Digital Asset Performance Management—Taking Utility Asset Management to the Next Level

Abstract

Asset management today is more complex and sophisticated than ever before. With the numerous digital enhancements required for grid modernization, the average utility is managing 10 times the number of devices it was 20 years ago. Additionally, these devices have electronic components that require increased regular care and maintenance. The industry has moved beyond putting a pole in the ground and dressing it—mounting arms and a transformer and spanning conductors to the customer and the next pole. Sound asset management strategies provide an array of benefits, including operational efficiencies and cost savings, increased asset life expectancy, improved reliability, and increased safety. More so, in today's digital world, enterprise asset management (EAM) has become known as asset performance management (APM) and continues to evolve toward “digital asset performance management.” Implementation of a digital APM solution can reduce utilities capital and operations and maintenance (O&M) spend by 20 percent or more.