Utilities Tech Outlook Weekly Brief
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Fremont, CA: The utility sector is vast and vital, not only for individuals but also for businesses. Because the utility sector includes services such as electricity, gas, and water, all of these are basic necessities for businesses.
Asset management is a major source of concern for those who work in the utility industry. Because they have expensive assets in large quantities, such as power plants, gas pipelines, water purifying machines, and other critical equipment, they must monitor their utilities on a regular basis to ensure the safety of their employees and clients.
Without a doubt, this is a difficult and massive task! Without real-time data, field personnel must track each asset, which can take a long time and result in issues being overlooked, causing disruption. This is where asset management software can come in handy for utility asset management.
How does utility asset management benefit organizations?
Utility Monitoring
Electric, gas, and water consumption are all recorded at various facilities. Their utility is recorded for bills because they generate large bills. Daily consumption can be tracked using asset management software. It gives managers the ability to set a daily limit. When the allotted daily limit is about to be exceeded, it alerts the manager.
This software also provides utility consumption reports and analytics. These reports aid in determining the most cost-effective method of reducing utility consumption—budget forecasting using historical utility consumption data.
Utility managers can obtain a forecast of future utility consumption. The reports represent data, and the data can help one save money by avoiding waste and overuse of utilities.
Asset is Tagged for More Productivity
GPS (global positioning system) chips, BLE (Bluetooth low energy), or IoT (internet of things) tags are attached to assets (Internet of Things). Other asset tracking technologies are available, but the ones mentioned above are more effective for real-time asset tracking. These tags are extremely beneficial to the utility industry because they help predict when assets require monitoring and servicing.
When any of these technologies are used, the likelihood of equipment failure is reduced, as are overall maintenance costs. Thanks to asset tracking software and asset tracking tags. They are proactive, and tags help them to keep track of the data. The data can be used in analytics to generate value.
Management must ensure that inventory is always available in stock for effective maintenance execution. Many times, it has been observed that the maintenance team does not have inventory available while performing maintenance, making it an ineffective strategy.
