Utilities Tech Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Utilities Tech Outlook
Utility Asset Management comes with various advantages for organizations, such as real-time access and storage of data and monitoring and tracking of utility consumption.
FREMONT, CA: As utility companies manage a large and aging infrastructure of dispersed assets, asset management systems have become a top industry priority. Digital systems have dramatically increased the efficiency of asset management practices in the energy and utility industries in recent years. Clean and renewable energy sources have also become more popular among consumers and governments. As utilities determine which assets to retire and how best to spend their budget for new equipment, this change has placed an additional burden on them.
Consumer preferences for modern service practices, coupled with aging infrastructure, have created a need for new asset management systems. Here are some common pitfalls utility companies face when implementing asset management systems. Utility asset management allows businesses to reduce costs and improve efficiency by taking a systematic approach.
Consolidating digital systems is not a priority: Third-party integrations and system consolidation are two of the biggest mistakes companies can make when implementing asset management platforms. Access to data covering several functional areas is one of the main benefits of a centralized asset management system. It is a good idea to replace several smaller systems with a single platform by seeking out end-to-end Enterprise Asset Management (EAM) solutions. One of the benefits of a single asset management system is that it simplifies financial planning and provides comprehensive metrics and reports.
Check Out This: Utilities Asset Management Services
Ignoring real-time data: An asset management system can collect data from a variety of sources, including facility asset management tags, utility asset labels, sensors, and RFID tags. To ensure real-time data collection, companies need to optimize their system and make sure all inputs are properly connected. It is easier to coordinate maintenance work among engineers and determine the optimal operating conditions for all utility assets and equipment with the help of real-time data.
For monitoring companies' assets and employees in the field, most asset management systems also include advanced field service management tools. Accurate data can also be used to align the procurement team with other departments and functions. Tracking assets is only as good as the data inputs, and inaccurate data collection is one of the biggest pitfalls.
Failure to manage the entire asset lifecycle: The U.S. energy infrastructure has aged well beyond its intended life span. Energy and utility companies of all sizes should consider asset lifecycle management in light of this reality. Companies can better control expenses and budgets by tracking the entire lifecycle of each asset. It also simplifies the process of determining long-term infrastructure investment plans and when to decommission assets.
