Last week, PSD Citywide was thrilled to attend the APWA PWX 2024 Exposition as an Exhibitor and a National Sponsor of Asset Management Space. Seeing Asset Management highlighted as such a prominent theme at the exposition was truly exciting and reinforced its critical role in enhancing public works. Our seasoned experts also took the main stage, sharing their insights and innovative strategies with attendees. PSD Citywide remains committed to advancing industry practices and supporting innovative solutions in Enterprise Asset Management.
Continue reading for a recap of the exposition and to delve into the valuable perspectives our experts shared at the conference!
The Emerging Regulatory Landscape for Asset Management and Public Agency
PSD Citywide’s Founder and CEO Matt Dawe led a thought leadership presentation that laid a strong foundation for the Asset Management Space presentations that followed. It provided a historical overview of the regulatory landscape, emphasizing Ontario Regulation 588/17’s global impact, and highlighted key findings from our 2024 Asset Management Trends Study, including such insights as:
- Structured regulation can influence Asset Management adoption
- Funding tied to policy can impact adoption
- However, human resource capacity and knowledge remain the greatest barriers for AM best practice adoption
The opening presentation underscored the importance of understanding Asset Management, adopting best practices, and seeking third-party expertise – themes that were reinforced throughout the subsequent presentations.
The Relationship Between Asset and Maintenance Management
This session clarified the distinctions and synergies between Asset Management and maintenance management. Asset Management focuses on maximizing asset value over its lifecycle, while maintenance management preserves and extends asset lifespan. By highlighting their interconnections, the presentation led by Matt Dawe emphasized that successful Asset Management strategy development relies on assessing the current state, managing technology and data, training, integrating municipal processes, organizing responsibilities, and maintaining a regularly updated plan.
Starting Your Asset Management Journey
Chris Vanderheyden, PSD Citywide’s Director of Asset Management Advisory, delivered a presentation on the fundamentals of building an Asset Management roadmap. To achieve effective Asset Management, it is crucial to follow the order of “assess, plan, implement”.
First, one must assess by understanding your current assets, their condition, and financial needs, while evaluating organizational structure and data systems. The planning phase involves creating a comprehensive strategy, relying on accurate data, analyzing asset life cycles, and assessing risks. Finally, one can implement by executing the plan, monitoring data, and continuously updating the strategy. Importantly, as stressed by Chris, Asset Management is a team effort. A structured approach is also critical to starting and improving your organization’s asset management journey effectively.
Asset Management Begins with Data, Data, and More Data
This presentation underscored the crucial link between Asset Management and data management. Data, as a municipal asset, is vital for budgeting, transparency and decision-making. The session focused on the key players involved in collecting, analyzing, and using data, as well as the potential errors and issues in data management.
In summary, effective Asset Management relies heavily on robust data management, where accurate and high-quality information serves as a key resource. Lifecycle tracking, decision support, technology integration, and compliance are all enhanced by integrating data management practices with Asset Management strategies.
Aligning Facility Management with Asset Management
To conclude PSD Citywide’s presentations in the Asset Management Space, Chris Vanderheyden discussed the vital alignment of facility management with Asset Management for enhanced operational efficiency and strategic planning. While facility management focuses on day-to-day operational aspects of physical facilities, Asset Management’s scope is a broader, more strategic discipline with a long-term corporate lens.
Aligning FM and AM is critical for cost efficiency, optimal asset performance, risk mitigation, compliance, decision-making, sustainability, increased accountability, and planning. A case study of the City of Pickering showcased tangible benefits achieved from this alignment. To read more of our case studies, click here.
Team Fun Supporting Asset Management and Local Chapters!
PSD Citywide was proud to be a presenter at APWA PWX, showcasing our commitment to advancing Asset Management best practices. Beyond our presentations, we remain a dedicated supporter and National Sponsor of APWA and its many events, including the Asset Management Jam Session, which offered a valuable networking opportunity for Asset Management professionals. We cherished the chance to share our expertise and engage actively in the Asset Management arena with more than 200 great professionals in attendance.
We were also thrilled to sponsor and support several local APWA chapter dinners, including those held for the California, Texas, and Florida regional delegates. Our team loves to have fun and support opportunities for public works professionals to come together, share stories, and enjoy each other’s company.
Our 2024 Asset Management Trends Study
Lastly, we were proud to announce our new 2024 Asset Management Trends Study at APWA PWX. This study, which was a joint effort with our partners at WithersRavenel, underscores the critical role of Asset Management in driving industry progress, and provides excellent insight into what is next for Asset Management. To explore the key findings from our study, click here.
See you next year in Chicago!
