Asset management planning

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Developing your plan

NSW Government agencies and councils must have asset management plans in place. These plans should outline:

  • how assets are looked after and maintained
  • how risks and opportunities are managed.

The assets in a smart place include:

  • new or upgraded digital connectivity infrastructure
  • devices and enabling infrastructure
  • data
  • platforms and systems for managing data
  • data storage systems
  • data visualisation platforms and tools
  • other supporting software and systems.

To realise the benefits of smart places into the future, you will have to ensure regular and ongoing management and maintenance is performed on these assets.

Each asset has its own lifecycle, replacement schedule and maintenance needs. The lifecycle usually incorporates planning, design, and asset creation, through to ongoing maintenance, and eventually disposal.

Asset management plans can help you:

  • capture the maintenance needs of your new assets
  • allocate appropriate maintenance funding
  • maximise the life of your assets
  • avoid unplanned outages and incidents.

You can engage with the market to understand operations and maintenance needs for each asset.

Asset management considerations

Asset: Systems

New systems may be needed to support smart solutions. You may also need:

  • greater computing capabilities
  • integrations with existing systems.

Given the pace of technology change, you should plan to review systems regularly to support upgrades and replacements as needed.

Asset: Digital assets, including software and data management systems

Digital assets require regular maintenance. This includes:

  • regular updates as per the software recommendations
  • routine checks for software bugs or required patches
  • installing required firmware updates.

Regular updates will ensure that they are secure and performing at optimum efficiency. This will ensure that software continues to provide accurate, available, and accessible information.

Asset: Data collected

You will need to manage and maintain data generated in your smart place to ensure:

  • it is secure, with cyber risks appropriately addressed
  • it is compatible and consistent with other data held by the organisation
  • data quality is assured
  • data is only retained while it has a purpose
  • data is retired when it is no longer useful or current.

Managing data appropriately is part of good data governance.

The Smart Places Data Protection Policy will help you understand how data should be collected, managed and stored in smart places. This policy supports the Privacy and Personal Information Protection Act 1998.

Asset: Physical assets, such as IoT sensors and devices

You should plan to regularly monitor and maintain your physical assets. This may include:

  • registration
  • configuration and provisioning
  • maintenance
  • monitoring of connected devices.

You should ask suppliers for guidance on recommended maintenance.

Asset: Enabling infrastructure assets, such as smart poles and furniture

Infrastructure assets that enable smart technology should be catalogued and maintained. You should be checking to ensure:

  • the power supply is maintained
  • expected connectivity levels are maintained
  • the infrastructure continues to support other smart technology assets.

Related resources

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