Assets are considered as the lifeblood of the Energy sector. Working at remote locations coupled with harsh working conditions and strict regulatory compliances make asset management a challenging business function for the energy sector. Even a few hours of downtime of assets can create a substantial monetary loss. Hence, optimizing assets usage remains a day to day business requirement. Aging infrastructure, growing the cost of power generation, and the need to respond to disruptive technologies are collectively intensifying the pressure on utilities to invest in maintaining, expanding, and modernizing their service delivery assets.
The nature of asset management mostly depends on intelligence and insight from data. For effective asset management, companies must draw insights from a variety of lenses, namely, customers, processes, technology, information, structure, and people. New technologies are being developed to transform the way asset information is collected and analyzed, providing a foundation for utilities to run operations in a completely optimized method. With devices now capable of remotely monitoring and transmitting data in real-time, the physical distance between assets is less of an obstacle to operational efficiency. Besides, exercising tight planning and controls to manage data quality makes organizations far better equipped for timely, cost-effective interventions. In today’s data-driven world, there are significant opportunities to realize the full potential of asset management, which needs to be strategically prioritized over the board agenda. For genuinely effective asset management, it is critical to take a holistic approach and apply responsibilities across the organization, starting from the operative level. Organizations must ensure all parties are aligned, accountable, and aware of these responsibilities to reduce operating costs, increase availability, improve safety, and optimize processes, planning, and scheduling.
In addition, the asset management industry is leveraging AI and machine learning capabilities to process voluminous amounts of data and gain insights to increase productivity of financial advisors, improve portfolio management and attract new customers. This edition of Energy CIO Insights features companies that are at the forefront in creating value by solving the world’s critical energy infrastructure challenges. We present to you – “Top 10 Asset Management Consulting/Services Companies - 2019”.