What are the benefits of asset management?
ONTRAXSYS serves numerous power industries so we will focus on asset management as it applies to the utility sector.
One of the many responsibilities of a utility company is to ensure its system is always effectively functioning and in good working condition, no matter how old the system components are. This is accomplished by keeping accurate asset records and documentation, and conducting on-time scheduled maintenance, upgrades and timely repairs. Utility asset management programs that allow for the housing of real-time asset data which includes asset details such as relative importance, age, condition, warranty expiration and instructions, planned maintenance dates, life cycle costing and asset replacement plans.
Effective utility asset management execution will lead to increased realized asset value and minimize unnecessary loss of assets:
- Extending asset life and supporting the foundation for better decisions relating to asset maintenance, asset repair, asset rehabilitation and asset replacement
- Helping utility providers meet growing consumer demands while placing focus on existing system utilization and sustainability
- Maintaining more stable rates for consumers due to sound asset operations
- Budgeting focused on critical activities for sustained performance
- Meeting service expectations and regulatory requirements
- Improving responses to emergencies
- Always considering the security and safety of assets
- Reducing overall costs for operational and capital expenditures
Asset management for the utility sector can be very challenging because asset maintenance work must be performed with as little interruption to service as possible while still addressing safety and environmental concerns. That is why it is imperative to hire the right company for your utility asset management needs.