Is Utility Asset Management an Expense or a Liability?

Thinking of installing Utility Asset Management Software? We would like to inform you that you are going in the right direction as it is important for your business so you should go for it.

The Utilities are unsubstantial however it can produce significant outcomes therefore, they should be managed in a proper systematic way so that they won't produce an unbearable outcome.

Utility Assets are the basic facilities provided by any public utility or municipality for the production, transmission, and distribution of general utilities like electric energy or natural or manufactured gas and with the furnishing of sewerage facilities or water supplies.

The assets in Utility Organizations have become a liability due to the under-knowledge of the maintenance of the assets of the utility organization.

Utilities like electric, natural gas, water or wastewater are eagerly looking forward to the manageable ways to get the most from their assets and maximize the return on investment.

Utility Asset tracking

In the challenging environment of distributed renewable generation sources, it is very difficult to handle the assets with additional regulatory changes to new legislation and policy uncertainties to deal with revenue changes caused by the tougher economy.

Enterprise Asset Management is therefore needed in the utility organizations to manage the assets carefully and easily without any hassle. The need is to get higher returns and optimal corporate performance to focus on operations like the expectation of the public to get safe, affordable, continuous - power, gas, and water; to improve utility as an asset performance and reliability using technology.

The main concern points that cover the motive of Utility Management includes their reliability, safety, and budget. Taking the charge of the management of these physical assets we need to take an informed approach towards it. Through this, Utility Asset Management will provide easy ways to improve efficiency and enhance maintenance in Utility Organizations.

The ways through which Asset Management can help in Utility Organizations are:

  • All the operation related functions can be tracked
  • The maintenance of the assets can be tracked as well that whether it would get repaired or preventive maintenance is required
  • By extending the shelf life of the assets, the ownership cost can be reduced
  • Informed decisions can be made using customization and business intelligence tools
  • Performance of assets can be managed, and compliance can be improved

The areas or fields that can be covered under Utility Asset Management are:

  • The Capital work can be managed which will involve replacement and extension of pipelines and electric cable lines, transmission stations and distribution of infrastructure wherever and whenever needed.
  • Required inspection and surveys can also be done over the assets like gas, electric, and water carrying lines for leakages, corrosion or vegetative growth, in case it happens.
  • Customer Service Management can be handled effortlessly by recording the word related to gas, electric, and sewer services according to customers usage; performing their turn-ons and turn-offs, appliance connections, etc.

Utility Asset tracking & Management is found to be very useful in asset-intensive organizations like utility organizations where the combination of discrete and linear assets is served. The application handles everything from managing the assets to their tracking to improved equipment reliability and maintaining worker safety.

The Enterprise Asset Management solution is needed to get the increased return on the valuable assets by the required geographic information system, enterprise resource planning, mobility and reporting functionality.

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