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1 By Jesse Berst
As a result, asset management is entering its next phase. We now have tools that let you pinpoint the asset health index of every important piece of equipment. To determine which of those assets are most critical to your operation. To know just where to spend your maintenance dollars for maximum benefit. And to hand regulators a highly scientific report that proves which equipment needs to be replaced and when.
In fact, asset management has progressed to the point that utilities are already gleaning benefits like the ones below:
· Prevention of catastrophic failure. You can now get alerts in advance if critical equipment gets near danger zones.
· Melding many information sources to get a more complete picture of asset health. Most utilities already have a lot of data about their equipment. They simply lack the know-how and the software to pull it together and create value.
· Sophisticated risk analysis that reveals just which assets are most critical.
· Improved ROI on maintenance because you now have a scientific way to decide whether to repair, refurbish, upgrade or replace.
· Turning staff from data serfs into knowledge workers. Old-school asset management can be as much as 80% data-gathering and only 20% analysis and decision-making. With next-generation tools, you can reverse that ratio.
• Marc-Andre Forget, Chief Technology Officer at Utilicase
The four steps in brief
Here is a quick summary of the lessons I picked up while researching for the webinar. It is important, I discovered, to take a step-by-step approach. Asset management specialist Utilicase takes its clients through these four phases:
1. Create a baseline audit so you know where you stand. (Tip: Be prepared to reach across departmental silos to assemble the information.)
2. Perform a risk assessment to determine which assets are most critical to your business. A good assessment is very customized. It considers your particular goals, constraints, regulatory climate, business rules, etc.
3. Build the roadmap that prioritizes your assets and your next steps (Tip: Inform that roadmap with the best practices that have been developed over the years. And don't forget to think hard about implementing new processes and procedures. It's about people just as much as it's about software and hardware.
4. Implement new procedures and new asset dashboards according to the priorities set in step three.
An additional benefit from advanced asset management
We typically think of asset management as a way to get more value from equipment and to better manage its lifecycle. But I'm also hearing that it can help keep regulators happy. When it comes time to ask for replacement of aging equipment, utilities are using new-breed asset management software to prepare. They create a scientific analysis showing just which equipment is most critical and what the risks are if they fail to replace it. Regulators really appreciate this kind of backup information to help them justify their decisions.
Join us at the free asset management webinar if you can. If you're not sure about your schedule, register to get a copy of the slides and links to the video replays.
P.S. There's a giveaway
Webinar registrants also get a free copy of a new white paper: "Smart grid analytics: Proven techniques for ensuring data quality." If you have heard the aphorism "garbage in/garbage out," then you know the problem. The solution, it turns out, is simply a matter of rigorous engineering. This white paper documents best practices while explaining key concepts such as:
If your IT staff is struggling to stay ahead of the data explosion, be sure to register to get this useful guide.
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