Anticipating future maintenance expenditure

Australian federal and state governments are enthusiastic about investing in new infrastructure projects to fuel economic growth, improve connectivity and enhance overall quality of life for Australian residents. In every Federal Budget, a range of measures are announced to invest in key infrastructure projects.

However, what is rarely discussed when the ribbons are cut on shiny new infrastructure is the ongoing cost of these projects. Significant capital spending on new infrastructure often overlooks the crucial consideration of long-term maintenance costs.

By its nature, infrastructure needs to be rebuilt, expanded, retired and replaced. The majority of an asset’s maintenance operating budget is defined during the design phase, though it often isn’t considered until much later. While the initial construction may be funded generously, the failure to adequately plan for the upkeep of this newly built infrastructure can result in the deterioration of the assets at a faster rate than anticipated, leading to premature degradation and costly repairs or replacements.

Failure to consider maintenance costs perpetuates the unsustainable ‘build it and forget it’ mentality, leading to a bloated portfolio of infrastructure assets that become increasingly burdensome to maintain. This pattern strains government budgets, disrupts essential services and undermines public trust in the effectiveness of infrastructure investments. At worst, it puts public safety at risk.

Addressing this issue requires understanding and accounting for the full lifecycle costs, including maintenance and ongoing operational expenses.

Modern asset management software can resolve many of these issues by tracking and managing the condition of assets of any type, from bridges to computers. When integrated into core business financial systems, it can ensure maintenance is tracked and funded, and that crews are mobilised in a timely manner.

Manage assets smarter, not harder

SaaS company TechnologyOne’s Enterprise Asset Management is a solution built for government that gives visibility into the entire cost and performance of every asset. When integrated with finance systems, governments can know exactly what impact these assets are having on the annual budget.

Invest in the right areas

TechnologyOne’s asset management solution enables governments to take a strategic approach to projects, from inception to completion. Intelligent infrastructure planning ensures governments meet their long-term capital objectives on time and within budget, allowing for better resource allocation, budget forecasting and risk mitigation. By having a single source of truth for all asset data, governments can make informed decisions, track progress and anticipate maintenance needs accurately.

Plan smarter

With TechnologyOne’s strategic asset management software, governments can forecast future infrastructure needs, plan for upgrades or replacements, and mitigate risk associated with asset failure through comprehensive data insights. This ensures the delivery of reliable and resilient infrastructure that meets the evolving needs of communities while maximising return on investment.

Lightning-fast time-to-value

TechnologyOne’s SaaS Plus Enterprise Asset Management is a pre-configured solution designed to increase time-to-value with accelerated implementation while delivering improved effectiveness and efficiencies.

With more than 30 years’ experience partnering with government in Australia and New Zealand, TechnologyOne’s Enterprise Asset Management and SaaS Plus makes it easier to plan, deliver and manage government assets, forecast budgets, reduce organisational risk and improve time-to-value.

For more information, visit www.technologyonecorp.com/products/asset-management/experience-eam.

TechnologyOne
www.technologyonecorp.com

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