To stay competitive in the changing market, energy organizations must incorporate digital asset management capabilities that improve their assets' availability, performance, and quality.
FREMONT, CA: Energy businesses with main facilities have been practicing enterprise asset management (EAM) for years. Still, successful people rely more on technology and smarter asset management — a need for staying competitive within an increasingly global competitive environment amid added regulative pressures and aging infrastructures.
Companies with great plants, facilities, and equipment are now facing a complicated reality with energy consumption at its peak. As costs proceed to take a greater part of the operating and maintenance budget, energy companies must concentrate on the challenge of managing assets efficiently.
Energy companies today are reevaluating the traditional factors they use to decide the efficiency of assets. It's no longer enough to observe excessive inventory, downtime, and non-value-adding paperwork to downsize waste without integrating energy performance.
The quest to enhance value in business has led many CIOs to conclude to reduce costs, enhance business processes and improve the overall return on assets (ROA), both physical and human, depending on technology.
Energy businesses are integrating more digital technologies, which makes extensive asset management possible. These digital technologies incorporate data integration, data management, distributed control systems, and optimization applied to asset maintenance.
One of the latest innovations revolutionizing the traditional approach to energy asset management processes is the Industrial Internet of Things (IIoT). It allows machines and computers to monitor industrial operations utilizing advanced data analytics for transformational business outcomes.
IIoT-supported technologies incorporate big data management, monitoring, viewing and reporting tools, asset maintenance upgradation, and analytics. The advantages that come with digital asset management include cost optimization, lower risks, increased operations flexibility, simplified maintenance process, and extended lifecycle of energy assets.
As the responsibilities related to asset management are evolving, documenting on paper or Excel sheets is not effective anymore. Companies require reliable data collection that is more transparent, flexible, and cost-effective.
Managing plenty of assets means working with huge amounts of data; therefore, energy asset managers also need detailed data analyses to make the right decisions regarding the health of assets.
