Asset Management

Asset management practices are rising at a growing rate with dedicated departments deriving maximum value from capital assets.


Asset management takes into consideration the total life of the asset and attempts to identify and derive maximum value from it. Physical assets usually refer to equipment, inventory and properties owned by an organization.

Asset management speaks to reliability and maintenance programs of capital assets, from applying a new coat of paint, to removing rust, to the development of an asset health indicator, to the disposal of the asset once its useful life has been reached.

Digital tools provide utilities with a means to aggregate information and data on their assets. These tools and processes in asset management will assist in achieving asset management excellence.

Benefits of applying asset management to your utility:

Utilities that apply asset management techniques may experience some of the following benefits:

  • A safe environment for customers, employees, contractors, and assets.
  • Enhanced risk management
  • Reduced capital and operational costs

Did You Know?

Poor or absent asset management programs can result in failures that are catastrophic. The California fires were attributed to an improper maintenance or asset management programs of capital assets along PG&E rights-of-way.

Supporting Data

  • ISO55001 is the international standard for asset management.
  • Hydro Ottawa was the first electricity utility in Canada to obtain ISO55001: 2014 certification for best practices in asset management.
  • With billions in assets within Canada, implementing strategic asset management will continue to be a priority to utility management to deliver value from those assets for all stakeholders.
  • ISO standards cover almost every subject imaginable, from technical solutions to systems that organize processes and procedures.
  • To date, ISO has developed more than 23,300 standards in the fields of technology, energy management, social responsibility, information security, environmental management, and many more.