Asset managers can benefit from a complete digital transformation strategy by developing data-driven, risk-informed asset management strategies.
FREMONT, CA: Disruptive movements in the power sector might affect asset management for transmission and distribution (T&D). However, a well-thought-out digital transformation strategy can assist asset managers in developing data-driven, risk-informed asset management strategies to solve these issues.
Some disruptive trends interact with an increasingly complicated asset mix to create an increasingly complex asset mix.
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T&D asset managers may encounter growing difficulties as five disruptive tendencies in the electricity sector accelerate. These include aging infrastructure, an increase in the severity of storms and natural disasters, increased cyber and physical threats, mounting public health and electrical demand concerns, and increased regulatory scrutiny and regulations. Simultaneously, as renewable energy and distributed energy resources (DERs) rise in popularity, power providers are managing an increasing number of assets—and those assets are growing more complex.
These trends may make managing T&D system assets more complicated, time-consuming, and costly. And this occurs at a time when understanding when to examine, monitor, repair, replace, or retire assets may become even more crucial. Providing consistent and resilient power at an affordable price may be contingent on some choices.
Due to technological advancements, businesses can now abandon traditional asset management practices: Before recent technological advances, asset management was driven mainly by compliance, frequently controlled by distinct departments, and occasionally by individual employees who maintained their reports and systems. These systems may have been insufficiently connected or updated constantly and frequently relied significantly on seasoned staff whose knowledge and experience may have been lost as they retired.
Today, digital tools and technology for asset management have improved, incorporating new types of sensors, quicker communications and processing technologies, and cognitive capabilities that provide deeper insights and new avenues for asset value realization. However, reaping these benefits requires a comprehensive framework, which begins with a map like most good excursions.
The Digital Utility Asset Management Model enables the journey toward digital transformation to be visualized: The Digital Utility Asset Management Model is a conceptual framework that outlines the essential process of digitally transforming and enabling assets. This process is aided by supporting technologies, which place a premium on cybersecurity and data control. The first phase defines an organization's general vision and objectives, followed by developing an integrated solution with a customized road map leading to particular business outcomes.