Asset management analytics platforms provide utilities with metrics that can be used for asset management decision making. These platforms have a clear value proposition with respect to asset management planning functions – for example, they may produce condition metrics which can assist utility planners in planning and justifying investment decisions. However, the implementation of asset management analytics platforms entails additional benefits that are often overlooked. Specifically, the implementation of these systems can also drive improvements in a utility’s asset management system and enhance the maturity of its asset management practice. This blog will outline three areas of an asset management system that can benefit from the implementation of an analytics platform: asset data quality, asset management analytical methodologies, and asset management documentation.
Asset Data Quality
Asset management analytics platforms require a set of structured data inputs that meet their data quality standards to produce reliable analytics that can be used for asset management decision making. In some cases, the implementation of an analytics platform may reveal deficiencies in utilities’ existing data. Utility planners and analysts may be required to correct these deficiencies by addressing data gaps, ensuring data consistency, and/or acquiring new data. In this manner, the implementation of an asset management analytics platform can produce robust, centralized datasets with a higher level of completeness, consistency, and quality.
Asset Management Analytical Methodologies
The metrics produced by asset management analytics platforms are typically based on specific analytical methodologies. For example, analytics platforms may produce asset condition, risk, or economic metrics that are based on industry standard or proprietary methodologies. The implementation of an analytics platform can introduce new asset management methodologies at a utility to assist planners in making asset management and investment planning decisions, thereby advancing the utility’s asset management maturity. Utilities may also choose to further investigate these methodologies to enhance their understanding of the subject of asset management.
Asset Management Documentation
A complete asset management system contains key asset management documentation such as Strategic Asset Management Plans and asset class-specific Asset Management Plans. These documents are often produced by utilities for planning purposes – the quality of these documents depends in part on the quality of a utility’s asset information. For example, these documents often rely on quantitative metrics to capture the current state of a utility’s asset population and plan investments accordingly. An asset management analytics platform can enable the development of these documents by accelerating the process of producing key metrics (e.g., age, condition, and risk indicators). In this manner, analytics platforms support the development of a utility’s asset management system and enhance asset management maturity.
The implementation of asset management analytics platforms is not merely a technological upgrade; it is a strategic investment that ripples across various facets of a utility's asset management system, from data quality to analytical methodologies and documentation. Embracing these platforms not only empowers decision-makers with valuable insights but also positions utilities on a trajectory towards heightened asset management maturity. As the industry continues to evolve, organizations that recognize and leverage the full spectrum of benefits offered by asset management analytics platforms will likely emerge as leaders in efficient and forward-thinking asset management practices.
Ravi Boparai is a senior solutions consultant and has completed several types of asset management initiatives for generation, transmission, and distribution systems for clients across North America. His project experience includes due diligence efforts in support of a multi-billion dollar M&A initiative, software implementations for ENGIN software, and regulatory applications. He has also completed several asset management focused initiatives including asset condition assessments, asset management plans, and risk frameworks.