ASSET MANAGEMENT AS STRATEGY, NOT JUST INVENTORY

ASSET MANAGEMENT AS STRATEGY, NOT JUST INVENTORY From counting things to funding futures 🚀

A transportation agency once celebrated finishing a mile-long asset spreadsheet. But when they asked,

“So…which dynamic message signs do we fund for replacement next year?” 🤔

the room went silent.

Counting assets is easy. Connecting them to risk, service, and strategy is the real work. 🔗

What Asset Management Really Means

• Old Way (Inventory): Static count of things, Department exercise, One-off report
• New Way (Strategic Asset Management): Lifecycle view of value, risk, and cost; Enterprise-wide decision framework; Live feedback loops and continual improvement

ISO 55000 defines asset management as “the coordinated activity of an organization to realize value from assets.” https://www.iso.org/standard/55088.html

Why It Matters (Three Snapshots)

• Transportation — Utah DOT’s “Good Roads Cost Less” pavement program cut lifecycle costs 18 % in ten years. https://www.udot.utah.gov/connect/pavement

• Facilities — Risk-weighted renewals in a state office portfolio reduced capital backlog 12 % (NCHRP Report 958). https://doi.org/10.17226/26412

• IT — Gartner estimates 20–30 % of software licenses go unused; robust ITAM trims waste and tightens cybersecurity. https://www.gartner.com/en/newsroom/press-releases/2024-03-12-gartner-says-up-to-30-percent-of-saas-licenses-are-unused

Personal Reflection — Bridging Silos

I’ve spent years leading behind the scenes, solving overlooked problems, and delivering meaningful results where they matter most. No org chart handed me a perfect map of the Hudson Valley Transportation Management Center (HVTMC); instead, I walked the floor and listened. 👣

• Piloting Fortis — our flexible ITS asset-management portal brought finance, maintenance, and planners into the same risk language—every DMS, RWIS station, PVMS board, CCTV camera, and roadside sensor now lives in one dashboard.
• Fortis let us manage a cabinet-at-the-center architecture: each roadside cabinet is the hub, with connected devices radiating like spokes. One glance shows power draw, comms status, and lifecycle risk for the entire cluster.
• We paired Fortis with its native help-desk portal—fault tickets drop straight into the asset record; techs see full device history while they troubleshoot, and managers track MTTR trends without juggling systems.
• A web-based analytics dashboard turned gut-feel renewal requests into data-backed funding talks during our bi-weekly leadership huddle.
• GIS layers flow directly into the capital model, ending debates about whose data was “right.”

While the Fortis rollout remains a work in progress, the early wins prove we’re on the right path. ✅

The tools weren’t the heroes — they were bridges. Once every function saw the same picture, strategy became possible.

Five Core Functions at the HVTMC

1. Operations: Control-room staff, field crews, incident response—first to spot asset condition and service impacts.
2. IT Systems: Servers, databases, cybersecurity, analytics—keeping data trustworthy and decision tools running.
3. OT Systems: External ITS assets (cameras, sensors, VMS, cabinets)—the “nervous system” where failures drive risk and cost.
4. Administration: Procurement, contracts, budgeting, finance—funding lifecycle plans, managing vendors, ensuring compliance.
5. Management: Strategy, policy, budgets, risk appetite—setting service levels, approving priorities, championing alignment.

Seeing this map turned an inventory exercise into an enterprise mission. 🌐

From Counting to Strategy — 5-Step Roadmap

1. Baseline — inventory + condition + service level
2. Framework — adopt ISO 55000 or AASHTO TAM Guide; set governance
3. Data Integration — EAM + GIS + IoT; single source of truth
4. Priority Logic — risk matrix, lifecycle value, funding cliffs
5. Iterate & Communicate — dashboards, annual “State of the Assets” briefing

Quick win → pilot one asset class, prove ROI, then scale. 🎯

Tools & Tech Enablers

• Digital twins & drones for real-time condition capture
• Predictive analytics to optimize renewal timing
• Mobile inspections that push field data straight to dashboards

Obstacles & How to Overcome Them

• Challenge Practical Tactic Data silos - Appoint a data steward; enforce “one asset record” policy
• Short funding cycles - Publish a 10-year asset plan tied to risk-based budget
• Culture (“we’ve always done it this way”) - Start small, prove dollars saved, and scale with champions

Future Outlook

• ESG & resilience targets will link asset plans to carbon / equity metrics 🌱
• AI copilots will triage inspection photos in minutes, not weeks 🤖
• Outcome-based contracts will shift lifecycle risk to vendors 🔄

Closing Thought

Asset management isn’t just about counting what we have—it’s about choosing where we go next. When we connect every device, every team, and every decision through a strategic lens, we transform data into direction and maintenance into mission.

You don’t need a new title to lead that change; start today by building the bridge between inventory and insight, and watch your organization—and your career—move forward. 🌉✨

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