
Utility Industry Landscape Evolving Under Asset Management
FREMONT, CA: The landscape of utility industry is evolving everyday and is reaching the cusp of transformation to an extremely modernized industry. It is experimenting, adopting as well as adapting to newer models, demands, challenges and risks.
Everything in the Utility industry from generation to delivery to technology is changing dynamically. Implementation of energy efficiency policies and regulations by utility enterprises was a trend that caught up last year and still continues to be so in 2014 with many countries world-wide jumping on the bandwagon. The age old system of transmission and distribution will now be replaced with more people going for independent solar power sources or renewable or nuclear power. Several options are now open to companies via mergers and acquisitions resulting in a combined and efficient work force and services.
The principle of ‘survival of the fittest’ goes in here too. To be fit in the industry and meet every arising challenge, it is necessary to be equipped with all the necessary accessories, up-to-date technologies and a broad mindset. “I think the industry is strong. If there’s a very strong business case, the utilities I work with are more than willing to make the investments. There’s certainly always a prioritization around that but, if you have the strong analytics and you can prove to the regulators that in fact this is good for their consumers, more often than not you will get the nod. At times there are frustrations around the cycle, in terms of how long it takes necessarily to do that, but the markets are ripe and utilities are willing to make those investments," says Richard Mora, President and CEO, Landis+Gyr, makers of smart meter and smart grid solutions for utilities. The industry has thus prepared itself by investing heavily in the asset management and analytics.
Check Out: Top Asset Management Solution Companies
Asset management is nothing but making most out of something. It involves two primary activities- managing individual assets and prioritizing the projects for today and tomorrow. It has become an indispensable part of enterprise as it provides cost efficiency and better quality of services. Hence, it is all about taking the right decision about the right kind of maintenance and right kind of investment depending on the policy and budget of the company.
General Electric in partnership with Meridium, the designers of an asset analytics software suite, also known as Asset Performance Management intends to integrate it into their Smallworld GIS software suite for electric and gas networks. This will help in improving its facility to spot early equipment breakdowns and to rectify operating conditions that are the basis of long-term problems. While Swiss Grid firm ABB’s Ventyx software arm, has entered asset analytics via its Asset Health Center project with U.S. utility AEP, French grid giant Alstom is working on distribution grid asset analytics via UISOL software subsidiary. These are just few instances while many similar partnerships are still being formed in the industry.
Bryan Friehauf, Executive Product Line Leader for GE’s Asset Management business notes that asset analytic platform alerts not only about impending breakdown but in a much faster way. It helps in shifting from a reactive state into a proactive one. It is about evaluating the assets and constantly monitoring and mitigating every possible and associated risk.
Earlier the problem was that the utility industry lacked instrumentation and proper machinery. But today the scene has given way to smart devices which can almost think for itself and collect data from smart meters, demand response systems and other smart devices.
The most wanted change here is in the form of overwhelming data and smart technology and now it is up to the enterprises to make sure that the opportunity does not slip through to mine profit.
Check This Out: Top Transmission and Distribution Service Provider
ON THE DECK
Featured Vendors
ProStar Geocorp, Inc.: Improved Asset Management through GaaS® 'Geospatial Intelligence Software as a Service'
ServicePower: Mobile Workforce Management Technology is Key to Productivity in the Utility Field Operations
Tantalus: Manage Energy, Water, and Gas Resources Intelligently Through an Advanced Enterprise Solution
energyOrbit: Consolidating Demand Side Management Programs Operations to Create Efficiencies and Economies of Scale
Technicolor Delivery Technologies, S.A.S. (dba Virdata): Creating a world of Smart Data and Connecte
EDITOR'S PICK
Essential Technology Elements Necessary To Enable...
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
Comparative Data Among Physician Peers
By George Evans, CIO, Singing River Health System
Monitoring Technologies Without Human Intervention
By John Kamin, EVP and CIO, Old National Bancorp
Unlocking the Value of Connected Cars
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
Digital Innovation Giving Rise to New Capabilities
By Gregory Morrison, SVP & CIO, Cox Enterprises
Staying Connected to Organizational Priorities is Vital...
By Alberto Ruocco, CIO, American Electric Power
Comprehensible Distribution of Training and Information...
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
The Current Focus is On Comprehensive Solutions
By Sergey Cherkasov, CIO, PhosAgro
Big Data Analytics and Its Impact on the Supply Chain
By Pascal Becotte, MD-Global Supply Chain Practice for the...
Technology's Impact on Field Services
By Stephen Caulfield, Executive Director, Global Field...
Carmax, the Automobile Business with IT at the Core
By Shamim Mohammad, SVP & CIO, CarMax
The CIO's role in rethinking the scope of EPM for...
By Ronald Seymore, Managing Director, Enterprise Performance...
Driving Insurance Agent Productivity with Mobile and Big...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
Transformative Impact On The IT Landscape
By Jim Whitehurst, CEO, Red Hat
Get Ready for an IT Renaissance: Brought to You by Big...
By Clark Golestani, EVP and CIO, Merck
Four Initiatives Driving ECM Innovation
By Scott Craig, Vice President of Product Marketing, Lexmark...
Technology to Leverage and Enable
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
AI is the New UI-AI + UX + DesignOps
By Amit Bahree, Executive, Global Technology and Innovation,...
Evolving Role of the CIO - Enabling Business Execution...
By Greg Tacchetti, CIO, State Auto Insurance