The physical assets of an energy distribution company must be maintained if the company wants to grow.
What is an Asset Management Software?
Energy companies have sizeable physical assets ensuring the interrupted supply of energy to the end-consumer. Smooth operations can only be ensured if every single component of the system works in perfect unison with each other. That, unfortunately, is only a hypothesis for the ideal world that does not exist.
In real life, systems crash and things do occasionally go bad. However, what matters is the reduction of these instances to near zero levels and getting things back on track when the inevitable does happen.
How Does an Asset Management Software Help?
Asset management software helps engineers make assessments on equipment like power lines, conductors and poles so they are prepared for emergencies. Real-time analytics in this software also assist in making data-driven decisions.
- Reduction in operational challenges – Consistent delivery of energy is the prime goal of every energy company. Operational challenged pose a serious threat to this goal and make customers lose trust in their service provider. Specialised software helps the manpower in tackling operational challenges through in-depth analytical reports
- Improving cost to benefit ratio – Assets come with costs incurred due to their acquisition, maintenance and upgrades. The monetary value of physical assets reduces over time and it is only a matter of time before they are deemed useless. AMS lets companies utilise their assets to the best of their abilities
- Standard Operating Procedures (SOP) – Once an SOP is made, an optimum level of performance with minimum human intervention can be achieved. Asset management software shows the path towards creating SOPs so things can be streamlined
- Planning– From procurement of spare parts and scheduling repairs, to replacement of machinery, asset management aids management in making key decisions that go a long way in organising purchasing and streamlining budgets
- Risk Management – Substations, transmission towers and cables carry high risks of failure because there are so many internal and external variables involved in their smooth and continuous functioning. Asset management software keeps the project managers aware of real-time threats, making it easier to control and respond
- Data Processing – No matter how good your manual data collection is, it is prone to human errors. At a small-scale enterprise, this might not matter much, but in the case of large industries like energy, the most minuscule of errors can wreak havoc! AI-powered software does not make mistakes in calculations even while processing hundreds of data points simultaneously. Needless to say, this lets the overseers make correct decisions and the company makes better projections
- Compliance – With digital systems, it is faster and easier to create simulations that help with state and national laws, helping you stay compliant with the authorities
- Access – Manuals, instructions and protocols can be made available as soon as released. Manual documentation is prone to data leakage. Digital systems, on the other hand, can enforce safeguards that protect data. Leading management software can restrict access levels and grant specific permissions to the staff, so documents are accessible only to the intended recipients.
A good asset management software becomes a one-stop-shop to manage all your assets and access every functionality through one, easy to use system. You would be able to make better decisions, schedule work orders and enjoy peace of mind.
Why work with run-down software that has a steep learning curve?
Companies like Neara offers dynamic software that despite its powerful features, is easy to learn and barely takes any getting-used-to.
This comprehensive asset management system gives you total control over your energy assets. With its game-changing features and cloud-sharing capabilities, you can rest assured that the assets perform at optimum rates.