Overcoming the Big Data Challenge with Asset Performance Management

In an article for Renewable Energy World, Navigant Research says APM technologies offer utilities a path to continuous improvement

Asset management is one of the most complex elements of the utility business, and many utilities still find themselves relying on spreadsheets full of asset counts, purchase dates, expected life, and suggested maintenance schedules — each housed in silos — adding even more complexity to the task.

In an article for Renewable Energy World, Richelle Elberg, principal research analyst at Navigant Research, says asset performance management (APM) technologies can ease these troubles by centralizing asset information in a way that it can be usefully analyzed.

“APM builds a bridge between software such as enterprise asset management systems, workforce management systems, and other relevant sources of data that pertain to assets,” Elberg writes. “Upon consolidating this information, analytics can translate data into meaningful insights that cut costs and improve the safety and reliability of the power grid.”

Elberg adds that with a systematic, well-defined plan in place, utilities can overcome each of the following data challenges and realize the many benefits of APM programs:

  • Identify available data sources across the organization
  • Cleanse data to reflect consistent and accurate values
  • Map data to ensure all relevant data for accurate analysis
  • Consolidate IT and OT data sources to a centralized system

“Whether it be improving the operating efficiency of the workforce through more intentional management and planning or implementing predictive analytics around asset failure and grid malfunctions, APM technologies offer a more streamlined approach for utilities to pursue continuous improvements,” Elberg says.

For more insight on this topic, watch a replay of Navigant Research's webinar, The Digital Future of Asset Performance Management, featuring Elberg.

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