Data- The new oil powering the Asset Intensive Business
Assets, fundamental for any business, from the lowest value cost office stationery pin to high-value machinery, or information technology infrastructure adds value to the business entity. Data analytics is the driving force that helps Asset Intensive companies derive value to stay ahead of the competition in the Utilities industry.
Physical assets are the blood and bone for the energy and utility industry. New layers of transition affect the industry, including Deregulation, Changing regulations, Modern ideology business entrants, usage habits, etc. Therefore, enterprise asset management becomes crucial for many energy and utility organizations towards profitability and long-term sustainability.
With focused data management and quality assessment processes in the energy and utility industry, information is collected from field asset and intelligence platforms. Defective/failure rates and root causes of assets can be rectified with predictive analytics a condition-based maintenance model, the risk-based model predicts time to failure, and calculates the subsequent result of operational experience.
The evolution of Data analytics in the Asset intensive Industry
Despite efforts by the Large Energy and Utility companies, the International Organization for Standardization, and other association of industry had not set any standard guidelines to manage assets in a procedural form.
Typically, Organizations engage their engineers and field service engineers to determine asset health condition based on their traditional theoretical manual experience, that is scheduled based servicing of field assets.
For Energy and utility organizations, asset management has become a major concern as a matter of maintaining and replacing assets based on fixed schedules that might have been installed and running years earlier. It’s quite common for them to periodic maintenance, and that leads to more time- consuming and more costly for a business entity.
In fact, managing assets in this way have evident drawbacks. Regular maintenance programs tend to vary across companies. The lack of standards for asset management and the variety of asset-management plans make it riskier for regulators to determine whether energy and utility companies are carrying what they should ensure that their asset management network will perform properly.
Effective asset management with Smarter Data
Data and Analytics are the epicenters that provide numerous solutions to the asset management Industry. The companies who try to succeed must prioritize and rethink the current investments in, Smart devices, Sensors, communications devices, and hardware that allow objects to track and controlled remotely those are more affordable and reliable
This transformational shift replaces the traditional models which were dependent for maintenance schedules in the asset management protocol. This resulted in time management, flexible handling, streamlining processes, and analytically trigger the uses with real-time performance data capturing and predictive models to drive asset-management decisions accurately.
Data Analytics- the key driver to ensuring productivity in the Energy/Utility Sector.
In order to take bold decisions about these ageing assets, the maintenance management of utility network should take certain precaution into account a multitude of data generated from different areas, such as:
- The aggregate historical data for asset management, scheduled maintenance, cost-effectiveness, and asset investment planning
- The real-time status of equipment and its usage statistics, warning alarms, thresholds, and degradation patterns.
- Predictions derived from reliability studies.
- Multidimensional analysis and query: To analyze and capture asset data from different viewpoints.
- It can help with Log data analysis: To monitor the asset health during its operational lifetime
Evolving Asset Management – Analytics-Driven Decisions in Energy and Utility Industry
The utility business can benefit from restructuring its asset and redefining asset management strategies technology innovation, the term came up with a new shift in the business process. Data and analytics technology empowering energy & utilities to take asset management to an entirely new elevated level.
Many Organizations are already in the practice of advanced devices and remote working model to gain additional profitability. Investing in smart devices helps to generate real-time data, develop new asset management strategies that can improve reliability, also customer satisfaction, efficiency, and long-term planning can be achieved.
Data and analytics not only provides insightful reports to the management but also helps to manage ageing assets. Utility companies are also exploring ways to reliably integrate large quantities. The Asset management strategy may change due to a change in regulatory compliance for utilities that has evolved and will continue to evolve.
Hence, capturing data has become the most required and vital solution to manage the above-stated pain points for organizations.
Digital Asset management and operational excellence require many things to make it successful and more profitable to organizations, out of that most important are:
- Smart device adoption
- Leveraging sensor and remote access environment
- Digital asset management strategy
- Asset management best practice
Big data and analytics functionality having potentiality to manage enterprise asset data like, Volume,
velocity, variability, low veracity and variety are current data features methodology, a technique to help to understand the data models and proof of concept by applying it to the data model of a criticality analysis.
With the help of data analytics platform and business intelligent App, we can present reporting insight about the criticality analysis process to interact with the end user and, based on reporting needs and end user requirements.
It’s not possible to manage what you can’t see; Data analytics can come to the rescue in such an instance. Data analytics can allow to utilize economics-based decision-making operation right form as well as better manage high-loaded and under-loaded asset performance.
Customer satisfaction with unplanned outage detection and prediction in analytic based business approach. Therefore, most of the business with foresight vision like to deliver in such a way that Preparing for Tomorrow’s Distribution-Centric world, also moving ahead of competitor circle.
Sonata empowers enterprises to realize modern platforms with Reporting and Analytics, Real Time data insights and consulting powered by IoT, AI/ML solutions. Visit our Data and Analytics offerings page to know more on how we can enable you on your path to true digital transformation.