Digital utility asset management can help accelerate the transition to clean energy.
FREMONT, CA: Increasing reliability, resilience, and security while transitioning to cleaner energy sources is a tough assignment. To do this, energy providers may need to abandon traditional asset management tactics in favor of a comprehensive digital asset management plan built on a solid foundation of data governance and cybersecurity. By assisting power providers in managing assets while balancing cost, risk, and performance, digital transformation can help accelerate the clean energy transition.
Most power providers are still dabbling in digital and are not tackling digital utility transformation holistically enough to reap its benefits. As a result, many providers have been unable to implement a digital asset management strategy, as asset management has traditionally been driven by compliance, controlled by separate departments, or overseen by individual employees who keep their reports based on bespoke data aggregation.
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While systems may not be fully connected or updated in real-time, power providers have historically relied on seasoned staff with decades of system expertise and experienced people with hard-to-replace skills and legacy knowledge. Add to it the increasing proliferation and complexity of assets, and it becomes evident that a more sustainable approach is required.
Electrical companies must digitally alter their asset management processes to lead the renewable energy transition effectively. With a digital asset management plan in place, choices can be made based on data and risk rather than on a hunch.
The model framework for Digital Utility Asset Management outlines the essential process necessary to transform and activate assets digitally. It's a strategy backed by supporting technology and centered on cybersecurity and data governance. Before embarking on the digital transformation journey, the company must define its broad vision and objectives. Then, using the steps indicated in the Digital Utility Asset Management Model, it builds an integrated solution with a customized road map that leads to the required business results.
The most crucial stage in building a digital utilities asset management strategy is defining your organization's vision and the business results you want to achieve throughout the organization and its asset ecosystem. The following phase is to create a comprehensive, integrated solution that incorporates many technology components and serves as a road map to success.
Finally, it's critical to conduct periodic reviews of your digital utility asset management plan. As digital technologies develop, costs often decrease, implementation schedules shorten, and initiatives that were not feasible yesterday may become practical today. While there are numerous considerations, the benefits of utility digital transformation are likely to justify the journey.
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