Managers in organizations with large and complex facilities such as Utility and Oil & Gas companies, continually struggle to maintain optimized long-range plans. Changing environments are inherent in these industries and require a simplified process to change priorities and plans to address shifting budgets, regulations and market conditions. In addition, organizations with large and varied asset portfolios and escalating costs have to balance strict safety, reliability and compliance requirements.
Asset Management Solutions And Their Benefits
Asset management solutions address these challenges by allowing organizations to integrate, track and adjust comprehensive plans. By providing a consistent process using common terminology, all actionable items and investment options can be planned and prioritized over horizons as far as 10, 20 or even 30 years.
Asset management can be a lot larger than managing repairs or using it as an operational tool. They can provide capabilities and information though dashboards that allow executives to focus on the big picture and longer term planning.
By adopting best practices for asset management, energy companies can dramatically increase business efficiency and better enable business and engineering executives to manage day to day operations and long range risk management. Asset management solutions can deliver the following benefits:
- Reduced staff costs and contractor overtime through better resource planning and utilization
- Reduced planned and unplanned outage days through improved inspections and preventative maintenance planning
- Reduced project costs and budget overruns through better monitoring and early management corrective action
- Improved INPO rating and power output license by demonstrated use of industry best practices in fleet and asset management
- Increased unit capacity factor through better asset conditioning and maintenance
Typical enterprise solutions allow organizations to prioritize work items which can be reviewed using investment maps, for example, bubble charts. Each bubble on the chart can represent a project where the size of the bubble indicates project cost, the color indicates implementation health. Enabling this kind of operational transparency can result in savings of millions of Dollars for an organization, which is why asset management continues to be a priority for companies.
By providing visibility into goals, status, risks and results of plant and fleet activities, executives and managers can more effectively prioritize work and allocate limited resources in a collaborative environment across business and operating units. The result is maximized generating capacity, reduced operating risk and reduced overall cost throughout the plant or across the entire generating fleet.