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Why Utility Firms need to Digitalize EAM?
Utility firms are continually striving to enhance their EAM processes using the latest advancements, such as digitalization.
FREMONT, CA: Enterprise asset management (EAM) is an essential aspect of any organization. It includes contributions from inventory as well as labor resources to keep the assets up and running. The utility sector is one such sector that can benefit massively from an EAM system. Traditionally, spreadsheets, paper works, and other manual means were leveraged for the purpose. However, with the emergence of disruptive technologies and an increase in the number of assets for utility firms, traditional EAM seemed inadequate in meeting the current asset management expectations. An effective digital asset management strategy can not only offset equipment downtime but also decrease inventory needs for the utility companies.
Mobile devices will play a critical role in the digitalization of traditional EAM processes in Utilities. For instance, mobile devices can be utilized to digitally collect and access information about the assets’ productivity in real-time as they can be installed at the point of performance. However, the utility leaders have been reluctant to make a move to enhance their asset management, as it is not a consumer-facing issue. On the other hand, the massive potential of a digital asset management strategy to enhance labor utilization, decrease inventory, and lower equipment downtime can be of immense business value to the utility sector. With a massive possibility of advancements in the utility sector, technology-driven transformations can facilitate firms to streamline their asset management solutions.
Deciding on a device for the purpose of asset management is a critical decision. For instance, lacing the desktop environment with asset management tools will not be enough. Firms need to concentrate on using mobile devices for digitally analyzing the performance of enterprise assets. Further, being able to configure several devices simultaneously will enable the firms to mobilize asset management with minimum resources.
Coupling mobile devices with the internet of things (IoT) will help the firms to improve their asset management practices. The comprehensive channelization of data concerning asset health will enable the asset management teams to determine which of the assets are highly vulnerable. Further, the IoT driven data will provide an insight to the companies allowing them to devise sound asset management strategies.
Currently, enterprise asset management is often regarded less important as enhancing asset management will require the firms to restructure their legacy systems, which is a daunting task. However, efforts to restructure the asset management systems will not only impart an immediate edge to the utility companies but also generate long-term benefits for them.
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