Consumer preferences for current service practices, combined with aging infrastructure, have created a push for new asset management systems.

FREMONT, CA: Digital systems have dramatically increased the efficiency of asset management practices in the energy and utility industries in recent years. In addition, consumer and government preferences have shifted in favor of clean and renewable energy sources. This change has added to the burden on utility companies to decide which assets to retire and how to allocate their budget for new equipment best.

Businesses that take a systematic approach to utility asset management, as shown below, are more likely to find success and identify new ways to reduce costs and improve efficiency.

Failure to Consolidate Digital Systems

Failure to plan for third-party integrations and system consolidations is one of the most common mistakes companies make when implementing an asset management platform. One of the primary advantages of a centralized asset management system is easy to access data that span multiple functional areas. Seeking an end-to-end Enterprise Asset Management (EAM) solution is a great way to replace multiple smaller systems with a single platform.

Inadequate Contingency Planning

Contingency planning is another essential factor frequently overlooked during utility asset management system deployments. Most companies will have business continuity plans, but these must practice aligning with your new system. When plans must be changed quickly in an emergency, an electronic asset management platform can be a valuable asset.

Not Managing the Entire Asset Lifecycle

Much of the energy infrastructure in the United States has outlived its useful life. With this reality in mind, asset lifecycle management should be a top priority for energy and utility companies. Companies can better control expenses and budgets by tracking each asset's entire lifecycle. This workflow also makes determining long-term infrastructure investment plans and when to properly decommission an asset easier.

Inadequate Regulatory Planning

The utility industry is highly regulated, and each company must remain vigilant and prepared to meet regulatory compliance requirements, audits, and certifications. Unfortunately, some businesses fail to integrate their regulatory requirements into their asset management system. Asset tracking workflows should simplify the audit process by providing your team with quick access to all relevant asset information.

Utility companies must constantly look for ways to cut costs while improving network and infrastructure reliability. These systems also aid in the clarification of equipment ownership and responsibilities, ensuring that all necessary maintenance work is completed.