NEXGEN Asset Management Review

A Better Way To Organize And Understand Infrastructure Assets

NEXGEN Asset Management is a great tool for creating effective and comprehensive asset management programs, and every asset management program must begin with a clear and precise understanding of all of the assets that will be included in such program. Fortunately, the asset management solution offers a module called Assets Module that allows users to intelligently and systematically organize all their assets, access relevant pieces of information and documentation related to their assets, perform asset inventories, and evaluate the conditions of their assets.

Supports Linear And Non-Linear Assets

Infrastructure assets are generally classified into two: linear assets and non-linear or vertical assets. Linear assets include pipes, roads, and telecommunications lines while equipment, areas, structures, and vehicles are examples of non-linear assets. NEXGEN Asset Management’s architecture and database provides a way to systematically organize both types of assets. It introduces a hierarchical method of structuring assets wherein assets are grouped based on their type and location and displayed in tree structures which can be customized. Interestingly, for linear assets, the solution enables users to view them in GIS-based maps which is possible if they have an existing GIS or Graphic Information System.

Access All Important Information Related To Assets In A Single Database

As their assets are organized in a single database, they will be able to access all important attributes and information associated with their assets such as work orders, maintenance histories, and more. This eliminates the need to use multiple spreadsheets and traditional databases that do not have the capability to efficiently and systematically organize all important asset attributes and information.

Automated Asset Condition Assessment

The Asset Module is built with a feature which lets users easily evaluate the conditions of their assets by automatically assigning ratings or scores to assets based on their age and remaining useful life. Because such feature is automated, users don’t have to apply any computations; instead, it is the solution which will provide and assign the condition scores and ratings.

Assess Asset Condition Through Field Inspections

Condition assessment in NEXGEN Asset Management can also be done manually. In this case,  it is the users themselves who will assign scores and ratings to the conditions of their assets. Their scores and ratings will be based on the condition assessments they produced after they conducted field inspections. In addition, the solution is built with customizable inspection templates so it will be very easy for them to perform manual asset condition assessments.

Dynamic Preventive Maintenance System

With NEXGEN Asset Management, preventive asset maintenance management programs and workflows can be executed smoothly. This is because the solution utilizes a CMMS or computerized maintenance management system that works hand in hand with the asset management capabilities and functionalities of the solution.

For example, users can immediately create preventive maintenance work orders from the asset inventory module or the assets that are graphically represented in GIS-based maps. Purchase requisitions can also be generated from the parts that are specified in the work orders. The purchase requisitions are instantly forwarded to the warehouse managers and teams. Another example is that when work orders are closed, the service requests that are associated with those work orders are also automatically closed. Thus, the asset preventive maintenance capabilities of NEXGEN Asset Management are so dynamic in such a way that users no longer need to use separate applications and tools to manage their maintenance activities, tasks, and workflows. This way, they are ensured that they are able to deliver maximum service levels; and they can prevent equipment failures even before they happen.

Boost Customer Satisfaction

Excellent customer service is achieved when organizations are able to quickly access all important information related to the customers who are relying on their services and respond to the service requests they are submitting. NEXGEN Asset Management is indeed a customer-centric asset management solution because it offers a module called Customers Module that allows users to engage and interact with their customers throughout the service request process, covering the sending of service requests, the creation of work orders, and the closing of service requests.

Customer Information Management

The Customers Module is comprised of two systems, namely customer information management system and service request system. The customer information management system allows users to access the records of their customers from GIS-based maps. In addition, since such system is integrated with the asset and maintenance management systems, they can track the previous service requests sent by the customers, the work orders generated from those requests, and the maintenance works implemented based on the service requests and work orders.

A Service Request System That Has Reporting Capabilities

Meanwhile, the service request system permits the automatic assignment of service requests to maintenance teams. It also provides users with the ability to monitor the labor and equipment allocated for each service request. Furthermore, the service request system provides reporting capabilities that enable them to access KPI metrics so they can evaluate how fast their teams are responding to service requests and how long service requests are kept active before being closed. Because of this, they can verify if they are handling service requests in a timely manner and delivering the service levels expected by their customers.

Enterprise-Grade Asset Management Planning

One of the most powerful modules of NEXGEN Asset Management is its Asset Management Planning Module. This module combines asset lifecycle management planning, asset condition and risk analysis,  funding planning and projection, and capital improvement prioritization. How does all these capabilities work together to form a truly enterprise-grade asset management planning solution?

Perform Risk Analysis

The module permits users to create asset lifecycle management plans for different types or classes of assets through the aid of standard templates or custom plans that they can prepare on their own. While creating plans, the solution allows them to perform asset risk analysis. Here, they can prioritize assets and the associated renewal, rehabilitation, or maintenance projects. There are several factors that they can consider as they perform asset risk analysis such as the remaining useful life of an asset, its condition, the possibility of asset failure, and the possible consequences or impact of an asset failure.

Generate Funding Forecasts

Then, they can conduct funding planning and projections based on the risks associated with the assets. For instance, the solution lets them allocate more budget or funding to high-risk assets or those assets that require immediate maintenance so that such assets won’t fail or breakdown, resulting to costly asset replacement or reconstruction. For assets that have lower risk scores, they have the option to either allocate a smaller chunk of their budget to those assets; or in case their budget is no longer sufficient, they can decide not to fund the assets and the projects related to them in the meantime, provided that it won’t impact risk.

Capital Asset Improvement Prioritization

As users measure asset risk and perform funding forecasts, they will be able to create improvement plans and programs for their capital assets. They can prioritize risks and the projects they are setting up to mitigate such risks; and identify which capital asset improvement programs need to be implemented first. Also, they won’t be worried about presenting their programs, projects, and plans to stakeholders, as the solution provides them with all the data and tools they need for such purpose.

Fully Featured Warehouse Management System

NEXGEN Asset Management also comes with a fully featured warehouse management system designed to help users easily perform parts inventories, handle multiple warehouses in a single database and every aspect of them, and streamline the purchase order process. The system is built with a cycle count feature. Cycle count is an inventory counting method wherein a specific number of items or areas within the warehouse are counted and the total warehouse inventory is inferred from it.

In other words, if the cycle count is accurate; it is presumed that the entire warehouse inventory count is also accurate. With NEXGEN Asset Management’s cycle count feature, users will be able to reconcile their inventory right straight from their mobile devices, as the solution supports scanning of QR codes and barcodes using smartphones. It can also work with other types of devices that can scan QR codes and barcodes, and read RFID tags.

When it comes to streamlining  the purchase order process, the warehouse management system enables users to automatically generate purchase orders when their parts inventories are running low. These purchase orders can also be linked to the vendors they prefer. In addition, the system lets them compare the quotes being submitted by multiple vendors.

Translate Data To Knowledge Using Performance Reports

Any asset management program must always be assessed to check whether it is meeting the service levels being expected from an organization. Thus, organizations should be equipped with reporting capabilities and tools so they can evaluate not only the performance of their asset management programs but also how they utilize their assets, serve their customers, and run their operations and projects. This way, they will be able to translate their data into knowledge.

NEXGEN Asset Management delivers the capability to create various types of performance reports. Users can generate reports that can be checked against the best asset management practices. The solution has standard performance reports which are classified into three categories: customer performance, asset performance, and operations performance.

The customer performance category is comprised of reports that can be used for evaluating how the organizations and its teams are meeting the service levels demanded by their customers. If they want to assess how their assets are contributing to the attainment of the desired service levels, the asset performance category will give them the reports they need. Lastly, the operations performance category provide reports aimed at measuring the efficiency of their operations and maintenance tasks.