Leveraging information to optimise asset expenditure

Posted on September 22, 2021

Improved asset maintenance with the new Advanced Accounting Module

Keeping costs down is important for any organisation, especially for Local Government and Utility based agencies. When organisations find savings in any department, it should have a flow-on effect not just to other departments, but to rate payers and users as well.

Asset management is one of those areas which, if done properly, can realise significant savings and cost reductions. And that's one of the main reasons our customers rely on the Unity Asset Management (AssetFinda solution) - it improves efficiency, reduces operating costs and increases service delivery for across all asset classes.

As part of Univerus's ongoing commitment to continual innovation, and based on customer feedback, we've developed a new module for the Univerus Asset Management (AssetFinda) solution. This all new Advanced Accounting module is able to leverage information that's historically been captured in the solution - asset maintenance, repairs, costs - and use it to generate different methods of monitoring and reporting asset failure and planning renewal programs.

The goal is to understand the condition of assets in the field, so that organisations are better able to predict when they're likely to fail. If an asset's lifecycle can be accurately modelled, that will have significant implications from an accounting perspective - knowing when an organisation needs to fund the renewal and maintenance of assets is valuable information.

The new module is designed to perform advanced modelling, analysis and profiling of future asset failures, enabling organisations to better plan their asset renewal programs.

Gaining insights from data

Historic data is in itself a valuable asset. The Advanced Accounting module takes historic data and uses it to help organisations analyse different scenarios of asset spending. The goal is to avoid situations where assets fail causing negative consequences such as increased costs and out of service facilities.  For Council services particularly there are the added outcomes of inconvenienced rate payers who may also be facing increased charges as a result.

The Advanced Accounting module offers:

  • Accurate, predictive modelling
  • Different depreciation curves
  • The ability to see how assets may fail over time, and how those failures could be funded
  • A 'green fields' approach - looking at the different ways assets could be maintained and the net effect of each option

These functions haven't previously been available for AssetFinda, but the new module means asset managers can now visually present what the effects of their decisions will look like in both short and long term scenarios. It's a unique innovation for asset management, ensuring that capital and maintenance monies continue to be spent in the most efficient, optimal way.

Get in touch to find out more about the Advanced Accounting module, and we’ll talk about deploying it into your Univerus Asset Management (AssetFinda) solution.