiple systems
- Increased IT costs with constant data alignment challenges
How can Metrix help?
The Metrix Asset Management system boasts a single source of truth for ALL asset information, including engineering data, financial valuation information, and spatial feature representations. This poises Metrix perfectly to respond to the challenges of siloed data as it allows for input from varying professions to the same underlying information bank. The tools and features within Metrix are designed to ensure that both disciplines can safely work on the core dataset without “running up against” each other’s actions. The following highlights the areas in which Metrix ensures harmony with a unified asset register.
Status Updates reflecting appropriate financial movements
Have you ever come across asset register entries that are marked as disposed, but still carry capital value? With Metrix Assets, status updates are tied to the Capital Valuations register so that such situations are not possible. Furthermore, the authorisation framework underpinning the system, ensures that users have ALL of the required permissions before making particular data updates.
Capital Budgeting streamlining information flows
The Capital Budgeting module within Metrix Assets brings the capital workflow to the fingertips of all stakeholders. From budget planning where components are assigned/removed from various budgets, through works management using the Metrix Mobile application for IOS and Android, to final capitalisation of costs. The Capital Budgeting module within Metrix Assets will manage all aspects of your capital works programming processes.
Asset/Component Split tool allowing for safe modifications to Asset Networks
Asset registers need to adjust and react to real-world changes. Sometimes this means adjusting the makeup of your network assets – splitting and merging segments. Typically however, when attempting to do such actions, users come up against a nightmare of broken links and orphaned records in disparate systems. Within the Metrix Asset Management system, actions such as Splitting an asset or component, are built-in and will take care of all relations and linked records – including proportionally splitting the capital value between the newly created segments.
Simple to use Report export options
At Metrix Assets, we follow a simple mantra – “Easy data in, easy data out”. If there is information within the system that you cannot get back out in a non-proprietary and flexible manner, we believe we have failed in our mission. The ever-growing suite of data export reports, that generate extensive CSV reports, ensure that users can easily retrieve information as both summarised documents and comprehensive data exports.
Contact us today
The above are just a few of the many ways that Metrix can help you with your asset information. If you would like to explore how these or other features can help you manage your assets, contact us today.