Category: AI & Automation, IoT, Digital Transformation
How can energy and utility business manage their assets effectively?
Today, only one out of 10 things can operate without electricity. According to US Energy Information Administration, oil and gas enterprises cover the largest share of consumed energy resources in the country across all industries, a combine 62%. At present, demand for high-functioning assets and nonstop uptime are common in several sectors, but for oil and gas production, from extraction to sale, might include various facilities and a diverse logistical network, all of which depend on the performance of industrial assets.
Using an enterprise asset management, plan through dedicated maintenance solutions allow companies to combine intelligently with all of their assets, and a supply chain, access, and analyze glitches and prompt issues or failures before they impact the production. Current market turmoil in the oil and gas industry can be a leader for continuous changes to how enterprises in this sector produce, which can, in turn, transform asset management strategies moving forward.Relation of Asset Management and Modern Technologies
The energy and utility organizations are integrating more and more cutting-edge technologies, which makes complete asset management possible. These technologies are data management & integration, distributed control systems, and optimization enforced to asset management. One of the recent advancements that are revolutionizing the conventional approach of asset management processes is the Industrial Internet of Things (IIoT). It is described as an IoT for machines computers, allowing intelligent industrial process, using advanced data analytics for transformational business results.
IIoT-enabled technologies contain big data management, viewing & reporting tools, asset maintenance optimization analytics, and monitoring. Why energy and utility enterprises need asset management?
- Reduce risks
- Cost optimization
- Extended lifecycle of assets
- Simplified maintenance processes & enhanced effectiveness
- Elevated operations flexibility
When integrated into organizations and industries that depend heavily on the usage of their assets, an asset management tool or software can help to better maintain and manage mission-critical machinery across entire operations. Apart from various features and tools, an asset management software will give enterprises several benefits such as:
- Establishing preventive and proactive maintenance programs
- Tracking asset performance information in real-time according to various KPIs
- Tracking asset lifecycle from acquisition to disposal
- Getting an accurate ROI for all assets
- Tracking and managing field workers
- Accurately maintaining inventory control
- Prioritizing and scheduling work orders
Using IoT-powered devices and tools to reduce maintenance costs and eliminate outages
Gathering the right asset performance data is obtainable with the use of IoT-powered devices and tools. These tools and devices, in the form of smart trackers and sensors, communicate with each other and broadcast information back to an asset management software where data is gathered and stored.
Earlier, when enterprises incorporated IoT technology into their business operations, the process of gathering information was based upon intuition and observed judgment. All thanks to technological advancements, data is more accurate and instantly available. This kind of digital transformation to help transform and establish smarter infrastructure is expected to cost the energy industry $14 billion every year throughout 2023.
Incorporating IoT with asset management software can have several benefits for the production of utilities including:
- Dedicatedly handling maintenance
- Eliminating downtown of several assets and maintenance
- Reducing environmental impacts
- Decreasing risks and safety concerns of assets
- Offering a more comprehensive customer-centric approach
- Helping to increase the use of renewables like wind turbines and solar panels
Today, nonetheless, energy and utility companies could manage assets effectively because of technological innovations. Communication devices, sensors, and other hardware that enable objects to be tracked and controlled remotely have become significantly affordable and reliable. Hence, have the analytical tools for interpreting, processing, and responding to data from equipment. These transformations make it possible for energy and utility businesses to replace the old model of depending on specialists to set maintenance schedules on the basis of experience in favor of a flexible, simplified, and analytically precise approach that uses real-time performance information and predictive models to help asset management decisions.
Migrating to an asset management model on the basis of analytics makes it possible to enhance productivity in various ways, which enterprises must prioritize according to local regulations, the quality of their assets, and other factors. Enterprises that are planning to lower costs may use analytics to determine routine tasks they can remove, especially for asset management that is less valuable and to keep their assets in service for a longer period.
Enterprises should incorporate smart energy and asset management solutions with their current system to manage the requirements of this rapidly transforming market. Asset management systems optimize the availability, performance, and quality of assets along with their energy consumption. At KCS, we offer comprehensive and fully integrated asset management software that provides powerful tools and abilities in both mobile and web-based platforms. With our solutions, energy and utility companies can manage asset compliance, have greater asset visibility, and increase accountability.