Asset Management & Optimization
Asset Management & Optimization
The electrical power sector is undergoing period of profound change, and asset management remains the number one challenge for most utilities around the world. There are very few international standards that define a common language and metrics or provide examples of best practice to guide the operators.
Our experience has shown that there is great variation amongst utilities on how they approach what is arguably their number one challenge: the design, maintenance and operation of a large network of power equipment. Utilities often take quite different approaches in design and commissioning and calculating costs of various equipment maintenance option. Even reporting criteria on performance is noted to be different.
Whilst standards such as the ISO 55000 series provide general guidance on best-practice asset management procedures, they do not address the key issues.
In many regions, the age of the asset base and the slow rate of replacement means it would take hundreds of years to renew the bulk of the assets. This obviously has significant reliability implications.
Equipment aging is amplified by human resource issues. For instance, as the older technical generation leaves the workforce, skills and expertise to complete maintenance, or the experience needed to make asset management decisions regarding the older equipment leaves with them. Many utilities have changed the operating mode from in-house to outsource. This may cause quality control as well as knowledge transfer issues.
In order for utilities to achieve business objectives and succeed, they need a focused business framework based on verified and current data, one that can quickly provide decision support required to manage risk, increase reliability or meet regulatory requirements.
How We Make a Difference
Our approach to asset management is wholesome. We do this by thoroughly understanding the lifecycle challenges. By actively being involved in design , commissioning and maintenance practices we have a unique take on the data, logistics of maintenance and overall CAPEX and OPEX processes. This uniquely qualifies us to implement the most cost-effective asset management program. A simple Health Indexing practice based on non accurate data is simply not sufficient. Where and when the data falls short, we have the ability to launch rapid and low cost inspection programs to fill the voids. Some of the highlights are as folowes:
- Asset utilization & equipment rating review
- Repair, replacement, and end-of-life-cost estimates
- Long term decision philosophy
- Supplementary Data acquisition
- Review maintenance practices and monitoring techniques
- Evaluate time based and condition based maintenance based on asset type and vintage
- Implement true data collection methods
- Failure investigations and review of inhouse RCA techniques
- Implement Big Data algorithms and AI based decision matrices
We Understand Big Data and Machine Learning
We have advance algorithms to identify patterns in large data sets. We also have the ability to instigate key metrics to allow for a more accurate assessment. Deploying machine learning where and when it makes sense in partnership with key developers allows to stay ahead of the curve, while concentrating on our core competency, power system diagnostics.
Great Asset Managers have the ability to see first what others come to eventually