The six stages of obsolescence
Gain a broad understanding of the project prior to undertaking any review is imperative to ensuring we are targeting the right areas such as mission critical systems or known risks on a client’s portfolio including any location or contract specific issues. HCP Consultancy’s expertise was developed within the PFI/PPP sector, which has complex and long-term contractual and compliance requirements, and we therefore have a deep understanding of all contractual mechanisms, asset availability criteria and an ability to work collaboratively with all relevant stakeholder groups such as SPV Managers, Project Directors, Consultants, Contractors and Service Providers.
Utilising accurate data is key to ensuring the proactive management of infrastructure assets. Working alongside our clients, HCP Consultancy gather and analyse the relevant data to enable the most appropriate solution to be implemented.
The risk assessment stage of obsolescence management clearly identifies where risks are present in a client’s portfolio. HCP Consultancy has developed a ‘tool kit’, which can be adapted to individual projects, this analyses the asset data and current replacement strategies. Understanding the potential risks and outcomes associated with obsolescence unavailability, whether they be operational, financial or reputational loss, allows us to help advise the client on the best approach to prioritising and mitigating these risks.
Collaboration with specialist manufacturers and subject matter experts within industry allows effective remediation strategies to be implemented. HCP Consultancy has a large network of collaborators within the built-asset supply-chain industries which has been developed over many years whilst managing a diverse infrastructure asset portfolio on behalf of our clients and beyond. Combining the best advice from industry experts with HCP Consultancy’s extensive asset data and knowledge, enables us to provide clients with proactive solutions to manage risk and add value to their asset portfolios.
The outcome of proactively managing obsolescence on a client’s portfolio is to implement a robust replacement strategy (or other mitigation technique) which minimises the risks and helps drive value. HCP Consultancy’s Strategic Asset Management Team has a proven track record of implementing replacement and optimisation strategies for clients across a wide range of sectors. The key to a successful replacement strategy is to do the right thing, at the right time, for the right reasons.
Obsolescence risk needs to be constantly monitored to ensure assets are effectively maintained and remain operational. Continuous advancements in technology mean that existing assets and their components become out-of-date and unsupported very quickly. This situation is particularly acute in asset groups with increased use of software, sensors and controls. HCP Consultancy continually monitor obsolescence across our portfolio and within the wider infrastructure industry to allow upcoming risks to be identified, assessed and mitigated swiftly.
HCP Consultancy Six Stages of Obsolescence (downloadable PDF)
For more information on how we can help you in the Obsolescence Management process, contact [email protected] .