Communities are being challenged to make the best possible decisions with scarce resources for both today’s users and future generations. Planning for infrastructure renewals, growth, and new demands amidst increasing service expectations, risk exposure, and financial challenges can put elected officials and community staff in a difficult position. Asset management (AM) can help.
The term ‘Asset Management’ is likely familiar, and you know there are tools out there to better manage public infrastructure but where do you start? Many towns and cities face similar challenges in how to begin, allocate the staff resources, collect all the data on their infrastructure, and develop asset management plans and integrated policy and procedures accordingly. A lack of funds and staff time, limited political buy-in, and a general misunderstanding of the practices (many which already exist in the organization) are common obstacles that prevent communities across Canada from developing their asset management capabilities despite the fact that doing so can create significant overall savings in time and money.
This resource has been structured to help you better understand and appreciate the power of asset management, and give you some guidance on how to get started. Whether you are new to the practice or have already been involved in asset management in your community, this guide provides a simple and clear understanding of asset management.
This resource is part of a series of New to AM supports from the Canadian Network of Asset Managers’ (CNAM), and it is aimed at elected officials and municipal/community staff who are (or should be) involved in municipal asset management. It is written by active members of the infrastructure asset management community and will help you understand:
- What is asset management?
- Why is asset management beneficial to my community and organization?
- How do I get started on a formal asset management approach?
What is your current level of asset management awareness?
Before you begin, please identify your current level of knowledge on the subject of asset management. Using the scale below, which is adapted from the Federation of Canadian Municipalities’ AM level of knowledge scale, assess your current level of awareness of asset management.