Improving Asset Inventory and Reducing Lifecycle Costs through Improved Asset Tracking



Status: Concept
Timeframe: Mid-term
Potential Funding:


Background:

Well set up asset inventory is essential to reduce long-term costs in any agency. By tracking assets, lifecycle costs should be able to be reduced. An accurate asset inventory is a key element in meeting MAP-21 requirements. With the emergence of asset tagging and tracking technologies it is imperative to have a common standard in how these technologies should be developed and applied to support asset lifecycle management. Which of these technologies is the most efficient at reducing costs is still an open question.

Objectives:

The proposed research will:
• Evaluate various technologies for tagging and tracking assets and capturing asset history. Each proposed tracking technology should be evaluated for various factors, such as cost, ease of use, efficacy, and time required to implement.
• Create a standard for transportation asset tagging and tracking that can be used intermodally and across agencies.
• Develop a business case to demonstrate the lifecycle savings that can be achieved by transportation entities. This case study may be fictional if a suitable real-world example cannot be identified due to the new nature of the technologies.

Research Plan:

The research plan should:
• Evaluate current technologies for the various criteria that denote a usable solution for assent inventory and tracking
• Propose fit-for-use of technology type by asset class. A single technology may not be suitable for all classes of assets, so categorizing
• Establish policies and protocols for capturing asset data
• Develop lifecycle costing models for use of asset tracking/ tagging technologies



Duration: 12 months
Project Budget: $120,000


Topics:
Subjects: Inventory and Condition Assessment, Life Cycle Costing/Economic Analysis


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