4 Essential Asset Management Services Engineering Firms Need to Offer

Engineering firms flourish by offering asset management services to help clients streamline processes and mitigate risks.

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December 3, 2020

Asset management essentially involves developing, maintaining, and operating assets in a cost-effective and efficient manner. Sound asset management plans are relevant to utility teams – who need to maintain high service levels at the best cost – as well as supporting engineering firms – who want to better serve clients and ultimately win more business. 

Engineering firms can flourish even more by offering asset management services to help their clients (water and wastewater utilities) streamline their processes and mitigate risks. It goes without saying that consulting firms around the globe need to be at the cutting edge when it comes to asset management so they can set themselves apart.

The ongoing digital transformation of the water industry requires engineering firms to adapt their existing asset prioritization and maintenance models to effectively meet the growing needs of their clientele and remain competitive

In this blog post, we’ll go over four essential asset management services that engineering firms need to offer.  

1. Day-to-Day Asset Management Reporting

Asset management involves identifying and managing risks that are associated with owning and operating infrastructure. Due to the complexity surrounding wet infrastructure asset management, firms need to be able to consistently provide sound analysis on long term asset performance management, but also daily operations and maintenance (O&M).

Day-to-day asset management can help ensure that all essential O&M functions are executed in alignment to utility goals, service levels, and any regulatory standards specific to their clients.

Additionally, it’s worth noting that organizations are required to prepare detailed reports on how they maintain and budget for capital improvements. This can be made a lot simpler by keeping records of asset information in a centralized database.

Engineering firms can help their clients compile necessary reports throughout the year so they can have ready access to all the information they need to manage risks and budget accordingly.

2. Asset Renewal Planning

Water and wastewater asset management should also focus on the lifecycle management of assets. This helps ensure these systems can perform their required functions optimally while keeping life cycle costs in check.

This is where asset renewal planning comes into play, which basically involves developing an effective replacement strategy keeping regulatory compliance, public and worker safety, and operational performance in mind.

3. Sewer System Evaluation Survey (SSES) Field Investigations

Engineering firms should also offer Sewer System Evaluation Survey field investigations in cases where infiltration or inflow (I/I) is found to exist within a collection system. These investigations can not only help identify the sources of such failures, but also determine the most cost-effective method to resolve I/I through asset renewal or capacity management.

4. Sanitary Sewer Management Planning (SSMP)

Needless to say, preventive maintenance can help ensure that sanitary sewers stay in good working condition. Taking a proactive approach can also help eliminate future problems and reduce replacement costs. Engineering firms involved in water utility asset management should help these organizations perform evaluations of their sanitary sewer systems, including capacity analysis using the hydraulic model and hydrology analysis.

Using the hydraulic models and asset prioritization analytics, engineering firms can help identify any adverse conditions, particularly during storm events. Moreover, these firms can also conduct continuous flow monitoring on the sanitary sewers to make sure the CIPs are scheduled accordingly.

Ultimately, offering these 4 essential services will help any engineering firm maintain a competitive service offering, retain business by providing needed expertise, and deliver improved utility operations for clients. 

 

Looking to provide better asset management services to your clients and help them improve their bottom lines? Innovyze InfoAsset is the ultimate answer that can help you maximize the asset lifecycle and minimize operational risks.

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