The term asset management may refer to different things based on the industry in which it is performed.
However, in general, it represents processes with which a company (or a designated advisor) supervises and coordinates its material assets and processes. The goal is to grow the asset portfolio, as well as to increase its value through further investments. Asset management also ensures that both tangible and intangible assets of a company are maintained and put to their best possible use.
In this blog post, we are going to discuss asset management in the energy industry.
Asset management answers the following questions:
- What assets do I have?
- Where are my assets?
- What is the value of my assets?
- What maintenance actions need to be performed on my assets?
- When do these maintenance actions need to be performed?
- How much I am spending on the maintenance of my assets?
- Is my equipment working at an optimal level?
Asset management and digital technologies
The energy industry is incorporating more and more digital technologies, which makes comprehensive asset management possible. These digital technologies include data integration, data management, distributed control systems, and optimization applied to asset maintenance.
One of the latest advancements that is transforming the traditional approach to asset management processes is the Industrial Internet of Things (IIoT). It is described as “an internet of things for machines, computers, and people, enabling intelligent industrial operations using advanced data analytics for transformational business outcomes”. IIoT-supported technologies include big data management, monitoring, viewing and reporting tools, asset maintenance optimization, and analytics.
Benefits of digital asset management:
- Cost optimization
- Reduced risks
- Increased operations flexibility
- Streamlined maintenance processes & maximized effectiveness
- Extended lifecycle of assets
The gradual move towards renewables
In the energy sector, there is a gradual transition from fossil-fuel based energies to renewables. The production of renewable energy is becoming a global priority as a result of the current environmental situation. Considering the current costs of renewable energy production, effective asset management in the energy industry becomes even more influential than before, focusing on several core objectives: reducing operating expenses, extending plant lifecycles and improving revenues.
As the energy sector keeps gradually growing, it creates a mounting need for streamlined software solutions, such as Resco Inspections. Teams in the field need a tool that can help them with optimizing management processes, documenting and centralizing all asset data.
Asset management in the energy industry
Many people think of asset management in the energy sector as operations and maintenance of power plants. But asset management, in fact, also covers the financial, administrative and commercial activities needed to ensure the optimization of the entire lifecycle of an asset. Since the responsibilities related to asset management are growing with the industry itself, documenting everything on paper and/or Excel sheets is not effective anymore. They need something more transparent, flexible and cost-effective.
Reliable data collection is one of the most important parts of any effective power plant asset management system. Managing lots of assets means working with huge amounts of data, therefore, an effective tool for data collection is a necessity. In order to make the right decisions regarding the health of the plant’s asset, asset managers also need detailed data analyses.
Take MHI Vestas Offshore Wind, a renewable energy-producing company, as an example. They implemented Resco to become more flexible and provide key functionality to their staff in the field. They’ve built offshore wind turbine farms in several countries and because the technicians have to climb into these turbines, being mobile is an absolute necessity for them. Here you can read MHI Vestas Offshore Wind’s entire success story.
How Resco Inspections can help with asset management?
By using Resco Inspections, you can effectively keep track of all your resources. Inspections makes it easier to collect and evaluate data, so you’ll always know where your assets are, in real time.