Extracting more value across the asset lifecycle
Is your data delivering to expectations?
Advances in sensors and other technologies, bring us greater access to increasing volumes of data to transform our lives. As energy professionals we have expectations that more data will improve operations, including asset management. While we can point to examples where data has improved asset management, many are still on the journey of reaching their expectations.
My question is this; Is our journey taking us from collecting data for narrow purposes to delivering value of optimizing grid reliability and costs? Are we getting the most from the data around us, or are we missing opportunities to be data smart?
Integrating data, analysis and decision support
Collecting more data does not guarantee more reliable electric grids and cost effective operations. The basic principles of asset performance management (APM) establish a foundation smarter asset management. These principles include the following:
• Collection and access to high quality and relevant data
• Systematic and technically based analysis of data
• Transformation and presentation of data to insights for short and long-term decisions
Applying the above principals in the context of asset management enhances maintenance operations and informs key stakeholders, including engineering, planning, compliance, and management. The smart use of technology, data, domain expertise, and efficient workflows, improves asset management across the lifecycle. This, in return, supports all stakeholders to achieve increased grid reliability and efficient operations.
Data smart asset management in action
As a case in point, a leading T&D utility uses asset sensor data intended for real-time operations to proactively and automatically alert O&M teams to check a power transformer. As a result, the utility avoided an imminent asset failure and preventable outage. In another case, analysis of SCADA/EMS data combined with visual inspections and diagnostic testing improved maintenance intervals for thousands of circuit breakers. This integration of data and analysis processes improved operational efficiency and assessment of each asset.
From a longer term perspective, access to the relevant technical data, operational history, and failure data of the asset fleet can feed technical models that assess remaining life and inform asset replacement strategies and capital budget (CAPEX) planning.
Untapped opportunities in your data
While there is great value in leveraging operational technologies to benefit real-time operations and customer service, these technologies present us with opportunities to extract even more value across the asset lifecycle. To learn more on APM and how utilities around the world are maximizing the value of their asset data, see this short video.
What’s your story?
Has your company used available asset data in new ways to improve asset management and operations? What challenges are you facing when accessing and using data to improve the performance of your assets? Share your thoughts and experiences below.