Ways Energy and Utility Business can Manage their Assets Effectively

Utilities Tech Outlook | Wednesday, February 16, 2022

Using enterprise asset management and dedicated maintenance solutions, companies can intelligently combine all of their assets as well as a supply chain, access and analyze glitches, and detect issues or failures before they impact production

Fremont, CA: According to the US Energy Information Administration, oil and gas enterprises consume the most energy resources in the country, accounting for 62 percent of total consumption. At the moment, demand for high-functioning assets and continuous uptime is common in many industries, but oil and gas production, from extraction to sale, may include a variety of facilities and a diverse logistical network, all of which are dependent on the performance of industrial assets.

Using enterprise asset management and dedicated maintenance solutions, companies can intelligently combine all of their assets as well as a supply chain, access and analyze glitches, and detect issues or failures before they impact production. The current market turmoil in the oil and gas industry can serve as a catalyst for ongoing changes in how businesses in this sector produce, which can, in turn, transform asset management strategies in the future.

Relation of Modern Technologies and Asset Management

Energy and utility companies are incorporating more and more cutting-edge technologies, allowing for complete asset management. These technologies include data management and integration, distributed control systems, and asset management optimization. The Industrial Internet of Things is a recent advancement that is revolutionizing the traditional approach to asset management processes (IIoT). It is described as an Internet of Things (IoT) for machines and computers, allowing for intelligent industrial processes and the use of advanced data analytics for transformational business results.

Big data management, viewing and reporting tools, asset maintenance optimization analytics, and monitoring are all features of IIoT-enabled technologies. Why do energy and utility companies require asset management?

• Lower risks

• Cost optimization

• Extended lifecycle of assets

• Simplified maintenance processes and improved effectiveness

• Elevated operations flexibility

How can asset management resolve energy and utility industry issues?

When used in organizations and industries that rely heavily on asset utilization, and asset management tool or software can help to better maintain and manage mission-critical machinery across entire operations. Aside from various features and tools, asset management software will provide businesses with several advantages, including:

• Establishing preventive and proactive maintenance programs

• Tracking asset performance information in real-time according to various KPIs

• Getting an accurate ROI for all assets

• Tracking asset lifecycle from acquisition to disposal

Supply Chain

Data Management

Enterprise Asset Management

IIoT

Big Data

ROI

IoT