Infrastructure Asset Management: A Comprehensive Guide

Infrastructure asset management (IAM) is critical for municipalities and public agencies. Its principles put into action allow institutions to manage, maintain, and optimize government assets. Assets like roads, bridges, water supply systems, parks, and municipal facilities need significant management attention. 

Effective IAM ensures that these assets provide reliable, long-lasting services to the public while minimizing costs and disruptions. In this blog post, we’ll discuss the basics of IAM and how facilities management software aids municipalities in asset management. 

What is infrastructure asset management?

IAM refers to the process of operating, maintaining, upgrading, and replacing infrastructure assets cost-effectively throughout their lifecycle. It combines engineering, financial, and maintenance practices, ensuring that infrastructure meets public demands. Assets include:

Transportation systems: Roads, bridges, tunnels, and transit networks

Utilities: Water supply systems, stormwater, and sewage networks

Public facilities: Schools, hospitals, and public buildings

Waste management: Landfills, recycling centers, and hazardous waste disposal systems

Why is infrastructure asset management important?

IAM ensures that public infrastructure functions efficiently. Municipalities are tasked with meeting citizen needs. Maintaining public infrastructure is a critical part of that duty. 

Failing infrastructure can lead to costly repairs, safety risks, and service interruptions. 

According to the American Society of Civil Engineers (ASCE) Infrastructure Report Card, U.S. infrastructure is rated “C-” overall, highlighting the urgent need for effective asset management to avoid failures.

Without regular assessments and maintenance, assets like roads and bridges can degrade, potentially causing service breakdowns. IAM provides the framework for local governments to:

• Extend the life of critical infrastructure
• Prevent failures jeopardizing public safety
• Optimize capital planning through asset lifecycle management
• Improve service delivery and minimize disruptions

Key components of infrastructure asset management

A comprehensive IAM strategy involves several core components:

Asset inventory

A detailed, up-to-date inventory of all infrastructure assets. This inventory lists each asset’s type, location, condition, and age, helping municipalities plan capital expenditures. Moreover, this inventory list allows municipalities to perform preventive maintenance schedules.

Condition assessment

Tracking building, asset, and equipment performance is key to keeping operations running smoothly.

Municipalities must know how assets are performing, where they’re located, when they were installed, when they were serviced, the next anticipated maintenance date, energy usage, run time, and projected lifespan.

That’s tons to track, but a facility condition assessment (FCA) gathers this information and more. And it puts a municipality on a path to success.

Maintenance costs

IAM allows municipalities to analyze total maintenance costs over an asset’s lifespan. This includes routine inspections, preventive maintenance, repairs, and long-term replacement costs. By understanding these costs, cities can allocate funds more efficiently and reduce expensive emergency repairs.

Capital planning

Capital planning ensures that municipalities have the necessary budget to maintain and upgrade infrastructure over time. This forward-thinking approach helps governments avoid costly, last-minute replacements and minimize downtime for critical services.

The infrastructure asset management lifecycle

The lifecycle of infrastructure asset management includes several stages, each with its own set of objectives and processes:

Planning

During the planning phase, municipalities assess infrastructure needs and set goals for future development. Managers must know which assets need maintenance. And must plan when they will upgrade or replace certain assets.

Design and procurement

Once needs are identified, the design phase begins. Engineers and architects work to create infrastructure projects that meet current standards while anticipating future demands. Simultaneously, procurement teams acquire the materials and services required for construction or acquisition.

Construction or acquisition

This phase involves the building or acquisition of new infrastructure assets. Municipalities ensure that projects are completed on time and within budget while complying with safety and regulatory standards.

Operation and maintenance

After construction, infrastructure assets enter the operational phase, during which they are used by the public. Routine maintenance ensures the longevity of these assets, preventing failures and maximizing efficiency.

Renew or replace

Over time, infrastructure assets degrade due to use, environmental factors, and wear. Municipalities must decide whether to renew or replace aging assets based on cost-benefit analyses, available funding, and public needs.

How often is infrastructure asset management performed?

Infrastructure asset management is an ongoing process. Routine assessments and maintenance are performed annually or bi-annually depending on asset types. For instance, roads and bridges require more frequent evaluations compared to public parks. Some municipalities may also perform more comprehensive evaluations every five years or during major capital planning cycles.

The frequency of IAM activities depends on asset complexity, age, and the potential consequences of failure. For example:

• Transportation assets (roads, bridges): Every 1-3 years
• Utilities (water, stormwater systems): Every 5-10 years
• Public facilities (schools, libraries): Every 3-5 years

Regular assessments help extend the useful life of assets, track depreciation, and reduce the likelihood of unexpected breakdowns.

What tools can be used to complete infrastructure asset management?

Municipalities use a combination of tools and technologies to perform IAM effectively:

Asset management software

Asset management software plays a pivotal role in streamlining IAM by consolidating asset data, automating maintenance schedules, and facilitating real-time reporting.

For example, FMX’s infrastructure asset management software allows municipalities to:

• Centralize data for easier management
• Track maintenance schedules and upcoming tasks
• Generate reports to analyze asset conditions
• Optimize performance by monitoring asset usage and wear

Geographic Information Systems (GIS)

GIS technology enables municipalities to map and visualize infrastructure assets geographically. This is particularly useful for tracking the location and condition of assets like roads, bridges, and pipelines.

Internet of Things (IoT) sensors

IoT sensors are increasingly used to monitor infrastructure assets in real time. These sensors can detect vibrations, temperature changes, and other signs of wear, allowing cities to address issues before they lead to failures.

Drones and advanced inspection technologies

Drones and other advanced technologies can inspect hard-to-reach infrastructure assets like bridges and high-rise buildings. These tools provide detailed imagery and data for better condition assessments.

How asset management software aids IAM

Asset management software is a powerful tool for municipalities seeking to optimize their IAM processes. FMX’s government asset management platform, for example, provides several key features:

Holistic asset visibility

The software offers a bird’s eye view of all assets, allowing decision-makers to prioritize maintenance and allocate resources efficiently.

Automation

FMX automates routine maintenance tasks and reminders, ensuring nothing falls through the cracks.

Cost management

By analyzing maintenance costs over time, municipalities can make more informed decisions about asset renewals or replacements.

Data centralization

All asset-related data is stored in one place, making it easy for teams to collaborate and plan capital investments.

Municipalities that leverage FMX software can reduce downtime, extend asset lifespans, and improve public service reliability, contributing to a more resilient and efficient infrastructure network.

How FMX aids infrastructure asset management 

Infrastructure asset management is essential for municipalities looking to maintain and optimize public infrastructure assets. By employing proactive maintenance, capital planning, and advanced technologies, cities can ensure that their infrastructure continues to serve their citizens reliably.

Tools like FMX’s infrastructure asset management software help streamline these processes, making it easier for municipalities to manage their assets effectively.

For municipalities interested in further optimizing their IAM processes, investing in specialized software and leveraging advanced technologies can make a significant difference in performance, safety, and cost savings.