The Power & Utilities industry is experiencing unprecedented change right now. The need to adapt to these changes while optimizing operations and assets is critical to future success and sustainability. Some of the challenges being experienced include:
- Aging infrastructure and assets
- Changing workforce
- Grid reliability
- Distributed energy resources
- Energy efficient mandates
- Stagnant load growth
- Physical and cyber grid security
- Limited financial and human resources
- Smart grid deployments
Utility companies must ask themselves:
- Are our assets operating reliably and safely?
- Are our assets fulfilling design expectations?
- Are our assets functioning optimally as needed?
- Are our assets not over-consuming maintenance resources?
- Are our assets performing with minimal economic impact?
- Are our assets adequately handling minor over-extensions?
An enterprise asset performance management (APM) solution can help answer these questions.
But many organizations are not taking full advantage of an APM solution.
Below are the five most common issues facing utility companies when it comes to APM. If your business resembles even just one of these, it’s time to update your APM approach.
- Point solutions: Do you have two, three, or even four different software applications focused on disparate parts of equipment reliability activities? Do different monitoring tools watch over different sets of equipment? If so, you are missing tremendous efficiencies that can be found when a single foundation ties together all information from across the business.
- Uninformed decisions: Are business leaders planning with incomplete information? Do you have access to global equipment benchmarks? Is more maintenance work scheduled than you have resources to execute against? Even the most educated guesses, are still guesses. Integrated data driven decisions lead to fewer errors and better operational returns.
- Single site view: Do your analytics look across equipment in all of your sites? How much more effective would defect detection or root cause analysis be with more data points? Single site solution approaches miss the opportunity to find patterns that can signal risk in geographically dispersed locations.
- Siloed data sets: How much work is required to bring together data from across different parts of your business? Are you connecting operations data with maintenance and financial systems’ data? Manual data reconciliation is inefficient and takes time and effort away from more effective tasks. Having all the pertinent information readily consolidated is necessary to make optimal decisions.
- One-time actions: Do you schedule annual audits as a basis for asset planning? Is the organization a slave to non-timely or infrequent reviews? Helpful tools providing intermittent or one-time actions leave the business vulnerable to profit leakage that would be uncovered by a universal, cross-site continuous approach to analytics.
These five issues highlight the value an enterprise APM solution can bring to your business’ bottom line. Learn more about GE Digital's APM.