Proper asset management allows utility companies to effectively service the nation's energy and power needs.
FREMONT, CA: Each asset has its own set of failure risks. It's up to you to determine what occurs if and when a component breaks. Without it, how long would it take to get the system back up and running? Is it something that can be worked around, or will it bring the entire system to a halt?
Shortcuts in doing inspection certainly lead to disaster and a loss of trust by the public. Below are the best practices utility companies should follow for asset tracking and management.
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1. Assess the Strengths and Weaknesses of the System
One can't manage assets that One's organization isn't aware of. Can one currently answer these questions regarding the company's facility's assets?
◘ What is the total value of the company's assets?
◘ What is the location of each asset?
◘ When the last time was that asset received maintenance?
◘ What is the current market value of that asset?
◘ Is it time to update this piece of equipment?
Create an inventory and systems map to begin addressing these questions. Next, you'll need a rating system that determines the asset's current state and how long it may be expected to last in months or years. Finally, figure out how much repairing or replacing the item will cost.
2. Evaluate the Firm's Current Level of Service
What will it take to maintain your assets operating at peak performance? First, take a look at the environment you're in. For example, are you employing materials that are appropriate for the climate? Should more be done to bolster defenses in places prone to flooding or other natural disasters?
Take into account any local or state regulatory requirements. Is everything up to the required legal standards? Would the present level of upkeep satisfy the company's shareholders? Are you jeopardizing the company's future by delivering subpar support to numerous system components?
3. Identifying the Criticality of Components
Every asset has the potential to fail. Therefore, one must know what occurs if and when a component breaks. Without it, how long would it take to get the system back up and running? Is it something that can be worked around, or will it bring the entire system to a halt?
◘ How reliant is the system on the component?
◘ What factors would lead to a failure?
◘ Is it likely that the event will take place?
◘ What would the repair costs be?
◘ What are the ramifications of a failure on the social and environmental levels?
4. Develop a Maintenance Plan
Having a strong financial forecast helps one decide about changes beneficial to one's utility's long-term funding strategies. Then, develop an implementation plan for your asset tracking and management system. Finally, keep track of what's working and what can be changed, and account for and accommodate any factor you overlooked.
Keep up with new technological advances in your field. Consistent follow-up is the key to making a management plan work