Streamlining Asset Management: How a Centralised System Saved £540k Per Year
Background – What was the business challenge/opportunity?
Main issue - Asset Data and Current System limitation
The company lacked a centralised system to store and manage asset information, including drawings, manuals, and health and safety files. While data for underground assets was well taken care of, the above-ground assets were not properly archived or catalogued. Valuable drawings produced between 1930-1980 were stored in hard copy format or electronically. This made it challenging to locate historical drawings needed for ongoing projects.
Impact – What was the value delivered?
The absence of a centralised system for asset information led to a cost of around £3,000 per project. When Project Managers (PMs) provide drawings to the Asset Records Department team, they are not archived properly or follow a standard company-wide naming convention, hence making it difficult to find the information later down the line. PMs and PEs spent around 30% of their time searching for materials for brownfields projects, such as refurbishing pumping stations. With each PM taking on approximately six projects a year, the cost of manual search and retrieval of information was significant. By implementing a new system that links assets to asset information produced by asset delivery teams, the company can save up to £540k assuming a 100% gain, or £270k assuming a 50% gain, which can be achieved by streamlining asset information retrieval.
To resolve the issues, the company implemented a new system that allows assets to be linked to asset information produced by asset delivery teams. Every major Water Treatment Works (WTM) or TW now has up-to-date drawings and information for assets, especially hazardous ones. The new system is integrated with a BIM convention and Maximo, which helps with data scanning, cleansing, and migration. By implementing this new system, the company can easily retrieve asset information, resulting in significant cost savings and reducing the time spent searching for materials. The asset hierarchy can also be visible on GIS, improving the asset management process even further.
Oclas Consulting is well-equipped to help businesses facing similar asset data and system limitations by providing customised solutions and expert guidance in developing centralised asset information management systems. Our team is proficient in data scanning, cleansing, and migration, as well as implementing conventions like BIM and integrating with asset management systems like Maximo. By partnering with Oclas Consulting, businesses can enhance asset visibility, streamline project costs, and optimise efficiency in asset commissioning and decommissioning. If you found this case study useful and would like to discuss your specific needs with one of our consultants, please don't hesitate to get in touch with us.
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