The technology of digital twin offers some exciting opportunities to electric utility companies to ace enterprise asset management.
FREMONT, CA: The utility industry is an asset-intensive sector, and often has to make substantial investments in asset management and maintenance. Enterprise asset management has seen rapid changes with the advancement of digitalization. Digital twins are now playing an important role in improving the ability of utility companies to manage assets. Since technology has become the cornerstone of competition, better performance has been accomplished by utility companies that are adopting tech-backed solutions. Digital twins refer to virtual asset representations with detailed information on each entity involved. Digital twins might include real-time simulations and 3-dimensional models for electric utility companies. Digital twins can empower electric utilities in the following ways.
• Improved Efficiency
Effective enterprise asset management includes efforts towards monitoring and maintaining of whole classes of assets. Electrical utilities have a large number of assets, making maintenance challenging. Using highly detailed virtual representations of digital twins, utilities can better visualize the assets. It becomes easier to manage resources when a centralized platform integrates data from disparate systems. Thus, digital twins empower electric utility companies to improve the efficiency of facilities-wide operations.
• Reducing Operational Risks
Enterprise asset management can reduce operational risks for utility companies. By embracing the concept of digital twins, electrical utility firms can build virtual systems that replicate actual facilities. Such digital twins improve utility firms' access to operational data. With increased access to information, utilities can use real-time and predictive approaches to conduct better analytics. This makes predictive and prescriptive maintenance feasible. The new method that uses digital twins has significant advantages when compared to traditional approaches in accumulating operational data for repair and maintenance purposes.
• Streamlined Processes
The maintenance approach needs to change as systems in the utility sector become digital. IT support and robust technical infrastructure are required to manage digital systems. The importance of AI, ML, and analytics is enormous, but first, they must be applied appropriately. Digital twins allow electric utilities to develop better IT infrastructure and support advanced asset management solutions to be introduced. When processes are streamlined, and data becomes easily accessible, and operational costs are significantly reduced.
Digital twins help utilities create digital capabilities, connecting distributed resources across different geographies and synchronizing workflows. Subsequently, by managing resource lifecycles and predicting the safety of equipment, digital twins make enterprise asset management easy for electric utility companies.