Current State of the Assets
Defining the current state of the assets is the foundational element upon which other asset management activities are built. The purpose of this component is understanding what assets the system owns and/or manages and knowing the status of those assets. Staff cannot make informed decisions about assets if they do not understand the extent of the assets as wells as the current status of the assets.
While gathering information on assets is relatively straightforward, it can seem overwhelming since the number of assets is typically large. Therefore, the system should think through a plan for completing this component. Completing this component will provide information that will allow improvements in operations and management of the system.
In order to understand the current state of the assets, data must be collected about the assets. That data will also need to be stored such that a system inventory is developed and is accessible. The inventory will need to be updated and accurate. Because this component is foundational, the inventory must contain enough information to support operational analysis and data-informed decision-making. If the foundation is not well built, the structure is likely to fail. Thus, thinking through the process for capturing data on each asset is worthwhile.