Rail Asset Management System Selection

This Selection Guide includes both selection criteria and strategies for choosing the best rail asset management system supplier to meet your business needs.

Rail Asset Management Overview

The scope of the criteria covers key aspects of rail asset management systems including asset performance management like operations and maintenance, condition and reliability monitoring, and asset management business processes. It also includes general product functions, asset types, deployment strategies, work order management, materials management, labor management, service contract management, financial management, reporting and analytics, and technology architecture.  The guide has attributes tailored for rail operators and transit agencies, and allows those involved in a rail asset management selection process to make improved decisions more quickly.

The key metrics for maintenance managers involve uptime, asset longevity, cost control, and safety across a diverse set of assets and technologies.  To meet these critical objectives, executive management recognizes the requirement for a modern and reliable rail asset management system.  In addition, the rail asset management system needs to integrate with other systems including condition monitoring and corporate finance.  Rail asset management integrates hardware, software, and consulting parameters within asset management. The improved economy has unleashed a backlog of projects for new rail asset management systems.  This guide will support the growing demand for help with supplier selection.

Rail asset management system selection is mission critical particularly in the asset-intensive rail industry.  The total solution has become complex and functionality involves the combination of an expanded range of capabilities and specific technology requirements.  While product plays a major role, suppliers have specific domain expertise, geographical presence, and knowledge of certain industry dynamics.  These must all be evaluated in a supplier selection process.

Railway Asset Management Strategic Issues

ARC has been researching the rail asset management market and we know the issues:

• Asset Performance Management
• Work Order Management including mobility
• MRO Materials Management
• Labor Management
• Service Contract Management
• Financial Management
• Reporting and Analytics
• Mobility
• Emerging technologies
• Integration with condition monitoring, historian, EH&S, CPM/MES, and other asset performance management systems
• Integration with project management, documentation management, ERP, and other business systems
• Support, training, and upgrades
• Supplier long term viability

This ARC Selection Guide will help you select the best available rail asset management system to meet your needs now and in the future.