This article will explain why Transcendent makes a good Enterprise Asset Management (EAM) solution for keeping utility costs under control.
Utility Asset Management Objectives
Utilities are a highly regulated industry. Between government regulations and consumer demands for cheap power and water, utilities must still squeeze out enough profit to make investors happy as well as make capital investments in infrastructure.
Key goals of utility operations include:
- Managing maintenance and repair costs
- Maximizing plant uptime
- Optimizing energy efficiency
- Accurate capital planning
- Knowledge transfer to new staff
Reaching these objectives requires planned asset management throughout an assets life-cycle. This may be accomplished using an EAM from the asset planning stage through asset retirement.
How an EAM Helps Utilities
An EAM system can help utility asset management by:
- Creating a computerized record of the asset detail including location, description, serial number, purchase date, install date and vendor information.
- Organizing and automating the work management process decreasing labor and maintenance expenses.
- Scheduling inspections, preventive maintenance and work orders to decrease unplanned maintenance and emergency repairs as well make sure equipment is operating most effectively.
- Recording all work management history giving utility asset managers enough information to make good repair, refurbish or replace decisions.
- Providing better document management of contracts, blueprints, photos and other important attachments.
- Using the historical work management database to help train staff, develop standard operating procedures and make more accurate
capital budget forecasts.
Implemented properly, an EAM will give Utility asset managers the comfort of always knowing where their assets are and the condition they are in.