Transit agencies look to efficient asset management to meet mandates (with related video)
According to research from New York-based consulting firm Accenture, transit agencies are facing a growing equipment repair backlog. Michael Wilson, Accenture’s managing director of public transportation in North America, says the backlog has reached $85 billion in value and is growing $2.5 billion annually.
In a video interview (link is below), Wilson says an efficient transit asset management programs help agencies in several ways. “Transit asset management tools can help agencies better control State of Good Repair (SGR) costs for equipment.”
In addition, says Wilson, effective asset management can help agencies meet Federal Transit Administration (FTA) SGR requirements. “The FTA wants agencies to get a better handle on asset condition assessment. Agencies that leverage innovation and technology can move forward in this area and an assessment program can help transit agencies better meet FTA mandates.”
In the video interview, Wilson says efficient asset management can help agencies boost transparency. “What we are seeing is that agencies, in many ways, have lots of data. The question is, what is the right data? Usually it is around trying to isolate what is that single source of truth. By using an effective asset management program, agencies can get better organized around the information they have and make that more transparent, more available to the public and to those who fund them.”
Asset-intensive government entities such as cities, counties and municipal utilities can benefit from using an efficient asset management setup, says Wilson (photo at left). “We do significant work already in asset-intensive industry like municipalities, utilities [and] oil and gas, where we see a lot of these practices already in place today.”
Go here for an infographic that discusses Accenture research in public transportation enterprise asset management. Within the infrastructure and transportation area, the firm helps organizations optimize their operational efficiency and lower their cost of service while improving their offerings and services. The company serves public transit, infrastructure, construction companies and ports in this space.
In this video, Accenture’s Michael Wilson discusses efficient asset management for public transit agencies.