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Overcome Asset Management Challenges with Modern Solutions

By Chuck Baker | August 20, 2024

Asset management in the electric power industry is a complex and critical task. Electric utilities, power generation companies, and commercial and industrial facilities rely on thousands of equipment and components in their power distribution systems. From transformers and circuit breakers to substations and distribution lines, the reliability of these components ensures a continuous and reliable supply of electricity. Proper management of these assets is essential for maintaining operational efficiency, regulatory compliance, prioritizing maintenance activities, and minimizing downtime.

However, the challenges involved in asset management are significant, and the industry is increasingly turning to specialized software solutions to address them. Here are five challenges organizations face when considering asset management.

Five Challenges of Asset Management in the Electric Power Industry

  1. Aging Infrastructure: Many industrial and commercial deal with aging infrastructure, where equipment has been in service well beyond its intended lifespan. This poses a significant risk of failures, leading to unplanned outages and costly repairs. The challenge lies in accurately assessing the condition of these aging assets and determining the right time for maintenance or replacement.
  2. Data Overload: Modern electric power systems generate vast amounts of data from testing results, sensors, and other monitoring devices. While this data is invaluable for making informed decisions, it can be overwhelming to manage and analyze without the right tools. Historical data is sometimes stored in filing cabinets, excel spreadsheets, or PDF files saved in shared folders. Organizations often need help filtering the data and focusing on actionable insights.
  3. Regulatory Compliance: The electric power industry is heavily regulated, with strict standards for safety, environmental impact, and reliability, including the NFPA 70B Electrical Equipment Maintenance Standards and the ANSI NETA MTS Maintenance Standards. Keeping up with these regulations and ensuring compliance requires meticulous record-keeping and reporting, which can be challenging to manage, especially for larger organizations with extensive asset portfolios.
  4. Cost Management: Balancing the need for maintenance and upgrades with budget constraints is a constant challenge. Organizations must prioritize investments to maximize the return on assets while minimizing costs. Inefficient asset management can lead to unnecessary expenses through premature replacements or costly emergency repairs.
  5. Workforce Challenges: The industry needs more skilled workers, particularly as experienced employees retire. This knowledge gap can make managing and maintaining complex electric power equipment and distribution systems difficult. Training personnel and managing electric power training programs is a significant challenge. Additionally, personnel must be equipped with the right tools and information to perform their maintenance tasks efficiently.

The Role of Asset Management Software

Asset management software has emerged as a powerful modern solution to these challenges. It can offer a range of features designed to streamline operations and improve decision-making.

  1. Predictive Maintenance: One of the most significant advantages of asset management software is its ability to support predictive maintenance strategies. By analyzing data and historical maintenance records, the software can help you understand the health of your equipment. This is beneficial for knowing when the next recommended maintenance is before a breakdown could occur. This not only extends the life of the asset but also reduces unplanned downtime and maintenance costs.
  2. Centralized Data Management: Asset management software provides a centralized platform for managing all asset-related data, making it easier to access, analyze, and share information. This helps organizations overcome the challenge of data overload by organizing and presenting data in a way that is easy to understand and act upon.
  3. Regulatory Compliance: Compliance with industry regulations is made simpler with asset management software, which can automate the tracking of maintenance activities, generate compliance reports, and ensure that all necessary documentation is up-to-date. This reduces the risk of non-compliance and the associated penalties.
  4. Cost Optimization: Asset management software helps organizations make more informed decisions about allocating resources by providing a clear view of asset health and maintenance needs. This can lead to more efficient budget use, as maintenance and replacement activities can be prioritized based on the actual condition and criticality of the assets.
  5. Knowledge Management and Workforce Enablement: Asset management software can capture and store valuable knowledge about equipment and maintenance practices, making it accessible to the entire organization. This is particularly important in addressing personnel challenges, as it ensures that critical information is not lost when experienced workers retire. Additionally, the software can provide real-time information and guidance to field workers, improving their efficiency and effectiveness.

AssetPro is the Asset Management Solution You Need

Managing electric power equipment is a critical task with numerous challenges, from aging infrastructure to regulatory compliance. However, with the right asset management software, organizations can overcome these challenges and achieve greater efficiency, reliability, and cost-effectiveness.

AssetPro is a data management program that puts all facets of electrical equipment maintenance at your fingertips and under your control. The robust program comes preloaded with the 2023 ANSI NETA MTS Maintenance Standards, which become the core of the NFPA 70B Power System Maintenance Program.

A typical process looks something like this:

  1. AssetPro reads the scraped data from test reports, equipment files, and historical data and identifies the equipment type and voltage class.
  2. It matches each piece of equipment to the proper ANSI NETA MTS Standard.
  3. AssetPro then identifies the last test date and records the next recommended test date.
  4. It looks at the last test result and rates the health of each piece of equipment.
  5. We can rate the criticality of the equipment, the feeder, or the building.

With this in place, your organization can know:

  • When and how to inspect each equipment type.
  • What mechanical services should be performed, and when should they be performed.
  • What electrical tests should be performed, and when should they be performed.
  • How to rate the health of the equipment based on their test results and the ANSI NETA MTS.
  • What to do, when, and how to rate the health.

Adopting a modern asset management solution like AssetPro ensures that your assets are well-maintained, compliant, and optimized for performance, ultimately leading to a more reliable and sustainable power supply.

Contact PowerPro360 for more information about AssetPro and how you can manage your power distribution system to keep you reliable, guide you in your regulatory compliance program, and assure you that you are maximizing the life of your equipment. Contact us today for an online demonstration.

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