Moving Beyond Transit Asset Management by Leveraging IoT
Thriving in the public transit industry requires daily improvement of operations by eliminating inaccurate systems and streamlining inefficient processes. The Federal Transit Administration (FTA) requires all FTA-funded capital assets comply with Transit Asset Management (TAM) regulations.
How do companies ensure basic compliance with FTA and state of good repair but capture real-time data to create precision asset management? That was the subject of a wide-ranging webinar featuring ThingTech’s VP of Sales and Co-founder, Tim Quinn.
Tim co-launched ThingTech in 2014, bringing more than 20 years of experience building and deploying geospatial technologies for fleet and asset tracking. With this, he’s earned a wealth of knowledge he was able to share.
To begin, Transit Asset Management (TAM) is the strategic and systematic practice of procuring, operating, inspecting, maintaining, rehabilitating and replacing transit capital assets to manage their performance, risks and costs over their lifecycles to provide safe, cost-effective and reliable public transportation.
A 6-point approach to precision asset management
During this webinar, Tim dug into six main areas:
- Building an asset inventory
- Defining asset performance goals and measures
- Automating maintenance workflow and processes
- Inspection and SOGR data collection optimization using ThingTech Mobile
- TAM Reporting and dashboard analytics
- Asset intelligence using IoT
TAM Compliance and Automation
Whether through spreadsheets or maintenance systems, the ultimate goal is to collect asset inventory, performance measures and asset conditions and feed all of this data into your TAM Plan documentation. Using ThingTech’s technology, Tim demonstrated how users can gain a 360-degree view of all the fleet, systems, equipment, etc. in a single integrated application and automatically compile this information into the TAM planning process.
Going beyond basic TAM compliance, the ThingTech solution provides automation to optimization. Decision support tools within the platform streamline the work order process, optimize the State of Good Repair Program, and automate capital planning and TAM reporting.
Why Scale to Real-Time Precision Asset Management with IoT
On-demand services and digital transformation in the private sector have raised citizen expectations. Inefficient resource allocation, monitoring, and reactive maintenance lend to public organizations struggling to deliver the same high level of satisfaction that commercial companies offer. The concept of adding IoT to transit asset management has significant value in terms of how decisions are made, how assets are utilized and how customer service delivery and response can be improved.
IoT-enabled devices and sensors improve operational efficiencies by remotely monitoring the status and condition of assets. Flexible rules-based engines allow users to process streaming data, trigger alerts, create workflows and generate actionable data.
Watch the entire (free) TAM Asset Management Webinar
These were just some of the topics covered in the session. To review everything covered during Tim Quinn’s TAM webinar, download it today.
Moving Beyond Transit Asset Management by Leveraging IoT