7.2 Stage Two – Develop Best Practice Asset Management
The following actions would typically be carried out during the first 3–4 years of implementation once good progress has been made in Stage One:
- Document the asset hierarchy and asset knowledge base in a suitable information systems environment.
- Carry out condition assessments and establish future condition assessment cycles.
- Carry out capacity and future demand analysis.
- Identify critical assets, undertake risk assessment for asset portfolios, and establish the process for regular review.
- Implement procedures for integrated planning of asset maintenance, capital renewals and new capital investments, linked to performance and risk.
- Integrate asset management with financial planning processes, linked to whole of life‑cycle decision making, asset valuation and the economic consumption of assets.
- Develop advanced asset management optimisation analysis and integrated decision-making processes and tools, and implement processes to develop multi-year work programs and budgets.
- Update condition data for critical assets and undertake predictive modelling on critical assets where condition deterioration is closely correlated to increasing risk of asset and service failure and future maintenance costs are likely to be significant.
- Update SAMP and AMPs on a regular basis (annual initially) and link AMPs to budget planning.
- Systems integration with asset management, including GIS, financial and customer service.
- Continue with internal training and culture initiatives to maintain momentum.
- Review organisation structure and service delivery arrangements on a regular basis.