Asset Management Phase 2
Feb 26, 2019
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Item No. 6k_supp_____
Meeting Date: February 26, 2019
Asset management – a lifecycle approach to
delivering the right level of service
Right Amount, Right Time, Right Cost, Right Level of Service
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Focus on the utilization of assets to achieve
organization goals and deliver business
objectives
Considers how we extract value from the
asset not just ensuring it works (which means
thinking about the system)
Its about doing the right amount of work, at
the right time for the right cost to deliver the
right level of service.
Why Do Asset Management
You Do Asset Management at Home.
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• Cost
• Condition
• Capacity
• Consequence
Why Do Asset Management
First Cost vs Total Cost
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Why Do Asset Management
• Typical ROI for EAM system and improved asset information – includes:
– Labor utilization/ productivity is improved by 10-20% through better organization of
work activities.
– Inventory stock is typically reduced by 20-30% as a result of better managed work
activities – resulting in reduce stock holding, which has both a direct finance impact
as well as indirect through storage etc.
– Asset downtime is typically reduced 5-20%
Saves Money Over Time
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Why Do Asset Management
• Benefits of a full asset management improvement program – include:
– Productivity benefit – 20 - 30% reduction after a 5 to 10-year period.
– Improved safety – 2 to 3 times reduction in safety incidents
– Improved performance – 40 to 80% improvement in customer service
– Improved use of available resources – 20 to 30% reduced outages, reduced overtime
– Improved environmental performance – reduced CO
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emissions and reduced environmental
incidents
– Reduced risks – resulting in reduced insurance premiums (up to 30% reduction in premiums),
and incident payouts.
Saves Money Over Time
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Accomplishments to Date
• Gap assessment performed to evaluate how are procedures and
processes stack up against industry best practices.
– Assessment performed by WSP
• Gap Assessment created a scoping document
Gap Assessment
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Next Steps
• Obtain consultant support for asset management services
– Develop/Improve and Implement Enterprise Asset Hierarchies
– Develop/Improve Data Collection Process
– Asset Inventory Data Collection
– Conduct Condition and Capacity Assessments across All Asset Classes
– Develop Asset Management Reporting
– Systems Integration, Peoplesoft, Maximo, GIS
– Develop Introductory and Ongoing Asset Management Training
– Migrate existing Asset data into Maximo
– Develop Enhancements to Asset Commissioning/Onboarding Process
– Develop a process for Asset Program Sustainability
Obtain Consultant Services
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Request
• Request Commission authorization for the Executive
Director to execute an asset management services contract
for up to 5 years for Seattle-Tacoma International Airport,
with an estimated value of $5,000,000.
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