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Asset management is essential for companies that rely heavily on assets like utilities. Many asset management frameworks and philosophies have been introduced to the market over the years, and numerous software application manufacturers have included support for these ideas in their asset management solutions.
Fremont, CA: The globe is shifting toward intelligent assets and gadgets due to the development of new technologies. Despite their long history, sensors have traditionally been confined to a machine and used for a single purpose with little to no connectivity with the outside world. However, if these sensors can exchange data with other sensors, computers, and people via the Internet, this configuration could create an Internet of intelligent things.
To close the gap between information technology (IT) and operational technology (OT), this interconnected intelligent device setup can be further enhanced by software, simulation techniques, and algorithms. This will enable machine operators and supervisors to identify problem areas quickly, take prompt action to reduce machine failure and make quick decisions.
The Asset Management Issue
Asset management is essential for companies that rely heavily on assets like utilities. Many asset management frameworks and philosophies have been introduced to the market over the years, and numerous software application manufacturers have included support for these ideas in their asset management solutions. Organizations were able to better understand their assets and plan maintenance and investment strategies as a result of these asset management systems.
However, these asset management software programs cannot deliver relevant data for making decisions about the operation of vital assets. For these solutions to work well, a large amount of data must be collected, necessitating a large amount of work. However, as information varies over time due to changes in asset qualities, the goal of having the correct information in real-time is neither met nor sustained. This issue is prevalent in utilities with widely dispersed assets exposed to various adverse environmental conditions and aging infrastructures.
Utility companies have attempted to collect real-time machine operating parameters through supervisory control and data acquisition (SCADA) systems; however, these systems are mainly utilized for network operations and monitoring and offer little to no actual insight into the running of assets.
Role of the Internet of Things (IoT) in Asset Maintenance
Nowadays, utilities have difficulty pinpointing fault locations and associated asset conditions. The exact position and cause of faults are difficult for field personnel and supervisors to determine, which delays fixing defects. If electrical utilities are utilizing an outage management system (OMS) to locate failures, they have reached a certain level of maturity. However, even though this system only offers basic details, human intervention is still needed to fill in the blanks. Water and gas utilities typically lack such a mechanism because their networks and assets are older than those of electric utilities and frequently aren't connected to SCADA or OMS.
Machines with sensors connected to the Internet of Things (IoT) can transmit real-time information to supervisors and operators about their location, the operating parameters of all connected devices, the environmental conditions, and other information elements.
To prevent malfunctions and outages, utilities invest substantial time, money, and effort in conducting routine inspections. However, if utilities' assets are Internet of Things (IoT) enabled, they can exchange information about the asset state before failure, avoiding most of these inspections.
A further instance of automation might be implementing intelligent and innovative streetlight holders and poles. Streetlights: Holders may inform the IT system when a bulb is out of commission so they can completely automate streetlight inspection. Personnel in charge of maintenance and stores will be well-informed about the quantity needed and the location of replacements.
IoT is revolutionizing every aspect of life, and utilities are no exception. IoT can save a lot of maintenance costs that are presently spent on routine inspections based on antiquated ideas and outdated infrastructures. Predictive maintenance can be initiated by machines communicating with themselves before a malfunction and generating automated warnings.
It will take some time for utilities to get the benefits of the Internet of Things, though, as their infrastructures are sometimes 50 to 100 years older than those of other businesses.
