Investing is asset management, and adding an analytical edge to it holds the promise of improved efficiencies for electric utilities.
FREMONT, CA: Overcoming legacy infrastructure, rising expenses of power production, and the necessity of evolving with technological advancements are driving electric utility companies towards increased investments in maintaining, developing, and modernizing their service delivery assets. To power an appropriate asset management program, electric utilities can leverage the potential of analytics. With analytics, asset management attains a lot of competencies.
With the prices of remote-monitoring solutions and analytical software coming down, there are promising opportunities for electric utility companies to make asset management more effective. Advanced analytics that uses performance data and predictive algorithms, can help firms anticipate asset failures, concentrate on asset management efforts, avoid futile maintenance work or early asset replacements. Analytics allows facility operators to achieve visibility and control over operational infrastructure and conduct asset management through insights and deliver a more constructive approach.
Real-time analytics allow operators to avoid the excessive use of assets and provide more rest to assets, resulting in improved efficiencies and increased usability. Automated analytics leads to optimum asset usage with consistent, automatic evaluation of event data to drive decision-making. The use of analytics makes monitoring the performance of utility assets more efficient, and operators and engineers are relieved from routine tasks enabling a greater focus on activities that increase asset performance and uptime.
Today, electric utilities can manage assets more efficiently, thanks to improvements in technology. Possessing analytical tools for processing, interpreting, and responding to data-backed insights allows utility companies to scrap old models that required manual maintenance schedules based on experience, in favor of a flexible and analytical approach that leverages real-time performance data and predictive models to foster asset management decisions.