Enriching Utility Asset Maintenance with Predictive Analytics
By Utilities Tech Outlook | Friday, November 30, 2018
Predictive analysis, an advanced form of analysis is opening new doors for many organizations with its ability to anticipate risks and opportunities. By analyzing the historical data, this type of analytics offers valuable insights driving the organizations to make better decisions promoting productivity and efficacy. A myriad of industries are now coming in the forefront to employ predictive analysis, one such industry is utility industry, where its implementation can bring a huge transformation in this sector.
Predictive analysis in the utility sector is usually processed by the integration various data sources—SCADA, CIS, EAM-GIS, weather channels and online monitoring systems—with which organizations can promptly address all the possibilities and threats in the utility sector. By deploying predictive analysis, organizations are able to manage assets effectively, avoiding unexpected outages and maintain critical assets before failures.
Simply put, it acts as an alarm allowing organizations to come up with a suitable solution even before the problem arises. This enhances the customer experience as they are given timely notification in case of failures and other vital risks where they are able to plan their utility consumption in advance. Furthermore, organizations could also avoid unexpected costs such as service cost, disposal of a damaged asset, collateral damage cost, intangible cost, loss of revenue and penalty costs. But employing predictive analytics is not an easy task; there are certain pain fields that organizations have to cover. They include choosing the right technology, obtaining all the necessary data, revamping the infrastructure, and employing the needed expertise.