Utilities Tech Outlook Weekly Brief
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Digital solutions have dramatically boosted the efficiency of asset management techniques in the energy and utility industries in recent years.
Fremont, CA: When it comes to managing a huge and aging infrastructure of scattered assets, utility firms confront substantial issues; as a result, asset management system deployment for utility companies has become a major industry priority. Digital solutions have dramatically boosted the efficiency of asset management techniques in the energy and utility industries in recent years. Consumer and government preferences have moved in favor of clean and renewable energy sources. Such development has added to the pressure on utility companies to pick which assets to retire and use their budget for new equipment effectively.
Consumer aspirations for current service methods and outdated infrastructure have prompted a drive for new asset management systems. Let’s look at some of the frequent mistakes that utility companies experience while implementing an asset management system.
Failure to prepare for third-party interfaces and system consolidations is one of the most common mistakes companies make when installing an asset management platform. One of the primary advantages of a centralized asset management system is quick access to data that spans several functional areas. Seeking an end-to-end Enterprise Asset Management (EAM) solution is a great approach to replace several smaller systems with one platform.
An utterly functional asset management system will be able to collect data from various sources, such as facility asset management tags, utility asset labels, sensors, and RFID tags. It is critical to optimize the system and verify that all possible inputs correctly get connected to capture real-time data. Real-time data makes it easier for engineers to coordinate maintenance work and identify the best-operating conditions for all utility assets and equipment.
Contingency planning is another crucial issue that sometimes gets forgotten during utility asset management system implementations. Most businesses will have business continuity strategies, but existing practices must get aligned with the new system. When plans must get adjusted rapidly in an emergency, an electronic asset management platform may be a significant asset.
