In this digital era, there is a high need for businesses to manage and track their assets. With everything technology has brought about, tracking and managing assets have become a bit complicated. Furthermore, there is high insecurity of data with the employee turnover. There is a lot that a company can cost from mismanaged and misplaced assets. Companies tend to spend more than they need without proper tracking of their assets. They need to have an accurate picture of their assets and where they are located. This is very crucial for the energy sector that provides utilities such as water, electricity, and gas to businesses and households. This sector faces a lot of challenges in asset management and areas like equipment maintenance.
Resolving Challenges in Energy Sector with Asset Management
The energy sector relies on heavy usage of assets and asset management tools have become important. Companies like Neara provide asset management software for a power line. You can also get the best power line design for pole compliance and efficiency. Assets management tools such as CMMS and AMS provide many benefits to organizations. Some of the benefits reaped from these tools include;
- Creation of an active preventive maintenance program
- Real-time tracking of assets and their performance
- Generating RIO for individual assets
- Managing inventories accurately
- Tracking the life cycle of assets
- GPS Tracking the location of assets
- Scheduling and prioritizing work orders
The main benefit of using asset management tools in the energy sector is to collect data in real-time with a centralized system. When this data is accessible to managers, technicians, and workers, it speeds up operations and provides an overall overview of all assets that still hold value. IoT tools are best for collecting real-time performance details of an asset. IoT devices can be used to:
- Assess the condition of an asset
- Assess the usage history of an asset
- Check for the latest compliance and permit history
- Check the repair and maintenance history
CMM, AMS, and IoT devices are the best for asset management. With the data collected from these, it is easy to work on important assets like towers and transmitters. The utility sector has technicians employed specifically for repairing and maintaining aging infrastructure to minimize the chances of outage or failure. That means that these experts must have accurate data for active response. Accurate data provides more visibility and a connection between the technicians in the field and the workers in the office.
Real-time collection of data using assent management software helps in the proper calculation of asset RIO. A company in the energy sector can get a rough idea of the value of its assets. Calculating asset RIO is done by calculating the cost of maintenance and operation. Through this calculation, it becomes easy to decide if the equipment or asset will be worth replacing or throwing away at the end of its life cycle.
IoT devices can be used to minimize the costs of maintenance and avoid failure. IoT makes it easy for companies to collect accurate data on the performance of assets. Devices like trackers, sensors, and barcodes interact and pass the information to the central management system where the data is stored. Asset management tools can help companies in the energy sector in different ways as follows.
- Reducing risks and safety issues of their assets
- Approaching maintenance proactively
- Reducing impact on the environment
- Improving the use of renewable sources of energy such as solar systems, and wind and hydronic turbines
These are important asset management tools and software suitable for the energy sector. When finding one, you need to identify the gaps in your assent management and maintenance. You can also compare software based on the company’s needs for asset tracking and management.