Asset management is a systematic process of deploying, operating, maintaining, upgrading, and disposing of assets cost-effectively.
- Aging assets & an aging workforce are challenging for industries to find more effective and efficient ways to maintain and monitor their critical assets and to do so with high availability and reliability.
- The ultimate objective of traditional or smart asset management is to help reduce/minimize/ optimize asset life cycle costs across all phases from
a. Asset Investment Planning
b. Network Design
d. Installation and Commissioning
f. Maintenance through Decommissioning and Disposal/Replacement.
- Optimizing the costs associated with each of these lifecycle phases remains among the key objectives of an asset-intensive utility organization.
- A recent survey across organizations says that they need a mechanism for predicting equipment failure.
- These challenges have forced utilities to leverage analytics to extend the life of assets and bring more predictability to their performance and health, which ultimately helps them plan and prioritize maintenance activities.