Asset management is not a new concept for utilities. The companies that bring power, water, heat and communications to homes across the world have always had to manage their physical assets, so that consumers can enjoy uninterrupted service.
As one of the most asset-intensive industries in the world, utilities face the constant challenge of maintaining, repairing and replacing their assets, along with meeting new or changing demand. Despite many organizations practicing good asset management, the future is becoming more challenging. In the midst of this change, utilities have the chance to turn these challenges into opportunities that can improve efficiency and cost savings across the entire asset life cycle. As utilities prepare to compete in a digitally-connected world, they need to assess whether their asset management approach is fit for the future.
This paper demonstrates how organizations that choose to adopt active asset management and an optimized network utility model can align, optimize and re-optimize their asset plans in near real-time to relieve ever-changing regulatory and stakeholder pressures, achieve operational excellence and increase customer satisfaction.