There are a considerable number of challenges faced by utility operations on a global scale. To put this into perspective, in 2019, The Department of Energy estimated that outages are costing the U.S. economy $150 billion annually. Thankfully, utility organizations are beginning to adopt new technology and asset tracking management systems like SmartCAT to maximize ROI and get real-time data on the performance, preventative maintenance, and general health of their operational assets.
Why is Asset Management Important?
Whether your organization falls within the water, gas, electric, buildings, heavy equipment, medical, or technology infrastructure, there is a most definite NEED for asset tracking management systems. Asset management systems allow businesses to make intelligent decisions in one centralized location. With the ability to track maintenance activities, inventory quantities, conditions, and asset rehabilitation using a simple radio frequency identification (RFID) tag, businesses worldwide can reduce expenses by increasing an asset’s life span and decreasing equipment interruptions.
What are some examples of Asset Management in the Utility Sector?
With most of the United States and Canada using electricity as their primary source of heating, it is imperative that electrical utility grids are always operational, especially those located in areas subjected to more severe climate changes. By using asset management technologies to make well-informed decisions and identify inefficiencies, many major electricity networks have saved millions by cutting down on outage times, reducing maintenance costs, and improving labor utilization.
Per the ASCE’s 2021 Infrastructure Report Card, it is estimated that across the Nation, the drinking water and wastewater pipes in the ground are on average 45 years old, while some systems have components more than a century old. The typical lifespan expected for wastewater pipes is 50 to 100 years. With over 4,700 miles of pipeline nationwide in need of maintenance and repair, wastewater management took a proactive approach to adopt asset management systems, allowing 62% of surveyed utilities to proactively manage wastewater infrastructure maintenance rather than reactively respond to pipeline and equipment failures.
Oil & Gas
Asset management is obtaining greater relevance in enhancing operational efficiencies for oil and gas companies, according to a GlobalData report. With an increasing need to limit greenhouse emissions, the oil and gas industries are using asset tracking software systems to successfully reach project management goals by keeping existing infrastructures performing optimally. These increased capabilities lead to reduced equipment downtime, higher production capacities, and a generally more cost-effective solution.
By investing in asset management software that aligns with your business goals, the ability to eliminate manual processes by automating time-consuming tasks will increase efficiencies exponentially. Additionally, the chances of your heavy equipment, fleet vehicles, and other high-cost resources are reduced significantly when asset tags and labels are used with proper asset management tracking systems.