Weekly Brief

How Actionable Data Insights Transform Utility Asset Management

Utilities Tech Outlook | Friday, October 09, 2020

From production equipment to workforce, big data-based asset management systems prove to upgrade utility companies’ operational and production quality.

FREMONT, CA: Today, utility providers are focusing on deploying precise asset management systems, which will save huge amounts of companies' capital from investing in new assets multiple times. According to T&DWorld, managing utility assets’ better health is equally essential as installing high-tech tools and applications. Today, utility professionals realize that using big data technology for accessing asset data and monitoring assets performance can help in boosting both the quality and quantity of the utility production unit. Some of such actionable data offered by big data are listed below.

• Operational Quality

Big data allows utility providers to gain in-depth information about utility service or product delivery and help them compare with the highly competitive products in the market. Such features let them implement necessary updates into the existing assets and even look for new application-based solutions to increase the assets' operational abilities. In the rapidly expanding and competitive market, service, and product quality play an important role in engaging existing customers while attracting more individuals. From production equipment to digital platforms, big data proves to deliver complete data about operational qualities.

• Asset Performance Rate

Monitoring assets performance is one of the essential factors for utility professionals to focus one. Big data’s ability to extract all-around performance information about existing assets, allow the professionals to identify and rate low performing segment, and develop new strategies to upgrade asset abilities. Assets include utility companies’ workforce as well. With the help of big data, utility companies can streamline workforce performance management system by positively rating and rewarding the top performer, which will encourage other individuals to increase their efficiency.

• Asset Health and Physical Condition

Big data covers complete asset information, like location, device age, control type, alarm type, and more. Such data help utility professionals run a regular check on assets' physical condition and even measure the asset operation lifetime. Regular monitoring based on location and age, let the utility companies prevent a critical situation like asset failure that can have negative impacts on the production and distribution unit.

Including big data, there are numerous emerging technologies contributing to standardizing the asset management system across utility companies.