Success in today’s utility business requires firms to strategize a smart asset management plan to monitor and manage their critical assets,
FREMONT, CA: Utility firms have been challenged repeatedly by the waves of change brought by digitalization, regulations, and, most recently, by environmental policies. This challenge has put smart asset management at the center stage. To achieve corporate performance, utility companies need to adopt sophisticated asset management approaches that make it possible to manage diverse and widely dispersed assets with a single, deployed system. Firms realize that maximizing the value of asset investment is a responsibility that reaches from the plant to the executive suite, and smart asset management is the solution.
Smart asset management aims to optimize the asset life cycle and thereby improve predictive maintenance and prepare an efficient business plan for investments on new utility assets. With the recent advancements in technology, traditional asset management has evolved to a smarter decision making process. In smart asset management, actions are taken based on data that may eventually lead to smart maintenance. Connectivity and data integration are two major prerequisites of smart asset management. This can be achieved by developing better information management systems that can handle data archiving and retrieval to develop efficient predictive maintenance strategies.
With smart asset management, utilities can make smarter decisions on when and where maintenance should be performed, which will result in reduced maintenance costs. With the advent of computational tools and smart meters, a vast amount of data is collected by the utilities that can be used for improving the performance of assets or enhancing maintenance policies. The Internet of Things (IoT) is also set to play a huge role in smart asset management. IoT would be beneficial for asset managers as it controls the data workflow and can work with less human interactions. It can also be used to maximize uptime reliability to make maintenance proper, thereby avoiding missed deadlines.
In conclusion, technologies will play a larger role in smart asset management in the utility industry. So, for utility firms, a good amount of effort is needed in the future to develop an effective and smart asset management strategy.