From exploring the fundamentals to addressing the unique challenges different utility sectors face, I’ll share the background and best practices you need to create a robust utility asset management plan.
What is utility asset management?
Once your utility asset management plan is in place, the final step is ensuring accountability for its execution and ongoing adherence to changing regulations. Maintaining thorough documentation is key. It safeguards against legal risks and penalties, maintains operational integrity, and builds trust with stakeholders.
• Keep compliance top of mind: Regularly train and update your staff on compliance requirements and the importance of following established procedures.
• Include some wiggle room: The goals should be flexible enough to adapt to changing circumstances, such as new regulatory requirements, technological advancements, or shifts in customer demand.
Utility asset management is the strategic process of managing the physical assets and infrastructure involved in delivering utility services. It encompasses a thoughtful approach that takes the unique characteristics of each specific utility into consideration.
For a more detailed breakdown, read our guide on performing asset criticality analysis.
• Mobile accessibility: With mobile access, field technicians can update and receive information on the go, enhancing responsiveness and operational efficiency.
Prioritizing maintenance work can sometimes feel more like an art than a science. Including criticality, condition, and other goals is a necessary part of determining the right service level. Some assets will be fine with just a little bit of preventive maintenance, while others may require a unique balance different maintenance strategies, all of which come with their pros and cons.
Planning for replacements
• Telecommunications services
How to create a utility asset management plan
• Electric utilities
• Identify maintenance needs: Based on the assessments, identify immediate and long-term maintenance requirements.
• Stay informed on regulations: Keep abreast of all relevant local, national, and international regulations that affect your utility as they change over time.
CMMS solutions are used by small and big organizations alike to optimize their maintenance operations. If you’re not already using some kind of maintenance software, this should be your first investment.
• Gas utilities
First, identify risks associated with each asset, including:
3. Assess the current state of assets
• Real-time data and reporting: A CMMS enables data-driven decision making by simplifying the analysis of factors like life cycle cost, maintenance costs, team productivity, and other KPIs.
• Determine asset health: Set a baseline for each asset by documenting factors like age, wear and tear, reliability, and failure history that can be compared over time to determine the relative condition of the asset.
Evaluating risk is the first step in risk management, and it enables utility companies to focus their resources and attention on assets that are most critical to their operations. Implementing the right strategies on this critical equipment can minimize potential disruptions and help ensure safety, regulatory compliance, and the appropriate level of service.
• Needs based on asset condition assessment (from Step 3)
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• Pressure and flow sensors in pipelines to detect leaks or bursts early
• Leverage technology for compliance management: Use tools like Limble CMMS to track compliance-related activities, store documents, and manage reporting requirements. These tools can also remind you of upcoming regulatory deadlines or required maintenance activities.
• Potential points of failure
• Leverage technology for efficiency: Use technology solutions like CMMS to gain greater efficiency and get the most out of the resources you do have.
• Predictive analytics for optimizing gas flow and distribution based on usage trends
Lean
How to Create a Utility Asset Management Plan
Eight steps to simplify the process
Your technology investment will ultimately depend on the criticality of the issues you want to prevent, the compatibility with existing systems, and the cost of implementation.
These goals will provide direction for maintenance activities, technology investments, and overall asset life cycle management decisions. Take your time to get this one right by consulting various stakeholders and aligning with bigger initiatives.
• Catalog all assets: Begin by creating a detailed list of all tangible assets, like machinery, pipelines, or vehicles.
• Schedule regular compliance audits: Conduct regular audits to verify compliance with all applicable laws and regulations. Utilize both internal audits and, if necessary, external auditors for an unbiased assessment.
• Waste management
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• Plan your budget: Develop a comprehensive budget that accommodates all aspects of asset management, including maintenance, replacements, technology upgrades, and emergency contingencies.
Schedule a product demo to learn how a CMMS can help your organization.
7. Allocate resources efficiently
• Consider stakeholder input: Incorporate feedback and expectations from various decision makers, including customers, regulatory bodies, and internal teams, to ensure that the goals consider a wide range of operation and maintenance needs.
• Regulatory compliance: A CMMS simplifies compliance management, keeping track of all necessary documentation and maintenance records in one place.
Effective resource allocation ensures all necessary resources are available, optimizes resource use, and contributes to the overall efficiency and sustainability of utility operations.
• Develop a response plan for compliance issues: Have a clear plan in place for addressing any compliance issues that arise, including steps for investigation, corrective actions, and measures to prevent future occurrences.
These practices not only help utilities meet regulatory requirements but also contribute to the overall efficiency and reliability of their operations.
Simplify utility asset management with a CMMS
Thanks,
Quality Digest